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4 Transferor Provisions Students

4 Transferor Provisions Students - FEDERAL ESTATE TAX...

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FEDERAL ESTATE TAX CHAPTER 4 PROPERTY TRANSFERRED BY THE DECEDENT DURING LIFE
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Taxable Gift $400,000 Gift tax $188,000 Property $900,000 Gross Estate Adjusted Taxable Gift Retains income for life $500,000 Remainderman $0 Credit for gift tax $188,000 FMV @ Death Section 2036: Retained Life Estate Grantor Trust
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§ 2036 Transfers with Retained Life Estate (a) General rule The value of the gross estate shall include the value of all property to the extent of any interest therein of which the decedent has at any time made a transfer (except in case of a bona fide sale for an adequate and full consideration in money or money's worth), by trust or otherwise, under which he has retained for his life or for any period not ascertainable without reference to his death or for any period which does not in fact end before his death— (1) the possession or enjoyment of, or the right to the income from, the property, or (2) the right, either alone or in conjunction with any person, to designate the persons who shall possess or enjoy the property or the income therefrom .
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