Natalie transferred $500,000 of bonds to a revocable trust with directions to the trustee to pay income to her aunt for five years after which the corpus is to be distributed to Natalie's niece.At year end,the trustee paid $15,000 of income to the aunt.Which of the following is a true statement?
A) Natalie has made a completed gift of $500,000.
B) Natalie has made a taxable gift of $1,000.
C) Natalie has not made a completed gift because the trust is revocable.
D) Natalie has made a taxable gift of $15,000.
E) None of the choices are correct.
Correct Answer:
Verified
Q66: This year,Brent by himself purchased season baseball
Q68: Jonathan transferred $90,000 of cash to a
Q72: This year Samantha gave each of her
Q73: Matthew and Addison are married and live
Q74: Alexis transferred $400,000 to a trust with
Q75: This year Nathan transferred $2 million to
Q77: At his death Titus had a gross
Q80: At her death Tricia had an adjusted
Q87: At his death Stanley owned real estate
Q96: At her death Siena owned real estate
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents