25 May Question 1. Underthe alternatevaluation dateelection, eachasset inthe grosse
Question
1. Underthe alternatevaluation dateelection, eachasset inthe grossestate isvalued atthe lesserofthe dateof deathvalue orsix monthsthereafter.
a. True
b. False
2. Daniel’swillprovidesthat allofhis propertypassestoatrust,lifeestatetohiswife,remaindertocharity.IfDaniel’s executormakesaQTIPelection, theuseofthealternatevaluationdateisnotpossible.
a. True
b. False
3. Theelection ofthealternate valuationdate canaffect theamount ofacharitabledeductionallowedtoanestateforabequesttoaqualified charity.
a. True
b. False
4. Afatherwantstogiveaparceloflandtohistwochildren.Ifhewantsthesurvivortohavesoleownership,heshouldlistownership ofthepropertyasjointtenants.
a. True
b. False
5. Thedeathofatenantincommonwilldefeathisorherinterestintheproperty.
a. True
b. False
6. Incommunity propertystates,notallpropertyacquiredaftermarriagebyeitherspouse iscommunityproperty.
a. True
b. False
7. Sandypaysalocalcollegeforhernondependentboyfriend’stuition.ThepaymentissubjecttotheFederalgifttax.
a. True
b. False
8. BarrypaysStateUniversityforhisdependentdaughter’sroomand board.Barryhasmadeatransferthatissubject
to theFederal gifttax.
a. True
b. False
9. Transferstopoliticalorganizationsareexemptfromthe applicationoftheFederalgifttax.
a. True
b. False
10.Paulinesells antiquefurniture toher daughter,Nicole, for$10,000. Ifthe furnitureis reallyworth $100,000,PaulinehasmadeagifttoNicoleof$100,000.
a. True
b. False
11.Mitch pays the surgeon and the hospital for his nondependent aunt’s gall bladder operation. The transfer is not
subject to the gift tax.
a. True
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