Paul a us citizen will avoid the federal estate tax

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11. Paul, a U.S. citizen, will avoid the Federal estate tax if he becomes a Canadian resident and owns noproperty located in the U.S. at the time of his death.a. Trueb. FalseANSWER:FalseRATIONALE:As long as Paul is a U.S. citizen, his residence and the situs of his property makes nodifference for estate tax purposes.
12. Becky made taxable gifts in 2000, 2010, and 2013. In computing the gift tax on the 2013 gift, she mustconsider all of the prior taxable gifts.
13. For Federal estate tax purposes, the gross estate cannot include property the decedent no longer owns.
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/South-Western-Federal-Taxation-2020-Corporations-Partnerships-Estates-and-Trusts-43rd-Edition-9780357109168-1160/
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Chapter 19 / Exercise 28
South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
Raabe/Young/Nellen/Hoffman
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Chapter 18:The Federal Gift and Estate Taxes
14. For Federal estate tax purposes, the gross estate does not include property that will pass to a survivingspouse.a. Trueb. FalseANSWER:FalseRATIONALE:The gross estate does include such property, but the marital deduction offsets itsinclusion.
15. For both the Federal gift and estate tax, a deduction is allowed for certain transfers to a spouse.
16. In the past, the amount of the unified tax credit always has been the same for both transfers by gift andtransfers by death.
17. For Federal estate and gift tax purposes, theexemption equivalentis the same thing as theexclusion amount.
18. If the value of the gross estate is lower on the alternate valuation date than on the date of death, the dateof death valuation cannot be used.a. Trueb. FalseANSWER:FalseRATIONALE:Sec. 2032 iselectiveand the date of death value still can be used.
19. Under the alternate valuation date election, each asset in the gross estate is valued at the lesser of thedate of death value or six months thereafter.
Chapter 18:The Federal Gift and Estate Taxes
Chapter 18:The Federal Gift and Estate Taxes

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Term
Spring
Professor
Wandrei
Tags
The Land, Taxation in the United States, Gross Estate, federal gift
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
The document you are viewing contains questions related to this textbook.
Chapter 19 / Exercise 28
South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
Raabe/Young/Nellen/Hoffman
Expert Verified

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