An estate tax is a tax on the right of an heir to

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South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
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Chapter 18 / Exercise 38
South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
Raabe/Young/Nellen/Hoffman
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6. An estate tax is a tax on the right of an heir to receive property on the death of the owner.a. Trueb. FalseANSWER: FalseRATIONALE: What is described is an inheritance tax. An estate tax is a tax on the right of a decedent to pass property at death.
POINTS: 1DIFFICULTY: EasyLEARNING OBJECTIVES: SCPE.HRMY.15.LO: 18-01 - LO: 18-01NATIONAL STANDARDS: United States - BUSPORG: AnalyticSTATE STANDARDS: United States - AK - AICPA: FN-ReportingKEYWORDS: Bloom's: KnowledgeOTHER: Time: 2 min.7. A majority of states currently do not impose any tax on transfers by death.
RATIONALE: Approximately 20 out of 50 states (p. 18-31).POINTS: 1DIFFICULTY: Easy
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South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
The document you are viewing contains questions related to this textbook.
Chapter 18 / Exercise 38
South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
Raabe/Young/Nellen/Hoffman
Expert Verified
Chapter 18 - The Federal Gift and Estate TaxesLEARNING OBJECTIVES: SCPE.HRMY.15.LO: 18-01 - LO: 18-01NATIONAL STANDARDS: United States - BUSPORG: AnalyticSTATE STANDARDS: United States - AK - AICPA: FN-Measurement -AICPA: FN-MeasurementKEYWORDS: Bloom's: KnowledgeOTHER: Time: 2 min.8. In some cases, the Federal gift tax can be imposed on someone other than the donor.
POINTS: 1DIFFICULTY: EasyLEARNING OBJECTIVES: SCPE.HRMY.15.LO: 18-01 - LO: 18-01NATIONAL STANDARDS: United States - BUSPORG: AnalyticSTATE STANDARDS: United States - AK - AICPA: FN-Measurement -AICPA: FN-MeasurementKEYWORDS: Bloom's: KnowledgeOTHER: Time: 2 min.9. Manuel, a citizen and resident of Argentina, makes a gift to his children of a ranch located in Colorado. Manuel will be subject to the U.S. gift tax.
POINTS: 1DIFFICULTY: EasyLEARNING OBJECTIVES: SCPE.HRMY.15.LO: 18-01 - LO: 18-01NATIONAL STANDARDS: United States - BUSPORG: AnalyticSTATE STANDARDS: United States - AK - AICPA: FN-ReportingKEYWORDS: Bloom's: KnowledgeOTHER: Time: 2 min.10. Kim, a resident and citizen of Korea, dies during an operation at the Mayo Clinic in Rochester (MN). Because Kim died in the U.S., he will be subject to the Federal estate tax.a. Trueb. FalseANSWER: FalseRATIONALE: The place of death is not the determinant for the application of the Federal estate tax. Unless he has property located in the U.S., Kim (a nonresident alien) is not subject to the Federal estate tax.
POINTS: 1
Chapter 18 - The Federal Gift and Estate TaxesDIFFICULTY: EasyLEARNING OBJECTIVES: SCPE.HRMY.15.LO: 18-01 - LO: 18-01NATIONAL STANDARDS: United States - BUSPORG: AnalyticSTATE STANDARDS: United States - AK - AICPA: FN-ReportingKEYWORDS: Bloom's: KnowledgeOTHER: Time: 2 min.

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