25 May Question 1. Although qualified tuition plans under § 529 are treated favorably for gift tax purposes, such plans are subject to estate tax consequences upon the grantor’s death.
Question
1. Although qualified tuition plans under § 529 are treated favorably for gift tax purposes, such plans are subject to estate tax consequences upon the grantor’s death.
a. True
b. False
2. To make the election to split gifts under § 2513, spouses must file a Form 709 (Federal gift tax return).
a. True
b. False
ANSWER: True
3. A husband and wife make a gift of their jointly owned vacation home to their adult children. The gift-splitting election must be made.
a. True
b. False
4. Under certain circumstances, the gift-splitting election can be made even though the electing spouses are no longer married to each other.
a. True
b. False
5. The use of the election to split gifts under § 2513 is not necessary for spouses who make gifts of their community
property.
a. True
b. False
6. IfadonorhasafiscalyearofJuly1-June30forincometaxpurposes, thisdoesnotchangethenormalfilingdateforForm709.
a. True
b. False
7. AFederalgifttaxreturndoesnothavetobefiledifnogifttaxispayable.
a. True
b. False
8. Iris dies intestate (i.e., without a will). All of her property passes to her heirs in accordance with the order of distribution prescribed under applicable state law.
a. True
b. False
9. Inmost cases,the grossestate ofadecedentislargerthantheprobateestate.
a. True
b. False
10.Intereston stateand localbonds isnot subjectto theFederal estatetax.
a. True
b. False
11.In determiningwhether adividendissuedonstockheldbyadecedent isincludedinthegrossestate,therecorddate(ratherthanthedeclarationorpaymentdates)controls.
a. True
b. False
12.Atthe timeof herdeath, Ritaheld apromissorynotefromaloanshehadmadetoherson.IfRita’swillforgives
theloan,thenoteisnotincludedinhergrossestate.
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