Pursuant to coreys will emma coreys sister inherits

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Applied Calculus for the Managerial, Life, and Social Sciences
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Chapter 5 / Exercise 52
Applied Calculus for the Managerial, Life, and Social Sciences
Tan
Expert Verified
3604. Pursuant to Corey’s will, Emma (Corey’s sister) inherits his property. Emma dies later. The estate tax attributable to the inclusion of the property in Corey’s gross estate was $300,000. The estate tax attributable to the inclusion of the property in Emma’s gross estate is $400,000. Emma’s credit for the tax on prior transfers (under§ 2013) is:a. $0 if Emma died 9 1/2 years after Corey.b. $32,000 if Emma died 3 years after Corey.c. $40,000 if Emma died 1 year after Corey.d. $24,000 if Emma died 5 1/2 years after Corey.*e. None of the above amounts is correct.
3605. Match each statement with the correct choice. Some choices may be used more than once or not at all.Payable-on-death transfersExclusion amountFederal gift tax Inheritance taxQTIP electionTenancy by the entiretyJoint tenancyTenancy in common Community property Credit for tax on prior transfers (under § 2013)Must decrease the estate tax liabilityFuture interestA certificate of deposit listed as “B. Brown, payable on proof of death to my daughter, Evelyn.” Exemption equivalent. Cumulative in effect. A type of state tax on transfers by death. Avoids the terminable interest rule of the marital deduction. Exists only if owners are husband and wife. Right of survivorship present as to type of ownership. No correct match provided. Exists only if owners are husband and wife. In the current year, Debby, a widow, dies. Two years ago she inherited a large amount of wealth from her brother. Alternate valuation date. Annual exclusion not allowed. Scheduled to be eliminated by 2010.[a] 1. Payable-on-death transfers[b] 2. Exclusion amount[c] 3. Federal gift tax [d] 4. Inheritance tax[e] 5. QTIP election[f] 6. Tenancy by the entirety[g] 7. Joint tenancy[h] 8. Tenancy in common [i] 9. Community property [j] 10. Credit for tax on prior transfers (under § 2013)[k] 11. Must decrease the estate tax liability[l] 12. Future interesta. A certificate of deposit listed as “B. Brown, payable on proof of death to my daughter, Evelyn.”b. Exemption equivalent.c. Cumulative in effect.d. A type of state tax on transfers by death.e. Avoids the terminable interest rule of the marital deduction.
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Applied Calculus for the Managerial, Life, and Social Sciences
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Chapter 5 / Exercise 52
Applied Calculus for the Managerial, Life, and Social Sciences
Tan
Expert Verified
CHAPTER 27The Federal Gift and Estate Taxesf. Exists only if owners are husband and wife.g. Right of survivorship present as to type of ownership.h. No correct match provided.i. Exists only if owners are husband and wife.j. In the current year, Debby, a widow, dies. Two years ago she inherited a large amount of wealth from her brother.k. Alternate valuation date.l. Annual exclusion not allowed.m. Scheduled to be eliminated by 2010.3606. Classify each statement appearing below.Hector transfers funds to his aunt so she can obtain a much needed heart bypass operation. The aunt does not qualify as Hector’s dependent.Under a prenuptial agreement, Herbert transfers stock to Norma. One month later, Herbert and Norma are married.In full settlement of her marital rights, Henry transfers property to his wife, Nancy. Three months later, Henry and Nancy are divorced.Harry pays for the tuition for his niece to attend Drake University. The niece

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