1Amount Clause Samples

1Amount. With respect to any transfer, the value of the property subject to a power of withdrawal by each such person shall be the lesser of the following amounts: A. an amount equal to the product of (1) the value of the property transferred; and (2) the faction of which the numerator is one (1) and the denominator is the sum of (i) the number of persons with a withdrawal power under this Section 4.1 living when the property has been transferred and the gift is deemed completed less (ii) the number of such persons who have been excluded from having a right of withdrawal with respect to such transfer pursuant to Section 4.3 of this Article; or B. the maximum federal gift tax exclusion under Section 2503(b) of the Code in effect at that time (currently $14,000) or twice the maximum federal gift tax exclusion under Section 2503(b) of the Code in effect at that time if the transferor is married at that time and if there is a provision in the Code permitting spouses to split gifts at that time (currently $28,000), less the total value of all prior present interest gifts made by the transferor (and the transferor=s spouse if the transferor is married at that time and if there is a provision in the Code permitting spouses to split gifts at that time) to or for the benefit of such persons within the calendar year; C. provided, however, that the total amount that any individual may demand with respect to all gifts made to the trust by that transferor shall lapse on December 31 of the year in which the transfer to the trust estate has been made and the gift is deemed completed, and shall continue to lapse each year after that until exercised or fully lapsed, by the greater of (a) Five Thousand Dollars ($5,000) or other amount pursuant to Code Section 2514(e)(1) or (b) Five Percent (5%) or other percentage pursuant to Code Section 2514(e)(2), of the value of the trust estate on December 31 of that year.