Caleb transferred $115,000 to an irrevocable trust for Avery. The trustee has the discretion to distribute income or corpus for Avery's benefit but is required to distribute all assets to Avery (or his estate) not later than Avery's 21ˢᵗ birthday. What is the amount, if any, of the taxable gift?

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The Answer of Caleb transferred $115,000 to an irrevocable trust for Avery. The trustee has the discretion to distribute income or corpus for Avery's benefit but is required to distribute all assets to Avery (or his estate) not later than Avery's 21ˢᵗ birthday. What is the amount, if any, of the taxable gift?

Caleb Transferred $115,000 to an Irrevocable Trust for Avery