Arnold, age 75, established an irrevocable trust to benefit his grandson, Randolph. Randolph willreceive trust income annually until he reaches the age of 30. The trust will then terminate and allthe principal of the trust will be distributed to Ashley, Arnold's 30 year old wife. Which of thefollowing statement(s) is/are correct regarding Generation Skipping Transfer Tax (GSTT)?1. If Randolph's father (Arnold's son) is deceased at the time the irrevocable trust isestablished, then Randolph is a nonskip person.II. If Ashley is not the spouse of Arnold when the trust terminates, then she is a skip person.A. I only.B. Il only.C. Both I and II.D. None of the above.

Arnold, at the age of 75, has set up an irrevocable trust with the intent to benefit his grandson,…

Answered: Arnold, age 75, established an…

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