Question
Upon the death of Mrs. Leviathon, she transferred $10,000,000 to a trust. In each taxable year of the trust, during the 10 year period following
Upon the death of Mrs. Leviathon, she transferred $10,000,000 to a trust. In each taxable year of the trust, during the 10 year period following her death, she directs the trustee to pay to the ASPCA an amount equal to 7% of the initial net fair market value of all property passing to the trust as determined for federal estate tax purposes. At the termination of the 10 year period, the trustee is required to distribute all of the principal and income of the trust to Chimpy, her son. Which of the following statements is correct? Group of answer choices This is an example of a charitable lead annuity trust. This is an example of a charitable remainder annuity trust. This is an example of a charitable lead unitrust. This is an example of a charitable remainder unitrust. None of the above.
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