Stephen transferred $19,125 to an irrevocable trust for Graham. The trustee has the discretion to distribute income or corpus for Graham's benefit but is required to distribute all assets to Graham (or his estate) not later than Graham's 21st birthday. What is the amount, if any, of the taxable gift? Answer is complete but not entirely correct. Amount of taxable gift $ 4,1250
Stephen transferred $19,125 to an irrevocable trust for Graham. The trustee has the discretion to distribute income or corpus for Graham's benefit but is required to distribute all assets to Graham (or his estate) not later than Graham's 21st birthday. What is the amount, if any, of the taxable gift? Answer is complete but not entirely correct. Amount of taxable gift $ 4,1250
Chapter19: Family Tax Planning
Section: Chapter Questions
Problem 16CE
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Transcribed Image Text:Stephen transferred $19,125 to an irrevocable trust for Graham. The trustee has the discretion to distribute income or corpus for
Graham's benefit but is required to distribute all assets to Graham (or his estate) not later than Graham's 21st birthday.
What is the amount, if any, of the taxable gift?
Answer is complete but not entirely correct.
Amount of taxable gift
$
4,1250
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