LO.1 Sophie creates an irrevocable trust, income interest to her granddaughter, Brandi, for six years. After six
Question:
LO.1 Sophie creates an irrevocable trust, income interest to her granddaughter, Brandi, for six years. After six years, the remainder interest in the trust is to go to Hailey, Sophie’s divorced daughter (Brandi’s mother).
a. How is the value of this transfer by gift determined?
b. Is the annual exclusion available?
c. What might be the justification for such an arrangement?
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Related Book For 
South Western Federal Taxation 2013 Corporations Partnerships Estates And Trusts
ISBN: 9781133495574
36th Edition
Authors: William H. Hoffman, William A. Raabe, James E. Smith, David M. Maloney
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