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David placed $80,000 in trust with income to Steve for his life and the remainder to Lil (or her estate). At the time of the

David placed $80,000 in trust with income to Steve for his life and the remainder to Lil (or her estate). At the time of the gift, given the prevailing interest rate, Steves life estate was valued at $65,000 and the remainder at $15,000. What is the amount, if any, of Davids taxable gifts?

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