True record date controls 62 an individual generally

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South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
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Chapter 19 / Exercise 34
South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
Raabe/Young/Nellen/Hoffman
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True Record date controls
62.An individual generally tries toreduce the present value of anyFederal transfer tax liability.
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South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
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Chapter 19 / Exercise 34
South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
Raabe/Young/Nellen/Hoffman
Expert Verified
63.In his will, Hernando provides for$50,000 to go to the Madrid,Spain, school system. Because it isa foreign charity, the bequest willnot qualify as a charitableForeign charities qualifyfor the estate taxcharitable deduction.irrevocable trust, incomepayable to himself for lifeand, upon his death,remainder to his children. This choice is a completetransfer, there is no retentionof a right to revoke the trustand he has made a gift ofthe remainder interest.
64.In most cases, the gross estate ofa decedent is larger than theprobate estate
65.Interest earned on state andlocal bonds is not subject to theFederal estate tax.
66.In the case of a transfer by gift, aQTIP election causes theproperty to be subject to theestate tax upon death of thedonee spouse.
67.In which, if any, of the followingindependent situations canalternate valuation date beelected?
§
68.In which of the followingindependent situations has Jeanmade a gift? Jean buys her non-dependent grandfathera new $120,000 RV forhis birthdaya. Jean gives her 10-year old son$20,000 to be used by him for hiscollege expenses. b. Jean buys her non-dependentgrandfather a new $120,000 RVfor his birthday c. Jean sens $14,000 to TempleUniversity to cover her nephew'stuition. The nephew does notqualify as Jean's dependent. d. Jean contributes $10,000 to herUS Senator's reelection campaign.
69.In which of the followingindependent situations hasTrent made a gift?
b. Trent dies owning a USsavings bond with ownershiplisted as "Trent, payable toSue on Trent's death." Sue
c. Trent sends $25,000 toAlice's oral surgeon inpayment of her dentalimplants. Alice is Trent's
d. Trent pays Eva $80,000 ina property settlement of hermarital rights. One monthlater, Trent and Eva aredivorced.Trent established anirrevocable trust, incomepayable to himself for lifeand, upon his death,remainder to his children. This choice is a completetransfer, there is no retentionof a right to revoke the trustand he has made a gift ofthe remainder interest.

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