Question 1

In 2008, Katelyn inherited considerable property when her father died. When Katelyn dies in 2020, her estate may be able to claim a credit as to some of the estate taxes paid by her father's estate.

Accepted Answer

A) True 
 B)False

Question 2

For Federal estate tax purposes, the gross estate does not include property that will pass to a surviving spouse.

Accepted Answer

A) True 
 B)False

Question 3

Ray purchases U.S. savings bonds that he lists as "Ray and Donna" as co-owners. Donna is Ray's daughter. Donna predeceases Ray. No gift or estate tax consequences result from this situation.

Accepted Answer

A) True 
 B)False

Question 4

Peggy gives $200,000 to her grandson. This is an example of a direct skip for purposes of the generation-skipping transfer tax (GSTT).

Accepted Answer

A) True 
 B)False

Question 5

At the time of her death, Sophia was a participant in her employer's qualified pension plan. Her accrued balance in the plan is as follows. Employer's contribution $\quad \$ 1,300,000$
Sophia's contribution $\quad 800,000$
Income earned by plan $\quad 900,000$ Sophia also was covered by her employer's group term life insurance program. Her policy (maturity value of
$100,000) is made payable to Aiden (Sophia's husband). Aiden also is the designated beneficiary of the pension plan. 
a. Regarding these assets, how much is included in Sophia's gross estate?
b. In Sophia's taxable estate?
c. How much gross income must Aiden recognize, when collecting on these items?

Accepted Answer

a. 3,100,000. ($1,300,000 + $800,000 + $...

Exam 27: The Federal Gift and Estate Taxes

For Federal estate tax purposes, the gross estate does not include property that will pass to a surviving spouse.

Correct Answer
verified

In 2008, Katelyn inherited considerable property when her father died. When Katelyn dies in 2020, her estate may be able to claim a credit as to some of the estate taxes paid by her father's estate.

Correct Answer
verified

Correct Answer
verified
a. 3,100,000. ($1,300,000 + $800,000 + $...
View Answer

Ray purchases U.S. savings bonds that he lists as "Ray and Donna" as co-owners. Donna is Ray's daughter. Donna predeceases Ray. No gift or estate tax consequences result from this situation.

Correct Answer
verified

Peggy gives $200,000 to her grandson. This is an example of a direct skip for purposes of the generation-skipping transfer tax (GSTT).

Correct Answer
verified

Exam 27: The Federal Gift and Estate Taxes

For Federal estate tax purposes, the gross estate does not include property that will pass to a surviving spouse.

Correct AnswerverifiedShow Answer

In 2008, Katelyn inherited considerable property when her father died. When Katelyn dies in 2020, her estate may be able to claim a credit as to some of the estate taxes paid by her father's estate.

Correct AnswerverifiedShow Answer

Correct Answerverifieda. 3,100,000. ($1,300,000 + $800,000 + $...View AnswerShow Answer

Ray purchases U.S. savings bonds that he lists as "Ray and Donna" as co-owners. Donna is Ray's daughter. Donna predeceases Ray. No gift or estate tax consequences result from this situation.

Correct AnswerverifiedShow Answer

Peggy gives $200,000 to her grandson. This is an example of a direct skip for purposes of the generation-skipping transfer tax (GSTT).

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
a. 3,100,000. ($1,300,000 + $800,000 + $...
View Answer

Correct Answer
verified

Correct Answer
verified