Question 1

Classify each statement appearing below.
-Maggie purchased an insurance policy on Jim's life and designated Susan as the beneficiary.

Accepted Answer

A)  No taxable transfer occurs
B)  Gift tax applies
C)  Estate tax appliesD) A) and B)
E) A) and C)

Question 2

Manfredo makes a donation of $50,000 to the church where he was baptized in Mexico City.The gift does not qualify as a charitable contribution for Federal income tax purposes.

Accepted Answer

A) True 
 B)False

Question 3

Pauline sells antique furniture to her daughter,Nicole,for $10,000.If the furniture is really worth $100,000,Pauline has made a gift to Nicole of $100,000.

Accepted Answer

A) True 
 B)False

Question 4

As a result of an auto accident from which she later died,Irene totaled a Bentley worth $195,000.If the insurance company covers $60,000 of the loss,Irene's estate can claim a casualty loss of $135,000 in arriving at the taxable estate.

Accepted Answer

A) True 
 B)False

Question 5

A tenancy by the entirety is restricted in most states to having more than two joint owners.

Accepted Answer

A) True 
 B)False

Question 6

Match each statement with the correct choice. Some choices may be used more than once or not at all.
a.In the current year, Debby, a widow, dies. Two years ago she inherited a large amount of wealth from her brother.
b.Death does not defeat an owner's interest in property.
c.Exists only if husband and wife are involved.
d.A type of state tax on transfers by death.
e.Must decrease the amount of the gross estate.
f.Annual exclusion not allowed.
g.Cumulative in effect.
h.Right of survivorship present as to type of ownership.
i.Overrides the terminable interest rule of the marital deduction.
j.Exemption equivalent.
k.Bypass amount.
l.No correct match provided.
-Tenancy by the entirety

Accepted Answer

The answer of Match each statement with the correct choice....

Question 7

The Federal unified transfer tax credit:

Accepted Answer

A)  Is indexed annually.
B)  Applies only to the estate tax.
C)  Is a different amount for the estate and gift taxes.
D)  Is doubled on a joint gift tax return.E) A) and D)
F) C) and D)

Exam 27: The Federal Gift and Estate Taxes

As a result of an auto accident from which she later died,Irene totaled a Bentley worth $195,000.If the insurance company covers $60,000 of the loss,Irene's estate can claim a casualty loss of $135,000 in arriving at the taxable estate.

Correct Answer
verified

Manfredo makes a donation of $50,000 to the church where he was baptized in Mexico City.The gift does not qualify as a charitable contribution for Federal income tax purposes.

Correct Answer
verified

A tenancy by the entirety is restricted in most states to having more than two joint owners.

Correct Answer
verified

Pauline sells antique furniture to her daughter,Nicole,for $10,000.If the furniture is really worth $100,000,Pauline has made a gift to Nicole of $100,000.

Correct Answer
verified

Correct Answer
verified

The Federal unified transfer tax credit:

Correct Answer
verified

Classify each statement appearing below. -Maggie purchased an insurance policy on Jim's life and designated Susan as the beneficiary.

Correct Answer
verified

Exam 27: The Federal Gift and Estate Taxes

As a result of an auto accident from which she later died,Irene totaled a Bentley worth $195,000.If the insurance company covers $60,000 of the loss,Irene's estate can claim a casualty loss of $135,000 in arriving at the taxable estate.

Correct AnswerverifiedShow Answer

Manfredo makes a donation of $50,000 to the church where he was baptized in Mexico City.The gift does not qualify as a charitable contribution for Federal income tax purposes.

Correct AnswerverifiedShow Answer

A tenancy by the entirety is restricted in most states to having more than two joint owners.

Correct AnswerverifiedShow Answer

Pauline sells antique furniture to her daughter,Nicole,for $10,000.If the furniture is really worth $100,000,Pauline has made a gift to Nicole of $100,000.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The Federal unified transfer tax credit:

Correct AnswerverifiedShow Answer

Classify each statement appearing below. -Maggie purchased an insurance policy on Jim's life and designated Susan as the beneficiary.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified