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  3. 1. on january 1, 1997, g transfers $100,000 to a t

1. On January 1, 1997, G transfers $100,000 to a trust. The income is payable...

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Accounting

1. On January 1, 1997, G transfers $100,000 to a trust. The income is payable to Gs niece or her estate for ten years, and the corpus reverts to G. What are the gift tax consequences of the transfer assuming a Section 7520 rate of 8%? What are the estate tax consequences if G dies on January 1, 2003? What are the gift and estate tax consequences if the income beneficiary is Gs mother?

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