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A grantor transfers $1 million to an irrevocable trust naming his three children as beneficiaries. A bank is the trustee and a spray provision is included in the trust instrument. What are the consequences of this transfer?
a. The grantor can take an annual exclusion for each trust beneficiary to reduce the taxable portion of the gift to $958,000
b. If the bank distributes $20,000 to one trust beneficiary this year, the grantor can take an annual exclusion of $14,000
c. The bank can make discretionary distributions of both income and corpus to the trust beneficiaries
d. The bank can only make discretionary distributions of income to the trust beneficiaries
Suppose that Acme Inc. is issuing 10-year bonds that are not callable. The required rate of return that the firm must pay to bondholders is 10%. They are also considering some callable bonds, which are identical to the proposed issue, but will be cal..
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After hearing the advice that it is usually best to buy life insurance from a person who has been in the business at least five years, a life insurance company general agent became upset and said rather vehemently, “How do you think we could recruit ..
An arbitrager at Deutsche Bank notices that the yield on Brazilian Real 6-month risk-free bills is 5.5% per annum and the yield on U.S. 6-month T-bills is 7% per annum. What transactions will the arbitrageur undertake to realize arbitrage profits in ..
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