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77. On his deathbed, Chester Chubb gave his live-in maid $1,214,000 of listed bonds, incurring a gift tax liability of $90,000. After Chester expired, the executor of his will filed a gift tax return and remitted the gift tax to the IRS. (a.) How is the gift reported on the estate tax return? (b.) How is the gift tax reported on Form 706? Correct Answer: 78. What are the gift tax consequences of the following transfers?
(a.) Irrevocable transfer of $10 million in trust to grantor's son for life, then to charity. (b.) Ex-spouse receives $2 million as a property settlement pursuant to written divorce agreement. (c.) The owner, the insured, and the beneficiary are three different people, and the insured dies. (d.) A transfer in trust to grantor's wife for life, then to their son, if he survives the grantor. (e.) A political contribution of $5 million.
79. Which of the following transactions would constitute gifts for gift tax purposes?