Issue Identification Questions C 12 27 Kwambe is thinking of making

Issue identification questions c 12 27 kwambe is

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Page 12-32. Issue Identification Questions
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C 12-27Kwambe is thinking of making a substantial gift of stock to his fiancée, Maya. The wedding is scheduled for October 1 of the current year. Kwambe already has exhausted his unified credit. He is also considering giving $28,000 cash this year to each of his three children by a previous marriage. What tax issues should Kwambe consider with respect to the gifts he plans to make to Maya and his three children? C 12-28Janet (who has made no taxable gifts) is considering transferring assets valued at $9 million to an irrevocable trust (yet to be created) for the benefit of her son, Gordon, age 15, with Farmers Bank as trustee. Her attorney has drafted a trust agreement that provides that Gordon is to receive income in the trustee’s discretion for the next 20 years and that at age 35 the trust assets will be distributed equally between Gordon and his sister Joanna. Janet anticipates that her husband will consent to gift splitting. That tax issues should Janet and her husband consider with respect to the trust?
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