Question
M Grantor transferred $1,000,000 to a trust in January 2019. Grantor had previously made more than $11,400,000 in taxable gifts. The Trustee (First Rational Bank)
M Grantor transferred $1,000,000 to a trust in January 2019. Grantor had previously made more than $11,400,000 in taxable gifts. The Trustee (First Rational Bank) has the right, in its discretion, to distribute income to any of the children as the beneficiaries of the trust. There are 10 children.
1. How much of this transfer is a taxable gift?
2. How much is subject to gift tax?
3. What are the governing Code and Regulation Sections?
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Internal Audit Quality Developing A Quality Assurance And Improvement Program
Authors: Sally-Anne Pitt
1st Edition
1118715519, 978-1118715512
