Final Exam

Gene contributed $500,000 to an irrevocable trust and did not retain any right to the trusts assets. The income beneficiary of the irrevocable trust was Genes sister, and the remainder beneficiary of the irrevocable trust was Genes niece. At the time of the transfer, Gene paid gift tax of $35,000. Gene died four years later, when the value of the irrevocable trust was $1,200,000. With regard to the irrevocable trust, how much is included in Genes gross estate?

Select one: a. $0. b. $35,000. c. $500,000. d. $1,200,000.