Multiple Choice Which of the following powers avoid BOTH the gift tax and estate tax issues...
Multiple Choice
- Which of the following powers avoid BOTH the gift tax and
estate tax issues
- Crummy Power
- 5x5 Power + Crummy Power
- Hanging 5x5 Power + Crummy Power
- All of the above
- Which of the following trust is typically not included in the
surviving spouse’s estate?
- Credit Shelter Trust
- QTIP Trust
- General POA Trust
- None of the above are included in surviving spouse’s estate
- All of the above are included in the surviving spouse’s estate
Homework Answers
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Multiple Choice
Which of the following powers avoid BOTH the gift tax and
estate tax issues...
Question 1 Which of the following is true concerning Crummey powers. Allows a gift to qualify...
Question 1 Which of the following is true concerning Crummey powers. Allows a gift to qualify for the annual exclusion. Typically found within revocable trusts. Is a provision found within an irrevocable life insurance trust. Question 1 options: A - I and II B - II only C - I and III D - III only Question 2 Which of the following is not true with respect to a net gift? A - The gross amount of the gift is...
1. Briefly describe the principal characteristics of the Estate and Gift taxes and how they differ...
1. Briefly describe the principal characteristics of the Estate and Gift taxes and how they differ from the income tax. 2. List and briefly describe those transfers that constitute gifts subject to the Gift tax and those which may be exempt from either inclusion and/or taxation. 3. List and briefly describe those items that are included in arriving at the Gross Estate of a decedent. 4. What is the Unified Credit and describe how it affects the computation of the...
Question 15 Which of the following is true with regard toestate planning when at least some...
Question 15 Which of the following is true with regard toestate planning when at least some family members are not U.S. citizens: Question 15 options: A - The tests for determining if an alien is a U.S. resident is different for federal income tax law than it is for federal estate tax law B - The test for determining if an alien is a U.S. resident are the same for federal and estate tax law C - When the surviving...
Which of the following taxes represents the largest portion of U.S. federal tax revenues? Multiple Choice...
Which of the following taxes represents the largest portion of U.S. federal tax revenues? Multiple Choice points 8 00:57:17 C Employment taxes O Corporate income taxes Individual income taxes o Estate and gift taxes o None of the choices are correct
Distinguish between an estate tax and an inheritance tax. Do some states impose both? Neither? Which,...
Distinguish between an estate tax and an inheritance tax. Do some states impose both? Neither? Which, if either, does the Federal government impose? 18. a. b. 19. LO.4 Jake (age 72) and Jessica (age 28) were recently married. To avoid any transfer taxes, Jake has promised to leave Jessica all of his wealth when he dies. Is Jake under some misconception about the operation of the Federal gift and estate taxes? Explain. 20. LO.4 Address the following issues: What is...
8. Which of the following statements about the estate and gift tax is (are) correct? I....
8. Which of the following statements about the estate and gift tax is (are) correct? I. There is no estate or gift tax due at the death of the first spouse. II. There is no estate or gift tax due if a single mother gives her son a $35,000 car. I only b. II only Both I and II d. Neither I nor II a 9. Which tax form should Jack and Jill a married couple file if they need...
Which of the following is a complete taxable gift? Multiple Choice $20,000 in cash contributed to...
Which of the following is a complete taxable gift? Multiple Choice $20,000 in cash contributed to the committee to reelect Senator BlowHard. $15,000 in cash given directly to Valley Hospital for the care of a neighbor who was in an auto accident. $18,000 in cash given directly to a needy student to pay for college tuition. $55,000 in cash transferred to a former spouse under a written property settlement shortly after a divorce. None of the choices is a complete...
Which of the following would be accounted for as a permanent fund? Multiple Choice A gift...
Which of the following would be accounted for as a permanent fund? Multiple Choice A gift of $500,000 to a city to be used for a new caretaker's residence at the local cemetery ( ) A gift of $500,000 to a city, to be invested permanently, with the proceeds to be distributed as scholarships. A that 850.000 A gift of $500,000 to a city, to be invested permanently, with the proceeds to be used to maintain the city cemetery An...
MULTIPLE-CHOICE QUESTION Which of the following is established in Article I of the Constitution? the president's...
MULTIPLE-CHOICE QUESTION Which of the following is established in Article I of the Constitution? the president's authority to fill judicial vacancies when the Senate is in recess the enumerated powers of Congress the definition of treason the legal status of the Constitution as the supreme law of the land Save MULTIPLE-CHOICE QUESTION icle of the Constitution establishes the Supreme Court? MULTIPLE-CHOICE QUESTION Which article of the Constitution establishes the Supreme Court? Article l Article II Article ll Article IV MULTIPLE-CHOICE...
Which of the following statements most accurately describes the estate tax concept of portability A: It...
Which of the following statements most accurately describes the estate tax concept of portability A: It automatically applies to the surviving spouse when the first spouse dies B: The surviving spouse is able to use her/his full exemption, plus the amount of the exemption not used by her/his deceased spouse C: If the surviving spouse remarries, she/he may use all of the unused exemption from all prior spouses. D: The portability provision replaced the unlimited marital deduction
1. Briefly describe the principal characteristics of the Estate and Gift taxes and how they differ from the income tax. 2. List and briefly describe those transfers that constitute gifts subject to the Gift tax and those which may be exempt from either inclusion and/or taxation. 3. List and briefly describe those items that are included in arriving at the Gross Estate of a decedent. 4. What is the Unified Credit and describe how it affects the computation of the...
Which of the following taxes represents the largest portion of U.S. federal tax revenues? Multiple Choice points 8 00:57:17 C Employment taxes O Corporate income taxes Individual income taxes o Estate and gift taxes o None of the choices are correct
Distinguish between an estate tax and an inheritance tax. Do some states impose both? Neither? Which, if either, does the Federal government impose? 18. a. b. 19. LO.4 Jake (age 72) and Jessica (age 28) were recently married. To avoid any transfer taxes, Jake has promised to leave Jessica all of his wealth when he dies. Is Jake under some misconception about the operation of the Federal gift and estate taxes? Explain. 20. LO.4 Address the following issues: What is...
8. Which of the following statements about the estate and gift tax is (are) correct? I. There is no estate or gift tax due at the death of the first spouse. II. There is no estate or gift tax due if a single mother gives her son a $35,000 car. I only b. II only Both I and II d. Neither I nor II a 9. Which tax form should Jack and Jill a married couple file if they need...
Which of the following would be accounted for as a permanent fund? Multiple Choice A gift of $500,000 to a city to be used for a new caretaker's residence at the local cemetery ( ) A gift of $500,000 to a city, to be invested permanently, with the proceeds to be distributed as scholarships. A that 850.000 A gift of $500,000 to a city, to be invested permanently, with the proceeds to be used to maintain the city cemetery An...
MULTIPLE-CHOICE QUESTION Which of the following is established in Article I of the Constitution? the president's authority to fill judicial vacancies when the Senate is in recess the enumerated powers of Congress the definition of treason the legal status of the Constitution as the supreme law of the land Save MULTIPLE-CHOICE QUESTION icle of the Constitution establishes the Supreme Court? MULTIPLE-CHOICE QUESTION Which article of the Constitution establishes the Supreme Court? Article l Article II Article ll Article IV MULTIPLE-CHOICE...
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