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What annual gift tax exclusions are allowed

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Reference no: EM131821913

Question - The Randalls have a married son and four grandchildren (ages 15, 17, 18 and19). They establish a trust under which the income is to be paid annually to the grandchildren until the youngest reaches age 25. At that point, the trust terminates and the principal (corpus) is distributed to the son. What annual gift tax exclusions are allowed, if any, on the creation of the trust?

Reference no: EM131821913

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