Barbara Williams_PLA2600-2_Unit 6 Homework

Barbara Williams_PLA2600-2_Unit 6 Homework - Unit 6...

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Unit 6 Homework Barbara Williams Wills, Trusts and Probate PLA2600-2 Professor Jarrod Turner Due Date: April 3, 2010
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1.  What kinds of gifts are subject to federal gift tax? A gratuitous transfer of property would be subject to gift tax. 2.  Define "fair market value." Fair market value is the price placed upon an item based upon what it would be worth if  sold at that time. 3.  What is the purpose of a generation-skipping tax? The purpose of generation skipping tax is to prevent or deter passing estates down to 
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Barbara Williams_PLA2600-2_Unit 6 Homework - Unit 6...

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