Robbie transferred and Other Questions

Robbie transferred and Other Questions in $4 only

Need Help. Last 5 questions for final. Need an “A”. My answers are in bold. Need help double checking my answers. Thank you.

Robbie transferred $100,000 to an irrevocable trust for the benefit of his minor child, Dominic. The transfer was eligible for the annual exclusion. The trust permits the trustee to accumulate trust income within the trust, and only make distributions to Dominic based upon an ascertainable standard until Dominic is 21 years old. When Dominic attains the age of 21, the trust must terminate and the trust assets must be distributed to Dominic. Which type of trust has Robbie created?

2503(b) Trust

2503(c) Trust

Totten Trust

Intentionally Defective Grantor Trust (IDGT)

Angelina contributed $25,000 in cash to a foreign charitable organization. Her AGI was $25,000. At the time of the contribution, the organization told her that her contribution was tax deductible for income tax purposes. Ignoring any income limitations, how much of the $25,000 contribution is deductible?





Chelsea graduated from the University of Alabama. Each year, football season tickets are sold only to those who make a contribution to the university of $2,000 or more. Chelsea contributes $2,000, so that she meets the requirements to purchase season tickets, and also spends $500 on the season tickets. How much is her deductible charitable contribution for the year?





Maxine agrees to purchase Jacob’s property utilizing a private annuity. Jacob’s table life expectancy is ten years at the date of the agreement and the property has a fair market value of $400,000. The private annuity payment is $45,000 per year, and Maxine dies after making two payments. At Maxine’s death, what amount is included in her gross estate with regards to the private annuity and the transferred property?





Chris and Jenn made the following gifts this year:

– Chris gave their son, Evan, a car worth $4,000 owned as community property. Chris also gave Evan his stamp collection (separate property) valued at $60,000.

– Chris gave his brother Stephen $20,000 of Chris’ separate property so Stephen could purchase a new home.

– Chris gave his sister Heather $4,000 in cash from his and Jenn’s joint checking account which consists only of community property. He also gave Heather a piece of land he purchased before his marriage to Jenn, valued at $49,000.

Assuming Jenn did not want to split gifts, what is Chris’ total taxable gifts after taking into consideration any available deductions or exclusions?


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