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3 Gross Estate in General Students 2009

3 Gross Estate in General Students 2009 - FEDERAL ESTATE...

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FEDERAL ESTATE TAX CHAPTER 3 THE GROSS ESTATE
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Estate Tax Formula Deductions -Funeral and administrative expenses -Debts -Losses -State death taxes Net wealth -Charitable deduction -Marital deduction Taxable estate Post 1976 taxable gifts (adjusted taxable gifts) Total taxable transfers x Rate Tax on total taxable transfers -Gift taxes computed on post 1976 gifts -Unified credit -State death tax credit -Other credits Estate Tax liability FMV of all property at date of death Gross estate
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GROSS ESTATE § 2031 Definition of gross estate. (a) General. The value of the gross estate of the decedent shall be determined by including to the extent provided for in this part, the value at the time of his death of all property, real or personal, tangible or intangible, wherever situated. § 2033 Property in which the decedent had an interest. The value of the gross estate shall include the value of all property to the extent of the interest therein of the decedent at the time of his death.
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Is everything included?
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Gross Estate (§ 2031) Definition: FMV of all property owned at death All property interests Real, personal, tangible, intangible, wherever located
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State of Pennsylvania Bond
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Helmsley Mausoleum
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On January 31, 1940, the first monthly retirement check from Social Security was issued to Ida May Fuller of Ludlow, Vermont in the amount of $22.54. She lived to be 100!
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