Mary has two children - Chuck and Nancy. She sets up a trust for their...
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Mary has two children Chuck and Nancy. She sets up a trust for their benefit. Mary makes a contribution to the trust each year in the amount of $ She gives each child the right to withdraw up to $ In when the total trust assets are $ Chuck decides to withdraw $ but Nancy does not withdraw anything. What is the result of Nancy's decision not to withdraw any of Mary's contribution to the trust?
AMary has made a taxable gift to Chuck of $
bNancy has made a taxable gift to Chuck of $
C Chuck has made a taxable gift to Nancy of $
DAll of the above.
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