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Unformatted text preview: CHAPTER 27 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 Unchanged 5 6 Change of residence to avoid Federal estate and gift taxation Unchanged 6 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 Unchanged 10 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 Unchanged 13 14 Issue ID Unchanged 14 15 Future interest limitation to annual exclusion and the trust for minors exception Unchanged 15 16 Rules regarding the gift-splitting provisions of 2513 Unchanged 16 17 Procedural aspects of filing a Federal gift tax return Unchanged 17 18 Gross estate, taxable estate, probate estate distinguished Unchanged 18 19 Application of 3-year rule under 2035 Unchanged 19 20 Joint tenancy variations under 2040 Unchanged 20 27-1 27-2 2005 Comprehensive Volume/Solutions Manual Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 21 Life insurance: transfer tax attributes Unchanged 21 22 Liabilities: effect on marital and charitable deduction Unchanged 22 23 Qualified charities: estate, gift, and income taxes compared Unchanged 23 24 Rules governing use of QTIPs Unchanged 24 25 Phaseout of 2011 credit for state death taxes: reactions of states New 26 Issue ID Unchanged 26 27 Generation skipping transfer tax (GSTT) justification New 28 Election and effect of the alternate valuation date Unchanged 28 29 Alternate valuation date: when election not available New 30 Examples of transfers that are and are not subject to a Federal transfer tax New 31 Examples of transfers that are and are not subject to the Federal gift tax New 32 Issue ID New 33 Issue ID Unchanged 33 34 Election to split gifts ( 2513) New 35 Property owned by the decedent ( 2033) New 36 Gifts within three years of death ( 2035) Unchanged 36 37 Gross estate inclusion: release of power to revoke and retained life estate Unchanged 37 38 Inclusion in gross estate: interests in trust, power of appointment, annuity New 39 Tax consequences involving: tenancy in common, pension plans, group term life insurance New 40 Joint tenancies created by gifts Unchanged 40 41 Gift and estate tax consequences of a joint tenancy Unchanged 41 42 Gift and estate tax consequences of a joint tenancy between husband and wife Unchanged 42 43 Transfers of life insurance policies; application or nonapplication of 2042 Unchanged...
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This note was uploaded on 03/14/2010 for the course ACC 11101 taught by Professor Sun during the Spring '10 term at American Academy of Art.
- Spring '10