Test Bank SWFT Comprehensive 2010 ch 27

Test Bank SWFT Comprehensive 2010 ch 27 - CHAPTER 27 THE...

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CHAPTER 27 THE FEDERAL GIFT AND ESTATE TAXES Instructor: The test items in both the print Test Bank and ExamView test-creation software are numbered by question type within each chapter. Thus, users of ExamView can more easily preview their selections using the printed Test Bank in the same numbering system. Learning Objective, Level of Difficulty, Estimated Time to Completion, and the AACSB’s and AICPA’s Core Competencie s for each test item are located within the item itself. Status: Q/P Question/ Present in Prior Problem Topic Edition Edition TRUE OR FALSE 1 Federal gift and estate taxes as transaction and Unchanged 1 excise taxes 2 Requirements for a gift Unchanged 2 3 Reason for the gift tax New 4 Pre-1976 Congressional policy toward transfer Unchanged 3 taxes 5 Imposition of inheritance taxes Unchanged 5 6 Estate tax: incidence of tax Unchanged 6 7 Federal gift tax: incidence of tax Unchanged 7 8 Imposition of estate tax on nonresident aliens Unchanged 8 9 Relevance of place of death on application of the Unchanged 9 Federal estate tax 10 Expatriation to avoid U.S. taxes New 11 Tax base for the Federal gift tax Unchanged 11 12 Tax Relief Reconciliation Act of 2001: effect on Modified 12 gift tax exclusion amount 13 Effect of gifts on the Federal estate tax Unchanged 13 14 Definition of the exemption equivalent Unchanged 14 15 Alternate valuation date: selective valuation Unchanged 15 16 Alternate valuation date: meeting requirements New 17 Alternate valuation date: effect on charitable Unchanged 17 deduction 18 Alternate valuation date: effect of post-death Modified 18 income 19 Choice of type of ownership New 20 When a gift occurs; obligation of support Modified 20 21 Transfers to political organizations and the gift tax Unchanged 21
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Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 22 Payment of medical expenses and the Federal Unchanged 22 gift tax 23 Gift loan: interest provided for Unchanged 23 24 Pre-nuptial property settlement as a gift New 25 Effect of disclaimer situations Unchanged 25 26 Partial disclaimers Unchanged 26 27 Power to accumulate income and gift of a future Unchanged 27 interest 28 Power to accumulate income and future interest Unchanged 28 limitation 29 Annual exclusion: qualified tuition plans Unchanged 29 30 Section 529 plans: transfer tax consequences New 31 Gift taxes: deemed paid amount Unchanged 31 32 Election to split gifts: Form 709 required for Unchanged 32 making election 33 Election to split gifts: utility in community Unchanged 33 property jurisdictions 34 Gifts between spouses: when a Form 709 may be New required 35 Effect of fiscal year on gift tax filing Unchanged 35 36 Requirements for filing Form 709 Unchanged 36 37 Property in which the decedent had an interest: Unchanged 37 municipal bonds and interest 38 Property in which the decedent had an interest: Unchanged 38 corporate dividends 39 Property in which the decedent had an interest: Unchanged 39 promissory note 40 Property in which the decedent had an interest:
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This note was uploaded on 06/18/2010 for the course ACCT 2200 taught by Professor Smith during the Spring '10 term at San Mateo Colleges.

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Test Bank SWFT Comprehensive 2010 ch 27 - CHAPTER 27 THE...

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