25 May Question 1. Incontrastingthe computationof theFederal giftand estatetaxes, are
Question
1. Incontrastingthe computationof theFederal giftand estatetaxes, arepasttaxable giftshandled inthe samefashion? Explain.
2. Waldois hismother’s soleheir andis thedesignated executorof herestate. Althoughthe alternatevaluation datewouldyield asmallergrossestateandlessestatetaxliability,the§2032election isnotmade.Instead,WaldofilesaForm706forhismother’sestateusinghigherdateofdeathvalues.Why?
3. Lilypays forher grandson’scollege expenses.Under whatconditions mightsuch paymentsnot beagift?
4. Cliffloanshisadultdaughter,Stella,alargesumofmoneytoenablehertostartherownbusiness.Theloanisevidenced byanote,andnointerest isprovidedfororrepaymentdatespecified.WhatarethepotentialtaxramificationsofthisarrangementtoCliffandStella?
5. TheIRS doesnot considerproperty settlementsin considerationof marriageas beingtransfers forvaluableconsideration.Consequently,such prenuptialsettlements aresubject tothe Federalgift tax.Why,then, arepropertysettlementsincidentto divorceexemptfrom thegifttax?
6. Waltdies intestate(i.e.,without awill)inthecurrentyearwithagrossestatevaluedat$4,000,000.Under
applicable statelaw,Walt’spropertypassestoKellyortoBelle,inthatorder. Kellyhasanestimatednetworthof
$3,000,000while Bellehas none.From ataxplanningstandpoint,whatcourseofactionmightbeadvisable.
7. Inwhat mannerdoes thetax lawfavorcontributions toqualified tuitionplans under§529?
8. The§2513electiontosplitgiftsislessusefulincommunitypropertystatesthanincommonlawstates.Explain.
9. Distributionsfrom retirementplansand proceedsfromlife insuranceplansusually arenotsubject toprobate.
a. Whyare theynot partof theprobate estate?
b. Whenmighttheybeincluded intheprobateestate?
10. Bradholds alifeestateinatrustcreatedbyhisfather,whileScottholdsalifeestateinatrustcreatedbyhimself.Upontheirdeaths,Scottmustincludethetrustinhisgrossestate,whileBradneednotincludehistrust.Why?
11. Jointtenancies andtenancies bytheentirety avoidprobate, whiletenanciesin commonand communitypropertydonot.Why?
12. Colepurchasesland for$500,000 andtransfers itbygift tohis twodaughters, MadisonandPaige, asequal jointtenantswith theright ofsurvivorship. Tenyearslater, whenthe landisworth $2,000,000,Madison predeceasesPaige.Madison’sexecutorincludesnone ofthevalueofthe landinhergrossestate, asshecontributednothingtowardits cost.Do youagree?
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