During the taxable year, Blake transferred a corporate bond with a face amount and fair market value of USD20,000 to a trust for the benefit of her 16-year old child. Annual interest on this bond is USD2,000, which is to be accumulated in the trust and distributed to the child on reaching the age of 21. The bond is then to be distributed to the donor or her successor-in-interest in liquidation of the trust. Present value of the total interest to be received by the child is USD8,710. The amount of the gift that is excludable from taxable gifts is:
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