Unformatted text preview: . Mel (an unmarried individual) made the following transfers during 2008; he had previously made a $750,000 taxable gift in 1996: • $25,000 child support payment to his ex-wife for his son Marvin. • $450,000 transfer to a “qualified trust for a minor” for his son Marvin, age 12. Marvin has no access to the funds until he is 21, but the funds may be used on his behalf, and the assets go to Marvin’s estate if he dies before age 21. • $200,000 transfer of stocks (adjusted basis 225,000) to an irrevocable trust. Mel retains the income interest for his life. His mother will receive the remainder interest upon Mel’s death. Assume the value of the income interest is $140,000 and the value of the remainder interest is $60,000. Required : What is Mel’s 2008 gift tax liability?...
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- Spring '08
- Taxes, Taxation in the United States, Marvin, gift tax liability, Gift tax in the United States, Mel