On January 1, year 1, Olinto created a $650,000 trust that provided his mother with a lifetime
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On January 1, year 1, Olinto created a $650,000 trust that provided his mother with a lifetime income interest starting on January 1, year 1, with the remainder interest to go to his son. Olinto expressly retained the power to revoke both the income interest and the remainder interest at any time. Who is taxed on the trusts year 1 income?
a. Olinto’s mother
b. Ohinto’s son
c. Olinto
d. The trust
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Related Book For
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
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