Mike has used up all of his gift tax credit. He transfers 1,000,000 to his Grandson and does not allocate any GST Exemption to the transfer in 2020. How much Tax is owed upon the transfer? Tom contributes $3,000,000 to an irrevocable trust for the benefit of his children and grandchildren in 2019. He allocates $1,000,000 GST Exemption to the transfer. How much GST Tax is owed upon creating the trust? How much GST Tax is owed when the Trustee makes a 100,000 distribution to a grandson in 2020. What is the inclusion ratio on for a Trust that has $500,000 initial funding with $400,000 GST exemption allocated to the transfer?