Indicate by a T If the Following Results in a Taxable

question 77

Short Answer

Indicate by a T if the following results in a taxable gift and an N if it does not result in a taxable gift.
-_____ h. $60,000 value of a remainder interest in a trust created this year

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Definitions:

Witch Trials

Legal proceedings and persecutions, most famously in Salem, Massachusetts in 1692, targeting individuals accused of witchcraft, often resulting in conviction and execution.

Small Farmers

Individuals or families that manage and operate smaller plots of land primarily for subsistence farming or local markets.

Tobacco Market

The global industry and trade of tobacco, including its cultivation, processing, distribution, and sale, historically significant for its role in the economic development of colonies in the Americas.

Dominion Of New England

Consolidation into a single colony of the New England colonies—and later New York and New Jersey—by royal governor Edmund Andros in 1686; dominion reverted to individual colonial governments three years later.