Dave irrevocably transfers $1 million of marketable securities to a trust under which the trustee...
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Accounting
Dave irrevocably transfers $1 million of marketable securities to a trust under which the trustee is permitted to distribute income and/or principal to or among Dave and his children in such amounts as the trustee deems advisable. Upon Daves death, the trust assets will be distributed to Daves living issue.
- Dave and his sister serve as co-trustees of the trust. Discuss the gift tax consequences to Dave upon funding the trust and the estate tax consequences to Daves estate upon his death.
- How would your answer change, if at all, if Dave did not serve as trustee?
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