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7090962-Solutions - CHAPTER 26 THE FEDERAL GIFT AND ESTATE...

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CHAPTER 26 THE FEDERAL GIFT AND ESTATE TAXES SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 Unified tax as an excise tax; income tax distinguishable Unchanged 1 2 Past and present Congressional policy as to transfer taxes Unchanged 2 3 Estate taxes and inheritance taxes contrasted Unchanged 3 4 Federal gift tax: incidence of Unchanged 4 5 Issue ID New 6 Change of residence to avoid Federal estate and gift taxation New 7 Current status of the Federal estate tax Unchanged 7 8 Relationship between unified tax credit, exclusion amount, and exemption equivalent Unchanged 8 9 Justification for the alternate valuation date Unchanged 9 10 Alternate valuation date: conditions for election New 11 Forms of undivided ownership compared as to similarity Unchanged 11 12 Obligation of support: when applicable Unchanged 12 13 Loans resulting in gift tax consequences New 14 Issue ID Unchanged 14 15 Future interest limitation to annual exclusion and the trust for minors exception New 16 Rules regarding the gift-splitting provisions of § 2513 Unchanged 15 17 Procedural aspects of filing a Federal gift tax return Unchanged 16 18 Gross estate, taxable estate, probate estate distinguished Unchanged 17 26-1
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26-2 2004 Comprehensive Volume/Solutions Manual Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 19 Application of 3-year rule under § 2035 Unchanged 18 20 Joint tenancy variations under § 2040 Unchanged 19 21 Life insurance: transfer tax attributes Unchanged 20 22 Liabilities: effect on marital and charitable deductions New 23 Qualified charities: estate, gift, and income taxes compared Unchanged 22 24 Rules governing use of QTIPs Unchanged 23 25 Effect on change in § 2011 (credit for state death taxes) on state revenue Unchanged 25 26 Issue ID Unchanged 26 27 Application of indexation to various provisions Unchanged 27 28 Election and effect of the alternate valuation date New 29 Alternate valuation date: when election not available Unchanged 29 30 Examples of transfers that are and are not subject to the Federal gift tax Unchanged 30 31 Examples of transfers that are and are not subject to the Federal gift tax Unchanged 31 32 Property settlements incident to divorce: gift and estate tax consequences Unchanged 32 33 Disclaimers and gift taxes: partial and timeliness Unchanged 33 34 Election to split gifts (§ 2513) Unchanged 34 35 Property owned by the decedent (§ 2033) Unchanged 35 36 Gifts within three years of death (§ 2035) New 37 Gross estate inclusion: release of power to revoke and retained life estate Unchanged 37 38 Inclusion of annuity in gross estate Unchanged 38 39 Gift and estate tax consequences of a tenancy in common Unchanged 39 40 Joint tenancies created by gifts New 41 Gift and estate tax consequences of a joint tenancy New 42 Gift and estate tax consequences of a joint tenancy between husband and wife New 43 Transfers of life insurance policies; application or nonapplication of § 2042 New 44 Deduction of liabilities, taxes, funeral expenses
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