Terry transferred $455,000 of real estate into an irrevocable trust for her son, Lee. The trustee was directed to retain income until Lee's 21st birthday and then pay him the corpus of the trust. Terry retained the power to require the trustee to pay income to Lee at any time and the right to the assets if Lee predeceased her. What amount of the trust, if any, will be included in Terry's estate? Amount to be included in Terry's estate Last year Robert transferred a life insurance policy worth $54,000 to an irrevocable trust with directions to distribute the corpus of the trust to his grandson, Danny, upon his graduation from college, or to Danny's estate upon his death. Robert paid $18,000 of gift tax on the transfer of the policy. Early this year, Robert died and the insurance company paid $480,000 to the trust. What amount, if any, is included in Robert's gross estate? Amount to be included in Robert's gross estate Angelina gave a parcel of realty to Julie valued at $178,750 (Angelina purchased the property five years ago for $75,500). Required: a. Compute the amount of the taxable gift on the transfer, if any. b. Suppose several years later Julie sold the property for $185,550. What is the amount of her gain or loss, if any, on the sale? a. Amount of taxable gift b