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A father died leaving his property equally to his wealthy son and his poor daughter. The son wishes
A father died leaving his property equally to his wealthy son and his poor daughter. The son wishes to disclaim his share of the inheritance so that it will pass to his sister without his incurring any gift tax liability. In this situation, all the following acts on the part...
Which of the following statements concerning federal gift, estate, and income taxes is (are) correct
Which of the following statements concerning federal gift, estate, and income taxes is (are) correct I. A taxable gift of income-producing property automatically transfers income tax liability to the donee. II. The value of gifts made within 3 years of death cannot be brought back into the donor’s gross estate.A...
All the following statements concerning the ownership of real property as joint tenants with right of survivorship are correct EXCEPT:
All the following statements concerning the ownership of real property as joint tenants with right of survivorship are correct EXCEPT:A . If the joint tenants are brother and sister, no portion of the value of the property will be in the sister’s estate if she dies first provided her executor...
A father deeded a house as a gift to his daughter in 1990 but retained the right to live in it until his death. He died this year, while still living in the house. The following are relevant facts: The father bought the property in 1980 for $140,000. The fair market value of the property when the gift was made in 1990 was $170,000. The father filed a timely gift tax return but paid no gift tax because of the applicable credit amount. The fair market value of the property at the father’s death was $200,000. The daughter sold the property 3 months after her father’s death for $200,000.
A father deeded a house as a gift to his daughter in 1990 but retained the right to live in it until his death. He died this year, while still living in the house. The following are relevant facts: The father bought the property in 1980 for $140,000. The fair...
All the following statements concerning transfers at death under a will are correct EXCEPT:
All the following statements concerning transfers at death under a will are correct EXCEPT:A . The most appropriate way to sever a joint tenancy with right of survivorship is for the joint tenant-decedent to make a specific bequest of the property under a will.B . If during life time a...
All the following statements concerning property ownership by a married couple residing in a community-property state are correct EXCEPT:
All the following statements concerning property ownership by a married couple residing in a community-property state are correct EXCEPT:A . All property that is not separate property is community property.B . Community property loses its identity when a community-property couple moves to a common-law state.C . Property inherited during the...
Which of the following are ways of passing property from a deceased spouse to a surviving spouse so that the properly will qualify for the federal estate tax marital deduction?
Which of the following are ways of passing property from a deceased spouse to a surviving spouse so that the properly will qualify for the federal estate tax marital deduction? I. When the surviving spouse receives the property by electing to take against the deceased spouse’s will ll. When the...
Which of the following statements concerning the taxation of estates and trusts is (are) correct?
Which of the following statements concerning the taxation of estates and trusts is (are) correct? l. They are taxed similarly to partnership entities. II. They are taxed on distributable net income (DNI) that is retained.A . onlyB . II onlyC . Both l and lID . Neither I nor IIView...
In addition, Mrs. Barlow owned a $400,000 life insurance policy on Mr. Barlow’s life with Mr. Barlow’s estate designated as beneficiary. Based on this information, what is the amount of property in Mr. Barlow’s estate qualifying for the federal estate tax marital deduction?
Mr. Barlow died early this year. Under the terms of his will he left all his real estate and tangible personal property to his son. All the remainder of his probate estate was left to his wife, Mrs. Barlow. The following is a list of Mr. Barlow’s probate assets and...
Which of the following statements concerning gifts made to their grandchildren is correct?
On the advice of their attorney and accountant, Betsy and John have decided to make substantial transfers. They would like to pass most of their considerable wealth to their grandchildren. Which of the following statements concerning gifts made to their grandchildren is correct?A . The GSTT annual exclusion may be...
