Christian transferred $60,000 to an irrevocable trust for the benefit of his three daughters. The three daughters share income equally for five years and then the corpus of the trust is to be divided equally between them. What is the amount of the taxable gifts, if any, made by Christian?

Question

Quizplus · Accepted Answer

The transfer to the irrevocable trust is a completed gift. The value of the gift is the value of the property transferred ($60,000). However, the gift is not taxable because it is a gift to a qualified charitable organization.

Christian Transferred $60,000 to an Irrevocable Trust for the Benefit