5 Special Inclusion 2040, 2041, 2042 Students

5 Special Inclusion 2040, 2041, 2042 Students - CHAPTER...

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Unformatted text preview: CHAPTER FIVE SPECIAL INCLUSIONS Jointly Held Property General Powers of Appointment Life Insurance Jointly owned property Tenancy in common Joint tenancy with right of survivorship Community property Gross Estate: Partial Interests Jointly Owned Property ( 2040) Issues Amount of taxable gift upon creation? Amount included in gross estate? Amount of adjusted taxable gift? Basis to surviving co-tenant? TYPE OF PORTION IN JOINT OWNERSHIP DECEDENT'S ESTATE Tenancy in common Percentage owned Nonspousal JTWROS Consideration Offset: Surviving Joint tenant's FMV x original contribution = Excluded Total consideration Portion Spousal 1/2 JTWROS Nonspousal JTWROS Proportionate Created by ownership Gift or Inheritance Jointly Owned Property ( 2040) Portion in Type of Decedents Joint Ownership Estate Tenancy in common Percentage owned Jointly Owned Property ( 2040) TYPE OF JOINT PORTION IN OWNERSHIP DECEDENT'S ESTATE Consideration Offset Nonspousal Surviving joint tenant's JTWROS FMV x original contribution = Excluded Total consideration Portion Jointly Owned Property ( 2040) Portion in Type of Decedents Joint Ownership Estate Spousal JTWROS* 1/2 * Not Tenancy in Common Jointly Owned Property ( 2040) Type of...
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5 Special Inclusion 2040, 2041, 2042 Students - CHAPTER...

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