The donor of a trust is the same as a the beneficiary b the trustee c the

The donor of a trust is the same as a the beneficiary

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6. The donor of a trust is the same as a. the beneficiary.b. the trustee.c. the grantor.d. the fiduciary. 7. A fiduciary tax return is filed by 8.An income interest in a trust 9.The following transfer(s) is excluded from gift taxes: 10.Which of the following is a taxable gift? a. $25,000 given to the Democratic party.b. $24,000 paid to Stanford University by Joel for the tuition for his best friend’s son. c. $100,000 given to the Red Cross. d. All are taxable gifts. e. None are taxable gifts.
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Chapter 12: Wealth Transfer Taxes 9 11.A trust that features a demand provision by a beneficiary equal to the annual exclusion is 12.Silvia has three grandchildren. What is the maximum amount that she can contribute this year to a Section 529 education plan without incurring a gift tax? 13.Which of the following gifts is not eligible for the annual exclusion? 14.Charles gave his three grandsons $20,000 each, his friend, Joe, $15,000, and his daughter $30,000. His second wife, Marla, gave her three children $50,000 each and $50,000 to her church. What are their combined taxable gifts if they do not elect gift splitting? a. $305,000b. $255,000c. $143,000d. $ 71,000 15. Refer to the information in the preceding problem. What are Charles and Marla’s taxable gifts if they elect gift splitting? 16. Cheryl bought some stock for $110,000. Two years later, she gave the stock to her brother, Harold, when its value was $100,000. Three years later, Harold sold the stock for $105,000. What is the value of the gift to Harold, and his gain or loss on the sale, respectively?
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