Question
Harry forms a trust with income to Frank for life, remainder to Mark or Mark's estate. Harry grants Frank and Mark the joint power to
Harry forms a trust with income to Frank for life, remainder to Mark or Mark's estate. Harry grants Frank and Mark the joint power to act together to appoint the trust property to anyone in the world. Mark dies, while Frank is still alive. Does 2041 apply to include any value in Mark's gross estate?
A. | Yes, 2041 would apply to include the present value of the remaining income interest | |
B. | Yes, 2041 would apply to include a fractional share of the trust corpus | |
C. | 2041 would apply to include so much of the date of death value of the trust property as exceeded the greater of $5,000 or 5% of the aggregate value of the assets out of which, or the proceeds of which, the exercise could have been satisfied for each year of the trust's existence | |
D. | No, 2041 does not apply to include any value. | |
E. | Yes, 2041 would apply to include the present value of the remainder interest | |
F. | Yes, 2041 would apply to include the full value of the trust corpus |
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