The Federal gift tax applies to Stacey for:
101.A surviving spouse's share of thecommunity property is not included in thedeceased spouse's gross estate.Under the alternate valuation dateelection, each asset in the gross estateis valued at the lesser of the date ofdeath value or six months thereafter.
102.A tenancy by the entirety is restrictedin most states to having more than 2joint owners.
103.A timely issues disclaimer by an heirtransfers the property to someone elsewithout a federal gift tax result.
104.To avoid the terminable interestlimitation on the martial deduction, aQTIP election must be made.
105.To make the election to split gifts,spouses must file a Form 709
106.Transfers to political organization areexempt from the application of theFederal gift tax.
107.Two brothers, Sam and Bob, axquire realestate as equal tenants in common. Ofthe purchase price of $200,000, Samfurnished $80,000 while Bob providedthe balance. If Same dies first ten yearslater when the real estate is worth$600,000, his state includes $240,000 asto the property.Sam's estateincludes$300,000, as theowners areequal tenants incommon
As long as thespouses werelegally marriedto each other atthe time of thegift and neitherhas marriedanyone elseduring the year.109.Under his grandfather's will, Thad isentitles to receive shares of KrogerCorporation. For Federal tax purposes,Thad is allowed to disclaim some ofthese shares and accept the others.
110.Under the alternate valuation dateelection, each asset in the gross estateis valued at the lesser of the date ofdeath value or six months thereafter.