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Business, 19.08.2020 03:01 mandy9386

This year Nathan transferred $1 million to an irrevocable trust established for the benefit of his nephew. The trustee is directed to accumulate income for the next 5 years before distributing the trust corpus to Nathan's nephew. In past years Nathan has made taxable gifts of $6 million and used all unified credit. What is the amount of gift tax, if any, must Nathan remit in 2017? Ignore the annual exception amount of $15,000. A) 159,500
B) 155,800
C) 155,450
D) Zero- there is a $10 Million exemption equivalent

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