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Solutions

Solutions

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CHAPTER 26
THE FEDERAL GIFT AND ESTATE TAXES
SOLUTIONS TO PROBLEM MATERIALS
Status:
Q/P
Question/
Present
in Prior
Problem
Topic
Edition
Edition
1
Unified tax as an excise tax; income tax
distinguishable
Unchanged
1
2
Past and present Congressional policy as to
transfer taxes
Unchanged
2
3
Estate taxes and inheritance taxes contrasted
Unchanged
3
4
Federal gift tax: incidence of
Unchanged
4
5
Issue ID
New
6
Change of residence to avoid Federal estate and
gift taxation
New
7
Current status of the Federal estate tax
Unchanged
7
8
Relationship between unified tax credit,
exclusion amount, and exemption equivalent
Unchanged
8
9
Justification for the alternate valuation date
Unchanged
9
10
Alternate valuation date: conditions for election
New
11
Forms of undivided ownership compared as to
similarity
Unchanged
11
12
Obligation of support: when applicable
Unchanged
12
13
Loans resulting in gift tax consequences
New
14
Issue ID
Unchanged
14
15
Future interest limitation to annual exclusion and
the trust for minors exception
New
16
Rules regarding the gift-splitting provisions of
\u00a7 2513
Unchanged
15
17
Procedural aspects of filing a Federal gift tax return
Unchanged
16
18
Gross estate, taxable estate, probate estate
distinguished
Unchanged
17
26-1
26-2
2004 Comprehensive Volume/Solutions Manual
Status:
Q/P
Question/
Present
in Prior
Problem
Topic
Edition
Edition
19
Application of 3-year rule under \u00a7 2035
Unchanged
18
20
Joint tenancy variations under \u00a7 2040
Unchanged
19
21
Life insurance: transfer tax attributes
Unchanged
20
22
Liabilities: effect on marital and charitable
deductions
New
23
Qualified charities: estate, gift, and income taxes
compared
Unchanged
22
24
Rules governing use of QTIPs
Unchanged
23
25
Effect on change in \u00a7 2011 (credit for state death
taxes) on state revenue
Unchanged
25
26
Issue ID
Unchanged
26
27
Application of indexation to various provisions
Unchanged
27
28
Election and effect of the alternate valuation date
New
29
Alternate valuation date: when election not
available
Unchanged
29
30
Examples of transfers that are and are not
subject to the Federal gift tax
Unchanged
30
31
Examples of transfers that are and are not
subject to the Federal gift tax
Unchanged
31
32
Property settlements incident to divorce: gift
and estate tax consequences
Unchanged
32
33
Disclaimers and gift taxes: partial and
timeliness
Unchanged
33
34
Election to split gifts (\u00a7 2513)
Unchanged
34
35
Property owned by the decedent (\u00a7 2033)
Unchanged
35
36
Gifts within three years of death (\u00a7 2035)
New
37
Gross estate inclusion: release of power to
revoke and retained life estate
Unchanged
37
38
Inclusion of annuity in gross estate
Unchanged
38
39
Gift and estate tax consequences of a tenancy in
common
Unchanged
39
40
Joint tenancies created by gifts
New
41
Gift and estate tax consequences of a joint tenancy
New
42
Gift and estate tax consequences of a joint tenancy
between husband and wife
New
43
Transfers of life insurance policies; application
or nonapplication of \u00a7 2042
New
44
Deduction of liabilities, taxes, funeral expenses
under \u00a7 2053 in arriving at the taxable estate
Unchanged
44
45
Determining the amount of the marital deduction
Unchanged
45
46
Effect on exemption equivalent of \u00a7 2057 election
Unchanged
46
47
Computing the credit for state death taxes
Modified
47
48
Computing the credit for tax on prior transfers
Unchanged
48
49
Computation of estate tax liability
New
The Federal Gift and Estate Taxes
26-3
CHECK FIGURES

28.a.
28.b.
28.c.
29.a.
29.b.
29.c.
29.d.
29.e.
30.a.
30.b.
30.c.
30.d.
30.e.
30.f.
30.g.
31.a.
31.b.
31.c.
31.d.
31.e.
31.f.
31.g.
31.h.
32.
33.
34.a.
34.b.
35.
36.
37.a.
37.b.
37.c.

$2,610,000.
No.
$2,800,000.
Not.
Not.
Not.
Not.
Possibly can elect.
No.
Yes.
Yes.
No.
Possibly.
Cannot be ascertained.
No.
Yes.
Yes, but offset by marital deduction.
No.
Yes.
No.
No.
Yes.
No.
No transfer tax due.
$1,100,000 gift to Arnold.
$77,490.
$0.
$2,414,800.
Value of trust + $80,000 + $35,000.
$0.
$1,200,000.
No.

38.a.
38.b.
39.a.
39.b.
39.c.

40.
41.a.
41.b.
42.a.
42.b.
43.a.
43.b.
43.c.
43.d.
44.a.
44.b.
44.c.
45.a.
45.b.
46.

47.a.
47.b.
47.c.
47.d.
48.a.
48.b.
49.

$560,000.
$0.
Gift $300,000.
Include $600,000.
Yes, when considering the marital
deduction.
$450,000; yes, $1,200,000.
Gift $700,000.
$0.
$700,000.
$1,000,000.
$0.
$40,000.
$40,000.
$200,000 under \u00a7 2035.
Deduction allowed.
No inclusion and no deduction.
Deduction.
$1,500,000.
$200,000.
Sam $625,000; Helen $700,000; Art
$675,000.
$0.
$13,800.
$18,500.
$15,480.
$320,000.
$360,000.
Meg $150,750; Caleb $352,500; Lily
$413,750; Buzz $389,200.

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