Jack Transfers Property Worth $250,000 to a Revocable Trust on January

question 69

Multiple Choice

Jack transfers property worth $250,000 to a revocable trust on January 1. Two-and-a-half years later, when the property is worth $300,000, the trust becomes irrevocable. Which of the following statements is correct?

• A)A $300,000 gift occurs when the trust became irrevocable.
• B)A $250,000 gift occurs when the original transfer was made.
• C)A $250,000 gift occurs when the trust became irrevocable.
• D)Jack may elect which amount to report as a gift.

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