Question
Indicate whether each of the following transfers by Connie will result in an increase in Connie's taxable gifts for the year. If the answer is
Indicate whether each of the following transfers by Connie will result in an increase in Connie's taxable gifts for the year. If the answer is yes just give the amount of the gift. If the answer is no, just enter no.
Connie transfers her vacation house worth $1 million to a trust. Her college roommate Angelina is allowed to use the house for the next 5 years, and after 5 years title to the house is transferred to Guido, Connies uncle for his life. On Guido's death the house goes to Guido's son Vito. The value of the transfer to Angelina is $25,000, and the value of Guido's interest is $50,000.
1. What type of interest does Angelina have in the property?
2. If the transfer to Angelina increases Connie's taxable gifts for the year enter the amount of the increase. If not, enter no.
3. What type of a partial property interest does Guido have?
4. What type of partial interest in the property does Vito have?
5. If the transfer to Vito increases Connie' taxable gifts for the year what is the amount of the increase (if there is no increase enter no)
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