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2008 CCH Comp Topics Ch22

2008 CCH Comp Topics Ch22 - Chapter 22 Federal Estate Tax...

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Chapter 22 Federal Estate Tax, Federal Gift Tax, and Generation- Skipping Transfer Tax ©2007 CCH. All Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 1 800 248 3248 www.CCHGroup.com
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CCH Federal Taxation Chapter 22 Exhibits Chapter 22, Exhibit Contents A 1. Formula for Computing Estate Tax Liability 2. Definition of Terms 3. Community Property vs. Common Law States 4. Forms of Ownership in Real Estate—Tenancy by the Entirety 5. Tenancy by the Entirety—Example 6. Forms of Ownership in Real Estate—Joint Tenancy 7. Joint Tenancy—Example 8. Forms of Ownership in Real Estate—Tenancy in Common 9. Power of Appointment 10. Insurance Proceeds—General Rules 11. Insurance Proceeds—Example 1 12. Insurance Proceeds—Example 2 13. Insurance Proceeds—Example 3
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CCH Federal Taxation Chapter 22 Exhibits Chapter 22, Exhibit Contents B 14. Annuities and Lump-Sum Survivor Benefits 15. Annuities and Lump-Sum Survivor Benefits—Example 16. Gift Tax Paid Within 3 Years of Death 17. Inter Vivos Transfers—Types 18. Inter Vivos Transfers—Examples 19. Medical Insurance Reimbursements 20. Dower and Curtesy 21. Valuing the Gross Estate 22. Deductions from the Gross Estate 23. Casualty Losses 24. Charitable Contributions 25. Marital Transfers 26. Marital Transfers—Examples
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CCH Federal Taxation 27. Post 1976 Gifts 28. Post 1976 Gifts—Example 29. Computing Estate Tax and Credits 30. Estate Tax Return 31. Formula for Computing Gift Tax Liability 32. Gift Tax—Overview 33. Gift Loans—General Rules 34. Gift Tax—Exclusions 35. Gift Tax—Deductions 36. Gift Tax Liability—Short Formula 37. Gift Tax Filing Requirements Chapter 22 Exhibits Chapter 22, Exhibit Contents C
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CCH Federal Taxation Formula for Computing Estate Tax Liability Chapter 22, Exhibit 1a + Testamentary transfers (i.e., fair market value (FMV) of assets transferred by reason of the death of the taxpayer) + Inter vivos transfers in which some incident of ownership is reserved for the transferor (i.e., FMV of gifts in which some control over corpus or enjoyment of income had been retained by decedent during his/her lifetime) + Gift tax paid on any gifts made within 3 years of death = Gross Estate (“GE”)
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CCH Federal Taxation Estate deductions (debts of decedent, funeral expenses and administrative expenses) = Adjusted Gross Estate (“AGE”). (What is the purpose of “AGE”? Answer: If more than 35% AGE consists of a farm or closely held business, estate tax can be postponed for 5 years, then paid over a nine year period, creating a maximum deferral period of 14 years. Interest on unpaid estate taxes must be paid in each of the 14 years) Formula for Computing Estate Tax Liability Chapter 22, Exhibit 1b
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CCH Federal Taxation Formula for Computing Estate Tax Liability Chapter 22, Exhibit 1c Taxable estate = Charitable transfers Marital deduction (property passing to surviving spouse) Tentative estate tax = Estate tax rates (see Appendix at end of text) x Estate tax base = Adjusted taxable gifts (i.e., gifts made after 1976, after $12,000 annual exclusions and gift tax deductions) +
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CCH Federal Taxation
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