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What is the amount of gift tax

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Question - This year Nathan transferred $1 million to an irrevocable trust established for the benefit of his nephew. The trustee is directed to accumulate income for the next 5 years before distributing the trust corpus to Nathan's nephew. In past years Nathan has made taxable gifts of $6 million and used all unified credit. What is the amount of gift tax, if any, must Nathan remit in 2017? Ignore the annual exception amount of $15,000.

A) 159,500

B) 155,800

C) 155,450

D) Zero- there is a $10 Million exemption equivalent

Reference no: EM132527496

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