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Classify this statements. a. No taxable transfer occurs. b. Gift tax applies. c. Estate tax applies Horace creates an irrevocable trust. Trustee has discretion to

Classify this statements.

a. No taxable transfer occurs.

b. Gift tax applies.

c. Estate tax applies

Horace creates an irrevocable trust. Trustee has discretion to make distributions to Horace's children for their health education maintenance or support. Horace appoints himself Trustee. Horace dies.

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