2008 CCH Comp Topics Ch22

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

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Unformatted text preview: 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 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 EstateTenancy by the Entirety 5. Tenancy by the EntiretyExample 6. Forms of Ownership in Real EstateJoint Tenancy 7. Joint TenancyExample 8. Forms of Ownership in Real EstateTenancy in Common 9. Power of Appointment 10. Insurance ProceedsGeneral Rules 11. Insurance ProceedsExample 1 12. Insurance ProceedsExample 2 13. Insurance ProceedsExample 3 CCH Federal Taxation Chapter 22 Exhibits Chapter 22, Exhibit Contents B 14. Annuities and Lump-Sum Survivor Benefits 15. Annuities and Lump-Sum Survivor BenefitsExample 16. Gift Tax Paid Within 3 Years of Death 17. Inter Vivos TransfersTypes 18. Inter Vivos TransfersExamples 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 TransfersExamples CCH Federal Taxation 27. Post 1976 Gifts 28. Post 1976 GiftsExample 29. Computing Estate Tax and Credits 30. Estate Tax Return 31. Formula for Computing Gift Tax Liability 32. Gift TaxOverview 33. Gift LoansGeneral Rules 34. Gift TaxExclusions 35. Gift TaxDeductions 36. Gift Tax LiabilityShort Formula 37. Gift Tax Filing Requirements Chapter 22 Exhibits Chapter 22, Exhibit Contents C 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) 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 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...
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This note was uploaded on 10/23/2009 for the course ACCTG 16 taught by Professor Juliekim during the Summer '09 term at Santa Monica.

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

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