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3521. In determining whether a dividend issued on stock held by a decedent is included in the gross estate, the record date (rather than the declaration or payment dates) controls.*a. Trueb. False3522. At the time of her death, Rita held a promissory note from a loan she had made to her son. Even if Rita’s will forgives the loan, the note is included in her gross estate.3523. At the time of his death, Gene held a Roth IRA account with his wife as the designated beneficiary. The IRA is included in Gene’s gross estate.3524. A surviving spouse’s share of the community property is not included in the deceased spouse’s gross estate.
CHAPTER 27The Federal Gift and Estate Taxes3525. For estate tax purposes, a surviving spouse’s share of the community property is handled in the same manner as a surviving spouse’s dower interest.a. True*b. False3526. In 2009, Katherine made some taxable gifts upon which she paid a Federal gift tax of $96,000. If Katherine dies in 2011, the $96,000 is included in her gross estate under the “gross up” rule.3527. In 2000, Irv creates a revocable trust, income payable to his children for life, remainder to his grandchildren. In 2007, Irv relinquishes the power to revoke the trust. If Irv dies in 2011, the trust is not included in his gross estate.3528. Cary and Bo are husband and wife. Using their community funds, they create a trust, life estate to Bo, remainder to their children. Four years later, Bo predeceases Cary. Nothing as to this trust is included in Bo’s gross estate.3529. Using his separate funds, Wilbur purchases an annuity which pays him a specified amount until death. Upon Wilbur’s prior death, a reduced amount is to be paid to Marcia for her life. Marcia predeceases Wilbur. Nothing concerning the annuity contract is included in Marcia’s gross estate.*a. Trueb. False3530. Death does not defeat a deceased spouse’s interest in a tenancy by the entirety.
3531. In 2010 and with $100,000, Ronald establishes a joint savings account with his cousin, Allison. In 2011, Allison withdraws the $100,000 and disappears. Ronald made a gift to Allison in 2011.3532. Two brothers, Sam and Bob, acquire real estate as equal tenants in common. Of the purchase price of $200,000, Sam furnished $80,000 while Bob provided the balance. If Sam dies first ten years later when the real estate is worth $600,000, his estate includes $240,000 as to the property.