Reference no: EM133057837
Question - D's Aunt died leaving $1,000,000 in an irrevocable trust which would pay D income for life, and upon D's death, remainder to any of: (i) D's descendants, (ii) D's spouse, or (iii) any qualified charity as D would appoint in D's will. D died when the trust value was $2,500,000. D's Will exercised the power of appointment by appointing the $2,500,000 to an irrevocable testamentary trust which paid all income to D's spouse for life, on an annual basis, remainder to a qualified charity (at the time of D's death the fair market value of the income interest was $500,000 and the fair market value of the remainder was $2,000,000).
Required -
a. What, if anything, is included in D's Taxable Estate?
b. How much, if anything, is D's Charitable Deduction?
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