Sammy created a $1,000,000 revocable trust on January 1, 2022. The trust is required to distribute money annually to Sammy's son, Davis over Davis' lifetime. At Davis' death, the remainder of the trust is to be transferred to Davis Junior. On June 1, 2022, the trust distributed $20,000 to Davis.

Respond to the following questions:

What is the date of the gift is: [ Select ] ["November 1, 2022", "Davis' Date of Death", "January 1, 2022", "June 1, 2022"]

What is the value of the gift on that date: [ Select ] ["$1,000,000", "Value at Davis' death", "$20,000", "$1,020,000"]