24. Which of the following transactions does not constitute a completed gift for

Question

24.             Which of the following transactions does not constitute a completed gift for federal gift tax purposes?

a.             An outright gift of $100,000 to a United States citizen spouse.

b.             A gratuitous transfer of $1,000,000 to an irrevocable trust, with a life estate to the grantor's sister, and the remainder to a grandchild.

c.             A year-end bonus of $15,000 to the vice-president of finance from the majority shareholder.

d.            All are completed gifts for federal gift tax purposes.

Which of the following transactions does not constitute a completed gift for federal gift tax purposes? An outright gift of $100,000 to a United States citizen spouse. A gratuitous transfer of $1,000,000 to an irrevocable trust, with a life estate to the grantor's sister, and the remainder to a grandchild. A year-end bonus of $15,000 to the vice-president of finance from the majority shareholder. All are completed gifts for federal gift tax purposes.

Explanation / Answer

b. A gratuitous transfer of $1,000,000 to an irrevocable trust, with a life estate to the grantor's sister, and the remainder to a grandchild.

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