ch25
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ch25

Course Number: MBA acc, Fall 2013

College/University: SUNY Buffalo

Word Count: 8120

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ch25 Student: 1. The amount of the estate tax is directly related to the amount of taxable gifts. True False 2. The Federal transfer taxes are calculated using cumulative lifetime transfers. True False 3. An exemption equivalent is the amount of annual gifts that is automatically exempt from the gift tax. True False 4. The exemption equivalent was repealed in 1976. True False 5. The unified credit is...

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amount ch25 Student: 1. The of the estate tax is directly related to the amount of taxable gifts. True False 2. The Federal transfer taxes are calculated using cumulative lifetime transfers. True False 3. An exemption equivalent is the amount of annual gifts that is automatically exempt from the gift tax. True False 4. The exemption equivalent was repealed in 1976. True False 5. The unified credit is designed to allow a minimum amount of lifetime transfers without triggering the imposition of a transfer tax. True False 6. For 2012, the exemption equivalent for the estate tax is $5 million indexed for inflation. True False 7. The marital and charitable deductions are common to both the estate tax and the gift tax formulas. True False 8. The estate tax is imposed on testamentary transfers. True False 9. The gift tax is imposed on intervivos (lifetime) transfers. True False 10. The tax rate schedule on taxable transfers has a maximum tax rate of 35% for 2012. True False 11. The probate estate consists of all property owned by the decedent that is excluded from the gross estate. True False 12. No deductions are allowed when calculating the taxable estate. True False 13. Including adjusted taxable gifts in the taxable estate causes these gifts to be taxed twice, once under the gift tax and again under the estate tax. True False 14. The gross estate may contain property transfers that are not included in the probate estate. True False 15. The gross estate will not include the value of clothes and other personal items owned by the decedent at the time of death. True False 16. The probate estate will include the total value of all real property owned by the decedent at the time of death regardless of whether the decedent co-owned the property as tenants in common or as joint tenants with the right of survivorship. True False 17. Proceeds of life insurance paid due to the death of the decedent are included in the decedent's gross estate if the decedent had the right to designate the beneficiary of the policy. True False 18. The gross estate includes the value of half of real property owned by a decedent and spouse in joint tenancy with the right of survivorship. True False 19. The gross estate always includes the value of half of any real property owned by a decedent and another person in joint tenancy with the right of survivorship. True False 20. Proceeds of life insurance paid to the decedent's estate due to the death of the decedent are included in the decedent's gross estate even if the decedent had no ownership rights in the policy at the time of death. True False 21. Property is included in the gross estate at the value a willing buyer would pay a willing seller, neither being under any compulsion to buy or to sell, and both have reasonable knowledge of the relevant facts. True False 22. A present interest is the right to currently enjoy property or receive income payments from property. True False 23. The debts of the decedent at the time of death are deducted in calculating the taxable estate. True False 24. The theft of property included in the gross estate is only deductible in calculating the taxable estate if the loss exceeds 10 percent of the decedent's adjusted gross estate. True False 25. The testamentary transfer of property to a qualified charity is deductible in calculating the taxable estate without any ceiling limitation. True False 26. Adjusted taxable gifts are included when calculating the taxable estate but are not subject to double taxation because a tax credit is provided for taxes payable on adjusted taxable gifts. True False 27. A couple who is married at the time of completing a gift can elect to file a joint gift tax return. True False 28. Only complete gifts are subject to the Federal gift tax. True False 29. A completed gift must be irrevocably relinquished by the donor. True False 30. A gratuitous transfer of cash to an individual who uses the cash to pay medical expenses is not subject to a gift tax. True False 31. A future interest is a right to receive income or property in the future. True False 32. The annual exclusion eliminates relatively small transfers of present interests in property. True False 33. The annual exclusion applies to cumulative gifts made to each donee over the course of the year. True False 34. A transfer of cash to a bank account held in joint tenancy with the right of survivorship is not a completed gift. True False 35. A withdrawal of money from a bank account held in joint tenancy with the right of survivorship may constitute a completed gift. True False 36. When a gift-splitting election is made, gifts made by either spouse during the year will be treated as if each spouse made one-half of the transfer. True False 37. Both spouses must consent to any gift-splitting election. True False 38. The gift-splitting election only applies to gifts made by taxpayers who reside in community property states. True False 39. A transfer of a terminable interest will not generally qualify for a marital deduction. True False 40. A terminable interest in property is any interest that terminates during the current year. True False 41. A gift tax return does not need to be filed unless the taxpayer has made current gifts in excess of the unified credit. True False 42. The tax on cumulative taxable gifts is reduced by the unified credit regardless of whether any unified credit was used in prior years. True False 43. A trust is a legal entity whose purpose is to hold and administer property for beneficiaries. True False 44. A fiduciary is a legal entity that can only exist for a year. True False 45. A serial gift strategy consists of arranging a trust to maximize the value of the unified credit. True False 46. A serial gift strategy uses multiple gifts to maximize the value of the annual exclusion. True False 47. A bypass provision in a will requires a decedent to have a taxable estate in order to use a unified credit to reduce total estate taxes on a married couple. True False 48. Property inherited from a decedent has an adjusted basis equal to the value of the property included in the decedent's estate. True False 49. The income tax benefit derived from a step-up in tax basis should be measured against the estate tax cost of including the property in the decedent's gross estate. True False 50. Life insurance is an asset that can be used to fund a trust to support a surviving spouse and, yet, may not be included in the decedent's gross estate. True False 51. A gratuitous transfer of property made during the lifetime of the donor is called: A. an incomplete gift. B. a testamentary transfer. C. a taxable gift. D. an intervivos transfer. E. All of these. 52. The unified credit is designed to: A. apply only to taxable transfers included in the gross estate. B. prevent taxation of cumulative transfers that do not exceed a certain minimum amount. C. apply to amounts not already eliminated by the exemption equivalent. D. exclude up to $1 million for any individual transfer. E. None of these. 53. The estate and gift taxes share several common features. Which of the following characteristics are common to both the estate and gift taxes? A. A unified credit and a marital deduction. B. A charitable deduction and an annual exclusion. C. A gift-splitting election and a deduction for income taxes paid by the fiduciary. D. A charitable deduction and the unused spousal exemption equivalent. E. All of these are characteristics common to both the gift and the estate tax. 54. Which of the following statements are true? A. The same transfer tax rate schedule is used to calculate both the estate tax and the gift tax. B. The transfer tax rate schedule is regressive in nature. C. The amount of the unified credit varies according to whether the taxable transfer is intervivos or testamentary. D. The exemption equivalent automatically offsets transfers in calculating cumulative taxable transfers. E. All of these are true. 55. Which of the following statements are true for both gratuitous and testamentary transfers? A. A unified credit of up to $1 million reduces the tax on any transfer. B. An annual exclusion offsets any transfer up to $13,000. C. An election can be made to split a transfer between spouses. D. A charitable and a marital deduction are allowed in computing the taxable transfer. E. All of these are true. 56. The estate and gift taxes share several common features. Which of the following characteristics are common to both the estate and gift taxes? A. A marital deduction and a deduction for casualty losses. B. A marital deduction for transfers of all terminable interests. C. The tax rate schedule for calculating gross transfer taxes. D. A charitable deduction and an annual exclusion. E. None of these list characteristics common to both the gift and the estate tax. 57. At his death Trevor had a probate estate consisting of $4 million of property. Which of the following is a true statement about Trevor's estate or estate tax? A. Trevor must have a taxable estate of at least $4 million. B. Trevor must have an adjusted gross estate of at least $4 million. C. Trevor must have an estate tax base (cumulative taxable transfers) of at least $4 million. D. Trevor must have a gross estate of at least $4 million. E. None of these is necessarily true. 58. At his death Titus had a gross estate consisting of $6 million of property. Which of the following is a true statement about Titus' estate or estate tax? A. Titus must have a probate estate of at least $6 million. B. Titus must have an adjusted gross estate of at least $6 million. C. Titus must have cumulative taxable transfers of at least $6 million. D. Titus must have a tentative transfer tax calculated on at least $2 million of transfers. E. None of these is necessarily true. 59. At her death Tricia had an adjusted gross estate consisting of $8 million of property. Which of the following is a true statement about Tricia's estate or estate tax? A. Tricia must have a taxable estate over $8 million. B. Tricia's taxable estate will not exceed $8 million. C. Tricia must have a probate estate tax of zero. D. Tricia must have a gross estate tax of zero. E. None of these is necessarily true. 60. At her death Tricia owned a life insurance policy on her life that paid her daughter $500,000 upon her death. The policy was only valued at $25,000 prior to Tricia's death. What amount, if any, is included in Tricia's gross estate? A. $500,000. B. $25,000. C. $25,000 if Tricia transferred ownership of the policy within three years of her date of death. D. zero - life insurance proceeds due to the death of the decedent are not included in the decedent's gross estate. E. zero if Tricia's daughter refused to accept the proceeds. 61. At her death Siena owned real estate worth $200,000 that was titled with her sister in joint tenancy with the right of survivorship. Siena contributed $50,000 to the total cost of the property and her sister contributed the remaining $75,000. What amount, if any, is included in Siena's gross estate? A. $50,000. B. $125,000. C. $80,000. D. $100,000. E. None of these is correct. 62. At his death Tyrone's life insurance policy paid his estate $85,000. What amount, if any, is included in Tyrone's gross estate? A. $85,000. B. $85,000 if Tyrone had an incident of ownership of the policy at the time of his death. C. zero if Tyrone did not transfer any ownership of the policy within three years of his date of death. D. zero - life insurance proceeds due to the death of the decedent are not included in the gross estate. E. zero if Tyrone's estate uses the insurance proceeds to pay Tyrone's estate tax. 63. At his death Stanley owned real estate worth $345,000 with two other individuals as equal tenants in common. Stanley contributed $50,000 to the $100,000 total cost of the property. What amount, if any, is included in Stanley's gross estate? A. $50,000. B. $172,500. C. $345,000. D. $115,000. E. None of these is correct. 64. At her death Serena owned real estate worth $210,000 with her husband in joint tenancy with the right of survivorship. Serena contributed $50,000 to the original cost of the property and her husband contributed the remaining $100,000. What amount, if any, is included in Serena's gross estate? A. $50,000. B. $105,000. C. $80,000. D. zero - this property qualifies for the marital deduction. E. None of these is correct. 65. Harold and Mary are married and live in a community property state. During the marriage Harold bought a parcel of real estate for $100,000 in community funds and titled the property in his name alone. Mary died on January 30th of this year and was survived by Harold who did not remarry. The parcel of real property was worth $250,000 on January 30th of this year but was only worth $220,000 at year end. What amount, if any, is included in Mary's gross estate? A. $250,000. B. $220,000. C. $125,000. D. $110,000. E. zero - Mary had no ownership interest in the property at her death. 66. At his death Jose owned real estate worth $22 million but subject to a mortgage of $7 million. Which of the following is a true statement? A. $22 million is included in Jose's gross estate. B. $15 million is included in Jose's gross estate. C. The $7 million mortgage must be paid by Jose's estate. D. The $7 million mortgage is not deductible if Jose's will transfers the property to a charity. E. All of these. 67. At her death Emily owned real estate worth $2.5 million and other property worth $1 million. Property taxes of $200,000 were accrued on the real estate at the time of Emily's death. Which of the following is a true statement? A. Emily's gross estate is $3.3 million. B. Emily's taxable estate is $3.5 million. C. Emily's adjusted gross estate is $3.3 million. D. Emily's estate tax base is $3.5 million. E. None of these is true. 68. Which of the following is a true statement? A. Executor's fees paid by an estate are deductible in computing the gross estate. B. Funeral expenses for the decedent paid by an estate are deductible in computing the adjusted gross estate. C.An executor can choose to deduct the decedent's funeral expenses on either the estate tax return or the estate's income tax return. D. An executor can only deduct the costs of administering the decedent's estate on the estate's income tax return. E. None of these is true. 69. The executor of Isabella's estate incurred administration expenses of $32,000 and paid $5,000 in funeral expenses. The executor charged the estate for $24,000 in fees. What is the maximum amount Isabella's estate can deduct in computing the adjusted gross estate? A. $32,000. B. $37,000. C. $56,000. D. $61,000. E. None of these. 70. Christopher's residence was damaged by a storm during the administration of his estate. Christopher's executor paid $120,000 to repair the residence after the storm. Which of the following is a true statement? A. A casualty loss of $120,000 can be deducted on Christopher's final individual income tax return. B. The casualty loss deduction is limited to the loss in excess of 10 percent of Christopher's AGI. C.Christopher's executor has the option of deducting a loss of $120,000 on the estate tax return or on the estate's income tax return. D. No casualty loss deduction is available for calculating the estate tax. E. None of these is true. 71. Chloe's gross estate consists of the following property valued at the date of death: Chloe's real estate is encumbered by a mortgage of $450,000, and Chloe's executor paid her funeral costs of $6,000 and charged fees for $24,000. Which of the following is a true statement? A. Chloe's adjusted gross estate is at least $7,020,000. B. Chloe's taxable estate is at least $7,020,000. C. Chloe's taxable estate is $7,050,000. D. Chloe's estate will calculate the tentative estate tax on $7.5 million. E. None of these is true. 72. Tracey is unmarried and owns $7 million in stock and bonds. What is the result if Tracey dies this year and leaves all of her property to a qualified charity? A. Tracey's gross estate will be zero. B. Tracey's estate tax basis will be zero. C. Tracey's taxable estate will be zero. D. Tracey's estate will have a tentative estate tax of zero. E. None of these. 73. Madison was married at the time of her death and her gross estate consisted of $22 million in stock and bonds. Madison left all of her property to her spouse. What is the result? A. Madison's taxable estate will be zero. B. Madison's surviving spouse will have an income tax basis in the inherited property of zero. C. Madison's adjusted gross estate will be zero. D. Madison's estate will have a tentative estate tax of zero. E. None of these. 74. Which of the following is a true statement? A. A remainder interest held by the decedent at the time of death is not included in the decedent's gross estate. B. The value of a remainder interest depends in part on the Section 7520 interest rate at the time of death. C. The value of a remainder interest in a life estate is independent of the age of the life tenant. D. The value of a life estate does not depend upon the age of the life tenant. E. None of these is true. 75. Ethan owned a vacation home at the time of his death. Which of the following is a true statement if Ethan was married to Emma and resided in a common law state at the time of his death? A. Ethan can claim a marital deduction for the vacation home if he bequeaths it to Emma. B. Ethan cannot claim a marital deduction if he bequeaths a life estate in the vacation home to Emma. C Ethan can claim a marital deduction for half the value of the vacation home if it was owned with Emma . in joint tenancy with the right of survivorship. D. Ethan can claim a charitable deduction if he bequeaths it to a qualified charity. E. All of these are true. 76. Adjusted taxable gifts are added to the taxable estate to accomplish which of the following objectives? A. Prevent double taxation of previously taxed gifts. B. Increase the marginal tax rate on previously taxed gifts. C. Increase the marginal tax rate on the taxable estate. D. Remove intervivos transfers from cumulative taxable transfers. E. None of these. 77. A unified credit is subtracted in calculating both the gift tax and the estate tax. Why doesn't this calculation have the effect of increasing the total unified credit amount? A. The tentative estate tax is reduced by only taxes payable on adjusted taxable gifts rather than gross gift taxes. B. The unified credit only offsets the exemption equivalent. C. The unified credit cannot be used to offset gift taxes on adjusted taxable gifts. D. The unified credit varies in amount from year to year. E. None of these. 78. Which of the following is a true statement about the Federal gift tax return (Form 709)? A. Form 709 is due by the 15th day of the ninth month following the date of the gift. B. Form 709 must be filed if a taxpayer wishes to elect gift splitting. C. Form 709 need not be filed unless a taxpayer's taxable gifts exceed the exemption equivalent. D. Form 709 is due nine months after the death of the decedent. E. None of these is true. 79. Which of the following transfers is a completed gift? A. Payment of child support by a former spouse. B. Transfer of property to a revocable trust. C. Transfer of cash to a bank account held in joint tenancy with the right of survivorship. D. Income paid to the beneficiary of a revocable trust. E. None of these is a completed gift. 80. Which of the following transactions would not utilize the "Section 7520 rate" to calculate the value of the transfer? A. A transfer of property with a retained life estate. B. A transfer of property to a spouse. C. A transfer of a remainder interest in real property. D. A transfer of a 10-year term certain in real property. E. None of these utilizes the "Section 7520 rate" in the calculation of the value of the property. 81. The calculation of the value of a life estate in a trust generally does not depend upon which of the following factors? A. the age of the life tenant. B. the Section 7520 interest rate. C. the value of the property at the time of the transfer. D. the manner in which the trust corpus is invested. E. All of these. 82. This year Anthony transferred $250,000 of bonds to a trust with directions to the trustee to pay income to his son for the next 20 years. After 20 years the trust corpus would revert to Anthony. Which of the following is a true statement? A. Anthony has made a $250,000 gift. B. Anthony has made a $237,000 taxable gift. C. Anthony has not yet made a completed gift. D. Anthony has made a completed gift of the income interest only. E. None of these is true. 83. This year Natalie transferred $500,000 of bonds to a revocable trust with directions to the trustee to pay income to her aunt for five years after which the corpus is to be distributed to Natalie's niece. At year end, the trustee paid $14,000 of income to the aunt. Which of the following is a true statement? A. Natalie has made a completed gift of $500,000. B. Natalie has made a taxable gift of $1,000. C. Natalie has not made a completed gift because the trust is revocable. D. Natalie has made a taxable gift of $474,000. E. None of these. 84. Which of the following is a completed taxable gift? A. $20,000 in cash contributed to the committee to reelect Senator BlowHard. B. $15,000 in cash given to Valley Hospital for the care of a neighbor who was in an auto accident. C. $18,000 in cash given to a needy student to pay for college tuition. D. $55,000 in cash transferred to a former spouse under a written property settlement shortly after a divorce. E. None of these is a completed taxable gift. 85. This year Don and his son purchased real estate for an investment. The price of the property was $500,000, and the title named Don and his son as joint tenants with the right of survivorship. Don provided $320,000 of the purchase price and his son provided the remaining $180,000. Has Don made a taxable gift and, if so, in what amount? A. Don has made a taxable gift of $237,000. B. Don has made a taxable gift of $70,000. C. Don has made a taxable gift of $22,000. D. Don has made a taxable gift of $57,000. E. None of these - Don did not make a taxable gift. 86. This year Brent purchased season baseball tickets in the exclusive sky club. The price of the tickets was $60,000, and Brent divided the tickets equally with his two brothers. Has Brent made a taxable gift and, if so, in what amount? A. Brent made a taxable gift of $47,000. B. Brent made two taxable gifts of $17,000 each. C. Brent transferred the tickets for love and affection so no gift tax is imposed. D. Brent made two taxable gifts of $7,000. E. None of these. 87. Christian transferred $60,000 to an irrevocable trust for the benefit of his three daughters. The three daughters share income equally for five years and then the corpus of the trust is to be divided equally between them. What is the amount of the taxable gifts, if any, made by Christian? A. $60,000. B. $47,000. C. $34,000. D. None $21,000. E. of these - the amount of the taxable gifts cannot be ascertained without valuing each income interest. 88. This year Samantha gave each of her three nephews birthday gifts of $10,000 in cash. At Christmas, Samantha gave each of her three nephews Christmas gifts of an additional $5,000 in cash. What is the amount of the taxable gifts, if any, made by Samantha this year? A. $6,000. B. $32,000. C. $45,000. D. zero - none of the gifts exceed the annual exclusion. E. None of these. 89. Jonathan transferred $90,000 of cash to a trust this year for the benefit of Hannah, age 10. The trustee has the discretion to distribute income or corpus (principal) for Hannah's benefit and is required to distribute all assets to Hannah (or her estate) not later than Hannah's 21st birthday. What is the amount of the taxable gift? A. $90,000. B. $77,000. C. $64,000. D. zero - there is no completed gift until the trustee makes a distribution from the trust. E. None of these. 90. Matthew and Addison are married and live in Michigan, a common-law state. For the holidays Addison gave cash gifts of $30,000 to each of her two sons, and Matthew gave $40,000 to his daughter. What is the amount of Addison's taxable gifts? A. $60,000 B. $17,000 C. $11,000 if Matthew and Addison elect to split gifts D. $4,000 if Matthew and Addison elect to split gifts E. None of these 91. Andrew and Brianna are married and live in Texas, a community property state. For their birthdays this year Andrew gave cash gifts of $20,000 to each of his two daughters, and Brianna gave $30,000 to her niece. What is the amount of Andrew's taxable gifts? A. $2,000. B. $14,000. C. $22,000. D. zero if Andrew and Brianna elect to split gifts. E. None of these. 92. As customary, Jayden gave Olivia a ring when she agreed to marry him. The ring is a family heirloom valued at $67,000. What is the amount of the taxable gift? A. zero - the marital deduction offsets the gift as long as Jayden and Olivia are married by year end. B. $54,000. C. $67,000. D. zero - this transfer is not gratuitous. E. None of these. 93. Alexis transferred $400,000 to a trust with directions to pay income to her husband, William, for his life. After William's death the corpus of the trust will pass to William's son. If the life estate is valued at $72,000, what is the total amount of the taxable gifts? A. $387,000. B. $59,000. C. $328,000. D. $325,000. E. None of these. 94. This year Nathan transferred $1 million to an irrevocable trust established for the benefit of his nephew. The trustee is directed to accumulate income for the next 5 years before distributing the trust corpus to Nathan's nephew. In past years Nathan has made taxable gifts of $6 million and used all of his unified credit. What amount of gift tax, if any, must Nathan remit? A. $308,000. B. $410,000. C. $345,450. D. zero - there is a $10 million exemption equivalent. E. None of these. The amount of tax cannot be estimated without the use of a tax rate schedule. 95. The generation-skipping tax is designed to accomplish which of the following? A. generate additional revenues to supplement the estate tax. B. prevent the avoidance of transfer taxes (both estate and gift tax) through transfers that skip a generation of recipients. C. eliminate the possibility that the estate tax can be avoided by gifts in contemplation of death. D. replace the gift tax on distributions from trusts. E. None of these. 96. Which of the following is a true statement? A. A fiduciary entity is a legal entity that takes possession of property for the benefit of a person. B. An estate is a fiduciary that comes into existence upon a person's death to transfer the decedent's real and personal property. C. A trust is also a fiduciary whose purpose is to hold and administer the corpus for other persons (beneficiaries). D. An estate exists only temporarily, but a trust may have a prolonged or even indefinite existence. E. All of these are true. 97. Which of the following is a true statement? A. A serial gift strategy utilizes intervivos gifts to multiple donees over multiple years to maximize the annual exclusion. B. A serial gift strategy works well even if the gifts don't qualify as present interests. C. A bypass trust avoids all estate taxes on the estate of the first spouse to die. D The income tax savings from holding appreciated property until death is always outweighed by the . additional estate tax imposed on the property. E. None of these is true. 98. Which of the following is a true statement? A Leaving all property to the surviving spouse maximizes the marital deduction and therefore minimizes . total transfer taxes on the estates of both spouses. BA bypass provision in the will of the deceased spouse is designed to use the unified credit of the . deceased spouse by transferring property to beneficiaries other than the surviving spouse. C. Serial gifts are limited in scope because only $10,000 can be transferred each year tax-free to any specific donee. D. Serial gifts can move significant amounts of wealth only if employed by multiple donors. E. None of these is true. 99. Angel and Abigail are married and live in a common law state. Angel and Abigail own a parcel of realty as joint tenants with the right of survivorship. In addition, Abigail owns another parcel of realty in her name alone. If Abigail should die when the jointly-owned realty is worth $1 million and her own parcel of realty is worth $1.5 million, what is the total value of realty that would be included in Abigail's gross estate? 100.Ashley owns a whole-life insurance policy worth $25,000 that directs the insurance company to pay the beneficiary $500,000 on her death. Ashley pays the annual policy premiums and has the power to designate the beneficiary of the policy. What value of the policy, if any, would be included in Ashley's estate upon her death? 101.Joshua and David purchased real property for $500,000 as equal tenants in common. Although they are listed as equal co-owners, Joshua was only able to provide $200,000 of the purchase price. David treated the additional $100,000 of his contribution to the purchase price as a gift to Joshua. If the property is worth $2.5 million at Joshua's death, what amount would be included in Joshua's estate? 102.Sophia is single and owns the following property: Sophia owns the real property in joint tenancy with Daniel. They purchased the property several years ago for $1 million. Sophia was only able to provide $200,000 of the purchase price. If Sophia dies, what is the amount of her gross estate? 103.At his death in 2012 Nathan owned the following property: The real estate is subject to a $1,700,000 mortgage and Nathan made taxable gifts in 2005 totaling $2 million at which time he claimed the maximum unified credit of $345,800 and paid gift tax of $435,000. What is the amount of his estate tax due? 104.Ava transferred $1.5 million of real estate into an irrevocable trust for her son, Luis. The trustee was directed to retain income until Luis' 21st birthday and then pay him the corpus of the trust. Ava retained the power to require the trustee to pay income to Luis at any time, and the right to the assets if Luis predeceased her. What amount of the trust, if any, will be included in Ava's estate if she died shortly after making the transfer? 105.Last year Diego transferred a life insurance policy worth $75,000 to an irrevocable trust with directions to distribute the corpus of the trust to his grandson, Juan, upon his graduation from college, or to Juan's estate upon his death. Diego paid $5,000 of gift tax on the transfer of the policy. Early this year, Diego died and the insurance company paid $600,000 to the trust. What amount, if any, is included in Diego's gross estate? 106.Adrian owns two parcels of real estate. Parcel #1 is worth $400,000 and Parcel #2 is worth $660,000. Adrian plans to bequeath Parcel #1 directly to his wife Sofia and leave her a life estate in Parcel #2. What amounts will be included in Adrian's taxable estate for these two parcels? 107.Gabriel had a taxable estate of $6 million when he died in 2012. Calculate the amount of estate tax due (if any) if Gabriel made prior taxable gifts in 2005 totaling $1 million at which time he claimed a unified credit of $345,800 and paid no tax. 108.Andrea transferred $500,000 of stock to a trust, with income to be paid to her niece for 20 years (value $125,000) and the remainder to her nephew (value $375,000). Andrea named a bank as independent trustee but retained the power to determine how much income, if any, will be paid in any particular year. What is the amount of the taxable gift, if any? Explain your answer. 109.This year Alex's friend, Kimberly, was disabled. Alex paid $25,000 to Kimberly's doctor for medical expenses. In addition, Alex also paid $15,000 to Kimberly so that her son could afford tuition at State University this year. Has Alex made taxable gifts, and if so, in what amounts? 110.This year Carlos and Hailey purchased realty for $480,000 and took title as equal tenants in common. However, Hailey was able to provide only $200,000 of the purchase price and Carlos paid the remaining $280,000. Has Carlos made a taxable gift to Hailey, and if so, in what amount? 111.Last year Brandon opened a savings account with a deposit of $45,000. The account was in the name of Brandon and Melanie, joint tenancy with the right of survivorship. Melanie did not contribute to the account, but this year she withdrew $14,000. Has Brandon made a taxable gift to Melanie, and if so, in what amount? 112.Aiden transferred $2 million to an irrevocable trust with income to Valeria for her life and the remainder to Jocelyn (or her estate). Calculate the value of the remainder and the life estate if Valeria's age and the prevailing interest rate result in a Table S discount factor for the remainder of 0.47. 113.This year Evelyn created an irrevocable trust to provide for Ed, her 32-year-old nephew, and Ed's family. Evelyn transferred $150,000 to the trust and named a bank as the trustee. The trust was directed to pay income to Ed until he reaches age 35 (three years from now), and at that time the trust is to be terminated and the corpus is to be distributed to Ed's two children (or their estates). Determine the amount, if any, of the taxable gift. The relevant interest rate is 6 percent. 114.This year Maria transferred $600,000 to an irrevocable trust that pays equal shares of income annually to four cousins (or their estates) for the next eight years. At that time, the trust is terminated and the corpus of the trust reverts to Maria. Determine the amount, if any, of the current gifts and the taxable gifts if the relevant interest rate is 6 percent and Maria is married and elects to gift-split with her spouse? 115.James and Jasmine live in a community property state. This year they transferred $800,000 of property to an irrevocable trust that provides their son, Aaron, a life estate and their daughter, Lauren, the remainder. At the time of the gift, the Table S value for Aaron was 18031. What is the amount, if any, of the taxable gifts? 116.Ryan placed $280,000 in trust with income to Stephen for his life and the remainder to Kayla (or her estate). At the time of the gift, given the prevailing interest rate, Stephen's life estate was valued at $165,000 and the remainder at $115,000. What is the amount, if any, of Ryan's taxable gifts? 117.Caleb transferred $115,000 to an irrevocable trust for Avery. The trustee has the discretion to distribute income or corpus for Avery's benefit but is required to distribute all assets to Avery (or his estate) not later than Avery's 21st birthday. What is the amount, if any, of the taxable gift? 118.For the holidays, Samuel gave a necklace worth $35,000 to Jennifer and jewelry worth $44,000 to Savannah. Samuel is married to Wendy and they live in a community property state. Has Samuel made any taxable gifts and, if so, in what amounts? 119.This year Nicholas earned $500,000 and used it to purchase land in joint tenancy with a ri ght of survivorship with Nevaeh. Has Nicholas made a taxable gift to Nevaeh and, if so, in what amount? 120.Grace transferred $800,000 into trust with the income to be paid annually to her spouse, Isaiah, for life and the remainder to Taylor. Calculate the amount of the taxable gifts from the transfers. 121.Ricardo transferred $1,000,000 of cash to State University for a new sports complex. Calculate the amount of the taxable gift. 122.Isaac is married and wants to transfer the maximum amount of cash to each of his four children and six grandchildren. How much in total can Isaac transfer to his children and grandchildren each year without triggering any taxable gifts? 123.Eric has $5 million of property that he wants to leave to his four children. He is considering making a current gift of the property (rather than leaving the property to pass through his will). Assuming Eric has made many prior taxable gifts and additional taxable transfers will be subject to the highest transfer tax rate, determine how much estate tax Eric will save if he gifts the property now and survives at least three years, during which time the property appreciates to $5.5 million? ch25 Key 1. TRUE 2. TRUE 3. FALSE 4. FALSE 5. TRUE 6. TRUE 7. TRUE 8. TRUE 9. TRUE 10. TRUE 11. FALSE 12. FALSE 13. FALSE 14. TRUE 15. FALSE 16. FALSE 17. TRUE 18. TRUE 19. FALSE 20. TRUE 21. TRUE 22. TRUE 23. TRUE 24. FALSE 25. TRUE 26. TRUE 27. FALSE 28. TRUE 29. TRUE 30. FALSE 31. TRUE 32. TRUE 33. TRUE 34. TRUE 35. TRUE 36. TRUE 37. TRUE 38. FALSE 39. TRUE 40. FALSE 41. FALSE 42. FALSE 43. TRUE 44. FALSE 45. FALSE 46. TRUE 47. TRUE 48. TRUE 49. TRUE 50. TRUE 51. D 52. B 53. A 54. A 55. D 56. C 57. D 58. E 59. B 60. A 61. C 62. A 63. D 64. B 65. C 66. A 67. C 68. B 69. D 70. C 71. A 72. C 73. A 74. B 75. E 76. C 77. A 78. B 79. D 80. B 81. D 82. D 83. B 84. C 85. D 86. D 87. E 88. A 89. B 90. C 91. A 92. B 93. A 94. A 95. B 96. E 97. A 98. B Feedback: Abigail's gross estate would include the value of the property subject to probate ($1.5 million) and half the value of the proper ty held by husband and wife with the right of survivorship ($500,000). 99. $2 million Feedback: Because Ashley owned the policy, the face value of an insurance policy is included in the gross estate despite the fact that the proceeds will be paid directly to the beneficiary. 100. $500,000 Feedback: If the title to property is held as tenants in common, half the value of the property ($1.25 million) is included in Joshua's estate. 101. $1.25 million Feedback: Sophia's estate includes the value property owned outright ($3.1 million) and the proportion of real property repre sented by the value as the amount of the purchase price she initially provided. Sophia provided 20 percent ($200,000 of $1 million) of the total cost, so her estate would include $900,000 of the real property. Thus, Sophia's gross estate would be $4 million ($3.1 million plus $900,000). 102. $4 million Feedback: Nathan has a taxable estate of $14 million ($15.7 million less debt of $1.7 million). The calculation of the tax goes as follows: 103. $2.673 million Feedback: The value of the trust assets would be included in Ava's estate because she retains contro l over the income (the ability to force the trustee to distribute income) and has a contingent right of reversion. 104. $1.5 million Feedback: Diego died within three years of the date of gifting the life insurance, so the face value of the policy ($600,0 00) and the gift tax ($5,000) is included in his gross estate. 105. $605,000 Feedback: Both parcels will be included in Adrian's gross estate, but his executor will be able to claim a marital deduction for the value of Parcel #1, $400,000. However, Adrian will leave Sofia a terminable interest in Parcel #2 and this will not qualify for the marital deduction. Hence, Adrian's taxable estate will include the value of Parcel #2, $660,000. 106. $660,000 Feedback: 107. $658,000 Feedback: Andrea has retained sufficient control that the transfer of the income interest to her niece is incomplete - the gift to the nephew will be completed as income is actually distributed to him. However, the portion of the transfer representing the remainder interest is a complete gift because Andrea can no longer control this portion of the property. Since it is a future interest, this value will not qualify for an annual exclusion. 108. The taxable gift is $375,000. Feedback: Both payments were complete gifts, but payments for medical expenses and education are exempt from the gift tax as long as the payments were made directly to the college or doctor. 109. The payment to Kimberly was a taxable gift of $2,000. Feedback: Carlos has made a complete gift to Hailey of $40,000 ($240,000 [$480,000 * 50%] - $200,000) and the gift is eligible for an annual exclusion of $13,000 (2012). 110. $27,000 Feedback: No gift was made at the time of the deposit, but a complete gift of $14,000 was made once Melanie made the withdraw al. This gift qualifies for the annual exclusion. 111. $1,000 Feedback: The remainder is valued at $940,000 ($2 million * .47). Accordingly, the value of the life estate is $1,060,000 ($2 ,000,000 less $940,000). 112. $940,000 and $1,060,000, respectively The income interest is $150,000 - $125,945 = $24,055. Hence, the taxable gift is the amount of the remainder, $125,945 and the income interest after the annual exclusion, $11,055. Remainder interest = $150,000/(1 + .06)3 = $150,000/(1.191) = $125,945 Feedback: The $150,000 transfer to the trust is a current gift but only the income interest qualifies for an annual exclusion. The remainder int erest is valued as follows: 113. $137,000 The income interest equals the total transfer less the value of the revision or $600,000 - $376,459 = $223,541. Since Maria elects to split the gift with her spouse, she and her spouse will be treated as gifting a total of $111,771. Because the income interest is paid curre ntly to four donees, the gift will qualify for four annual exclusions for Maria and four annual exclusions for her spouse. In sum, Maria and her spouse both make four gifts of $27,943 each (a total of $111,771), and the annual exclusions will reduce the total taxable gifts to $59,771 ($111,771 - $52,000) for Maria and her husband. Reversion interest = $600,000/(1 + .06)8 = $600,000/(1.5938) = $376,459 (rounded) Feedback: The $600,000 transfer to the trust is a current gift only to the extent of the income interest (the corpus returns to Maria). Hence, reversion interest is valued as follows: 114. $59,771 for Maria and $59,771 for Maria's husband Feedback: Lauren's remainder is worth $144,248 ($800,000 * 0.18031) so the value of Aaron's life estate is $655,752 ($800,000 - $144,248). Since the gift is from community property, half of the gift was made by each spouse. In other words, James and Jasmine each made a gift of $72,124 to Lauren and $327,876 to Aaron. After applying the 2012 annual exclusion to the life estate (the remainder is a future interest and does not qualify for an annual exclusion), James and Jasmine each made taxable gifts of $72,124 and $314,876 ($327,876 - $13,000). 115. James and Jasmine each made taxable gifts of $72,124 and $314,876. Feedback: The life estate is a present interest but Kayla's remainder is a future interest. Hence, only the value of Stephen's life estate can be reduced by the annual exclusion. Hence, Ryan has made two taxable gifts: a taxable gift of $152,000 to Stephen ($165,000 less the annual exclusion of $13,000) and a taxable gift of $115,000 to Kayla (no annual exclusion is available). 116. $152,000 and $115,000 Feedback: Caleb will be entitled to an annual exclusion for the transfer because the trust fits the description of a trust fo r the benefit of a minor. Hence, the taxable gift will be $102,000 ($115,000 - $13,000 annual exclusion). 117. $102,000 Feedback: Since the gifts are from community property, then both Samuel and his spouse made a gift of $17,500 to Jennifer and $22,000 to Savannah. After applying the annual exclusion, both Samuel and his spouse have made taxable gifts of $4,500 to Jennifer and $9,000 to Savannah. 118. $4,500 and $9,000 Feedback: In a common law state, Nicholas has made a taxable gift to Nevaeh of $237,000. If the couple is married, the entire transfer will be offset by an annual exclusion and a marital deduction, so there is no taxable gift. 119. $237,000 Feedback: The life estate is not eligible for the marital deduction because this interest will terminate upon a future event (Isaiah's death) and then pass to another person (Taylor). Hence, the entire amount of the gift, less an annual exclusion for Isaiah's life estate, wil l be a taxable gift ($800,000 - $13,000 = $787,000). 120. $787,000 Feedback: The gift qualifies for an annual exclusion ($13,000 in 2012) and a $987,000 charitable gift tax deduction. Hence, there is no taxable gift. If Ricardo makes no other gifts this year, he need not even file a gift tax return. Ricardo can also claim an income tax dedu ction for the transfer. 121. zero. Feedback: In 2012 Isaac can exclude $260,000 in total (four plus six is ten donees times $13,000 annual exclusion for each donee tim es 2 for gift splitting). 122. $260,000 Feedback: The top transfer tax rate is 35% (2012) and a gift this year would result in tot al taxable gifts $4,948,000 ($5 million less 4 annual exclusions of $13,000 each) resulting in a gift tax of $1,731,800. In contrast, if Eric dies in three years his estate would pay estate tax on the value at the date of death resulting in an estate tax o f $1,925,000 ($5,500,000 * 35%). Also if Eric gifts the property now and survives at least three years, then the gift tax on the current gift will not be included in his estate saving an additional $606,130 ($1,731,800 * 3 5%). Eric would lose the time value of the gift tax because a transfer by will would postpone the tax three years. Ignoring the time value of money, the total tax savings of making the gift now would be $799,330 ($1,925,000 - $1,731,800) + $606,130 = $799,330. 123. $799,330 ch25 Summary Category AACSB: Analytic AACSB: Reflective Thinking AICPA BB: Critical Thinking Blooms: Analyze Blooms: Apply Blooms: Remember Blooms: Understand Learning Objective: 25-01 Outline the basic structure of federal transfer taxes. Learning Objective: 2502 Describe the federal estate tax and the valuation of transfers; and compute taxable transfers at death and the federal est ate tax. Learning Objective: 25-03 Summarize the operation of the federal gift tax and the calculation of the federal gi ft tax. Learning Objective: 2504 Apply fundamental principles of wealth planning and explain how income and transfer taxation interact to affect wealth pla nnin g. Level of Difficulty: 1 Easy Level of Difficulty: 2 Medium Level of Difficulty: 3 Hard Spilker - Chapter 25 # of Questions 68 123 123 68 79 22 22 15 46 48 14 55 40 28 123

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