This year Anthony transferred $250,000 of bonds to a trust with directions to the trustee to pay income to his son for the next 20 years. After 20 years the trust corpus wouldrevert to Anthony. Which of the following is a true statement?
A) Anthony has made a completed gift of the income interest only.
B) Anthony has made a $250,000 gift.
C) Anthony has not yet made a completed gift.
D) Anthony has made a $236,000 taxable gift.
E) None of the choices are true.
Correct Answer:
Verified
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