George Grauben transfers property to himself as trustee for his children. The trustee has the power to distribute income and principal among his children in accordance with a fixed and ascertainable s...
George Grauben transfers property to himself as trustee for his children. The trustee has the power to distribute income and principal among his children in accordance with a fixed and ascertainable standard. Which of the following is correct?
A. George has made a completed transfer for gift tax
B. George has not made a completed transfer for gift tax purposes because he can control the beneficial enjoyment of the property conveyed to the trust
C. George has not made a completed transfer for gift tax purposes because he is a trustee
D. The transfer is complete as property actually passes to the children
Homework Answers
answer is option C
C. George has not made a completed transfer for gift tax purposes because he is a trustee
As trust is revocable, the transfer to the trust is not a completed gift. Trustee's contribution of property to trust is incomplete for federal tax purposes
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