In 2017, Boris Put $7,000,000 in an Irrevocable Trust for His

question 108

Essay

In 2017, Boris put $7,000,000 in an irrevocable trust for his great grandson. What amount of tax will Boris have to pay because of this transfer?

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Definitions:

Debits

Entries in accounting that increase an asset or expense account, or decrease equity, liability, or revenue accounts.

Credits

Accounting entries that represent an increase in liabilities or revenues, or a decrease in assets or expenses.

Adjusting Entries

Adjusting entries are journal entries made in an accounting period's end to allocate income and expenditures to the period in which they actually occurred.

Chart of Accounts

A structured list detailing a company's financial accounts, categorized to facilitate the organization and reporting of financial transactions.