WFT_Ch 17_Vol 2_SM

WFT_Ch 17_Vol 2_SM - Path:

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Path: K:/TL-WFT-05-0802/Application/TL-WFT-05-0802-017_V2-SM.3d Date: 13th April 2006 Time: 20:34 User ID: CHAPTER 17 THE FEDERAL GIFT AND ESTATE TAXES SOLUTIONS TO PROBLEM MATERIALS Question/ Problem Topic Status: Present Edition Q/P in Prior Edition 1 Unified tax as an excise tax; income tax distinguishable Unchanged 1 2 Past and present Congressional policy as to transfer taxes Unchanged 2 3 Incidence of taxation: various transfer taxes New 4 Gift tax: transferee liability New 5 Applicability of estate tax to nonresident alien donors New 6 Change of residence and citizenship to avoid Federal estate and gift taxation Unchanged 6 7 Unified transfer tax system: current attributes New 8 Relationship between unified tax credit, exclu- sion amount, and exemption equivalent Unchanged 8 9 Features of the alternate valuation date Modified 9 10 Alternate valuation date: conditions for election Unchanged 10 11 Forms of undivided ownership compared as to similarity Unchanged 11 12 Obligation of support: when applicable Unchanged 12 13 Medical expenses resulting in gift tax consequences New 14 Potential for disclaimer to save a transfer tax Unchanged 14 15 Qualified tuition programs under § 529: income, gift, and estate tax advantages Unchanged 15 16 Rules regarding the gift-splitting provisions of § 2513 Modified 16 17 Procedural aspects of filing a Federal gift tax return Modified 17 18 Gross estate, taxable estate, probate estate distinguished Modified 18 *19 Gross estate: assets subject to inclusion Modified 19 17-1
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Path: K:/TL-WFT-05-0802/Application/TL-WFT-05-0802-017_V2-SM.3d Date: 13th April 2006 Time: 20:34 User ID: 40223 Question/ Problem Topic Status: Present Edition Q/P in Prior Edition 20 Various Code provisions that cause inclusion in the gross estate (§§ 2033, 2035, 2038, 2041) Unchanged 20 21 Joint tenancy variations under § 2040 Unchanged 21 22 Life insurance: transfer tax attributes Modified 22 23 Casualty loss prior to death: estate tax effect New 24 Qualified charities: estate, gift, and income taxes compared Unchanged 24 25 Marital deduction and terminable interest rule: exceptions available and the tax consequences Unchanged 25 26 Marital deduction: illustration of the passing concept New 27 Phaseout of § 2011 credit for state death taxes: reactions of states Unchanged 27 28 Credit for tax on prior transfer could arise in spousal transfer if marital deduction not available Unchanged 28 *29 Examples of transfers that are and are not sub- ject to a Federal transfer tax Unchanged 34 30 Generation skipping transfer tax (GSTT): justification Unchanged 29 31 GSTT: various attributes Unchanged 30 32 GSTT: married donor Unchanged 31 *33 Election and effect of the alternate valuation date Unchanged 32 34 Alternate valuation date: when election not available Modified 33 *35 Examples of transfers that are and are not subject to the Federal gift tax Unchanged 35 36 Gift nullified by marital deduction; post-death
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WFT_Ch 17_Vol 2_SM - Path:

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