Comp SM_Ch27 - CHAPTER 27 THE FEDERAL GIFT AND ESTATE TAXES...

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CHAPTER 27THE FEDERAL GIFT AND ESTATE TAXESSOLUTIONS TO PROBLEM MATERIALSStatus:Q/PQuestion/Presentin PriorProblemTopicEditionEdition 1Unified tax as an excise tax; income tax distinguishableUnchanged12Past and present Congressional policy as to transfer taxesUnchanged23Estate taxes and inheritance taxes contrastedUnchanged34Federal gift tax: incidence ofUnchanged45Issue IDUnchanged56Change of residence to avoid Federal estate and gift taxationUnchanged67Current status of the Federal estate taxUnchanged78Relationship between unified tax credit, exclusion amount, and exemption equivalentUnchanged89Justification for the alternate valuation dateUnchanged910Alternate valuation date: conditions for electionUnchanged1011Forms of undivided ownership compared as to similarityUnchanged1112Obligation of support: when applicableUnchanged1213Loans resulting in gift tax consequencesUnchanged1314Issue IDUnchanged1415Future interest limitation to annual exclusion and the trust for minors exceptionUnchanged1516Rules regarding the gift-splitting provisions of § 2513Unchanged1617Procedural aspects of filing a Federal gift tax returnUnchanged1718Gross estate, taxable estate, probate estate distinguishedUnchanged1819Application of 3-year rule under § 2035Unchanged1920Joint tenancy variations under § 2040Unchanged2027-1
27-22005 Comprehensive Volume/Solutions ManualStatus:Q/PQuestion/Presentin PriorProblemTopicEditionEdition 21Life insurance: transfer tax attributesUnchanged2122Liabilities: effect on marital and charitable deductionUnchanged2223Qualified charities: estate, gift, and income taxes comparedUnchanged2324Rules governing use of QTIPsUnchanged2425Phaseout of § 2011 credit for state death taxes: reactions of statesNew26Issue IDUnchanged2627Generation skipping transfer tax (GSTT) justificationNew28Election and effect of the alternate valuation dateUnchanged2829Alternate valuation date: when election not availableNew30Examples of transfers that are and are not subject to a Federal transfer taxNew31Examples of transfers that are and are not subject to the Federal gift taxNew32Issue IDNew33Issue IDUnchanged3334Election to split gifts (§ 2513)New35Property owned by the decedent (§ 2033)New36Gifts within three years of death (§ 2035)Unchanged3637Gross estate inclusion: release of power to revoke and retained life estateUnchanged3738Inclusion in gross estate: interests in trust, power of appointment, annuityNew39Tax consequences involving: tenancy in common, pension plans, group term life insurance New40Joint tenancies created by giftsUnchanged4041Gift and estate tax consequences of a joint tenancyUnchanged4142Gift and estate tax consequences of a joint tenancy between husband and wifeUnchanged4243Transfers of life insurance policies; application or nonapplication of § 2042Unchanged4344Deductions under §§ 2053 and 2054: taxes, liabilities, funeral, charitable, lossesNew45Marital and charitable deductions: effect of

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