Transfer or other disposition of trust property between the following parties in a trust is not subject to gift tax:
(1)Between the settlor and the trustee at the time the trust is created.
(2)Between the original trustee and the newly appointed trustee when there is change to the trustee during the life of the trust.
(3)Between the trustee and the beneficiary when the trustee distributes the trust property according to the trust deed during the life of the trust.
(4)Between the settlor and the trustee or between the trustee and the beneficiary when the trust ceases to exist.
(5)Between the settlor and the trustee when the trust is invalidated, voided, terminated or cancelled.