This year Nathan transferred $1 million to an irrevocable trust established for the benefit of his nephew. The trustee is directed to accumulate income for the next 5 years before distributing the trust corpus to Nathan's nephew. In past years Nathan has made taxable gifts of $6 million and used all of his unified credit. What amount of gift tax, if any, must Nathan remit in 2017? Ignore the annual exemption of $15,000 $159,500. $155,800. $155,450. zero there is a $10 million exemption equivalent. None of these. The amount of tax cannot be estimated without the use of a tax rate schedule.

This year Nathan transferred $1 million to an irrevocable trust established for the benefit of his nephew. The trustee is directed to accumulate income for the next 5 years before distributing the trust corpus to Nathan's nephew. In past years Nathan has made taxable gifts of $6 milion and used all of his unified credit. What amount of gift tax, if any, must Nathan remit in 2017? Ignore the annual exemption of $15,000 $159,500$155,800$155,450 rero-there is a $10 million exemption equivalent. None of these. The amount of tax cannot be estimated without the use of a tax rate schedule