Tax benefits of making lifetime gifts in excess of the gift tax annual exclusion include all the following EXCEPT:
A widower dies leaving a net probate estate of $300,000. At the time of his death, his descendants are as follows:
A son, Joe, who has no children;
A deceased daughter, Mary, whose two children, Irene and Sally, survive; and
A daughter, Anne, who has one child, Harry
Assuming that the widower's will provides for the distribution of his assets in equal shares to his children, per stripes, which of the following correctly states the amounts each descendant will receive?
The decedent, Z, died this year. The facts concerning Z estate are:
Gross estate $3,200,000
Marital deduction $1,100,000
Charitable deduction 80,000
Gifts made after 1976 115,000
State death taxes payable 215,000
What is Z taxable estate?
Requirements for property to qualify for the federal estate tax marital deduction include which of the following?
l. The property interest must be includible in the decedent's gross estate.
II. The property must pass in such manner that it will be includible in the surviving spouse's estate at death unless consumed or given away.
Which of the following statements concerning the generation-skipping transfer tax (GSTT) is correct?
