In 2018, Boris Put $12,690,000 in an Irrevocable Trust for His

question 97

Essay

In 2018, Boris put $12,690,000 in an irrevocable trust for his great grandson. What amount of tax will Boris have to pay because of this transfer?

---

Definitions:

Accrued Interest

Interest that has accumulated over a period but has not yet been paid or received.

Adjusting Journal Entry

A journal entry made at the end of an accounting period to record unrecognized income or expenses to ensure that the financial statements comply with the accrual concept of accounting.

Supplies Account

An account that records the costs of supplies on hand and used by a business, which can be a significant part of operating expenses depending on the business type.

Year-End Adjustment

Accounting entries made at the end of an accounting period to update accounts for accurate financial reporting.