Determination of Annual Exclusion. For each of the following transactions that happen in the current year, indicate the amount of the annual exclusion available. Explain your answer. a. Tracy creates a trust in the amount of $300,000 for the benefit of her eight-year old daughter, May. She names a bank a trustee. Before May reaches age 21, the trustee in its discretion is to pay income or corpus (trust assets) to May or for her benefit. When May reaches age 21, she will receive the unexpended portion of the trust income and corpus. If May dies before reaching age 21, the unexpended income and corpus will be paid to her estat or a party (or parties) she appoints under a general power of appointment. b. Assume the same facts as in Part a except May is age 28 when Tracy creates the trust and the trust agreement contains age 41 wherever age 21 appears in Part a. c. Assume the same facts as in Part b except the trust instrument allows May to demand a distribution by December 31 of each year equal to the lesser of the amount of the annual exclusion for federal gift tax purposes or the amount transferred to the trust that year