In 2019, Lisa transferred $1,000,000 into a trust for the benefit of her brother, Keith, age...
In 2019, Lisa transferred $1,000,000 into a trust for the benefit of her brother, Keith, age 30, and Keith’s daughter, Beth. Keith will receive all income for life and Beth will receive the remainder interest. Using the following information taken from IRS Valuation Table S for a single life with a 5% interest rate, what is the value of the taxable gift Lisa made to Keith? Assume that the gift to Keith qualifies for the annual exclusion.
|
Annuity |
Life Estate |
Remainder |
|
17.5354 |
.87677 |
.12323 |
- $108,230
- $123,230
- $138,230
- $1,000,000
Homework Answers
Answer:
Option C is correct
The value o the taxable gift lisa made to kaith is $ 138,230.
Add Answer to:
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[The following information applies to the questions
displayed below.]
Read the following letter and help Shady Slim with his tax
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December 31, 2019
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[The following information applies to the questions
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Read the following letter and help Shady Slim with his tax
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