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Joe creates an irrevocable trust for his son Jay this year. Joe transfers $17,017,000 into the trust. Joe wants to take advantage of any and
Joe creates an irrevocable trust for his son Jay this year. Joe transfers $17,017,000 into the trust. Joe wants to take advantage of any and all exclusions and credits in order to avoid paying gift tax. Joe has not made any other gits to Jay this year. What is the total taxable gift? (fill in the blank using only numbers and commas, no dollar signs ) QUESTION 2 What is the total amount of gift tax on the gift to the trust - before the unified credit? QUESTION 3 Using the facts above, after using all possible reductions, what is the total gift tax liability on the gift made to the irrevocable trust? (use only numbers and commas in your answer, no dollar signs) QUESTION 4 How much has Joe's gross estate been reduced after creating the trust and being taxed? (to fill in the blank use numbers and commas only, no dollar signs)
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