Gene contributed $650,000 to an irrevocable trust and did not retain any right to the trust's assets. The income beneficiary of the irrevocable trust was Gene's sister, and the remainder beneficiary of the irrevocable trust was Gene's nephew. At the time of the transfer, Gene paid gift tax of $52,000. Gene died 18 months later, when the value of the irrevocable trust was $1,275,000. With regard to the irrevocable trust, how much is included in Gene's gross estate? Why?
A. $0
B. $52,000
C. $510,000
D. $695,000
E. $1,275,000
Answer:-
A) $0
Gene's gross estate not included
Gift tax
Irrevocable trust
So the genes gross estate is null or zero .
Gene contributed $650,000 to an irrevocable trust and did not retain any right to the trust's...
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