Ch+6+Estate+Tax.pptx - ESTATE TAX Dr Woodyard FHCE 4220...

Info icon This preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon
ESTATE TAX Dr Woodyard FHCE 4220
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
LEARNING OBJECTIVES Define Gross Estate Understand Valuation of Assets Determine Adjusted Gross Estate Know deductions from Adjusted Gross Estate Calculate Estate Tax Liability and File Form 706 Define Portability Calculate Adjusted Basis
Image of page 2
STAGES OF CALCULATION Gross Estate Adjusted Gross Estate Taxable Estate Tentative Tax Federal Estate Tax Liability
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
GROSS ESTATE Property Owned at Death Dower and Curtesy interests Gift Tax Paid within 3 years of death and certain gifts Transfers with a retained life interest Transfers with a reversionary interest
Image of page 4
GROSS ESTATE (2) Revocable Transfers Annuities Jointly Owned Property Powers of Appointment Proceeds of Life Insurance QTIP Property
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
PROPERTY OWNED AT DEATH Cash, stocks, bonds, retirement accounts, real estate, personal possessions Rental income accrued before death Cash surrender value of life insurance owned on another State income tax refunds Medical insurance reimbursements Awards for pain and suffering in wrongful death Income in Respect of a Decedent
Image of page 6
DOWER AND CURTESY Common law vestiges Generally replaced with Surviving Spouse Right of Election Disallows disinheritance of a Spouse
Image of page 7

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
THREE YEAR LOOKBACK Gift Taxes Paid Certain gifts that would have been part of the Gross Estate Transfers with a life estate Transfers taking effect at death Revocable transfers Transfer of a life insurance policy within three years of death
Image of page 8
TRANSFERS WITH A RETAINED LIFE INTEREST Interest Retained for Life Income or Enjoyment or Voting Rights Interest Retained for Period Ascertainable by Death Transferring interest in a bond for payment after death Retained Interest Held at Death Retaining an interest for a period certain and dying during that period
Image of page 9

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 10
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern