Lo.1 sophie creates an irrevocable trust income interest to, Ask an Expert

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LO.1 Sophie creates an irrevocable trust, income interest to her granddaughter, Brandi, for six years. After six years, the remainder interest in the trust is to go to Hailey, Sophie's divorced daughter (Brandi's mother).

a. How is the value of this transfer by gift determined?
b. Is the annual exclusion available?
c. What might be the justification for such an arrangement?

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Accounting Basics, Accounting

Category:- Accounting Basics
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