25 May Question Match eachstatementwiththecorrectchoice.Somechoicesmaybeusedmorethanonceo
Question
Match eachstatementwiththecorrectchoice.Somechoicesmaybeusedmorethanonceornotatall.
a. Inthecurrentyear, Debby,awidow,dies.Twoyearsagosheinheritedalargeamountofwealthfromherbrother.
b. Deathdoesnotdefeat anowner’sinterest inproperty.
c. Existsonlyifhusband andwifeareinvolved.
d. Atypeofstatetaxontransfers bydeath.
e. Mustdecreasetheamount ofthegross estate.
f. Annualexclusion notallowed.
g. Cumulativein effect.
h. Rightofsurvivorshippresent astotypeof ownership.
i. Avoidsthe terminableinterest ruleof themarital deduction.
j. Exemptionequivalent.
k. Bypassamount.
l. Nocorrectmatchprovided.
1. Electiontosplit gifts(§ 2513)
2. Exclusionamount
3. Federalgift tax
4. Inheritancetax
5. QTIPelection
6. Tenancybytheentirety
7. Jointtenancy
8. Tenancyin common
9. Communityproperty
10. Creditfortaxonpriortransfers (under§2013)
11. Alternatevaluationdate (§2032)
12. Futureinterest
Classifyeachstatementappearing below.
a. Notaxabletransfer occurs
b. Gifttax applies
c. Estatetax applies
13. Hectortransfersfunds tohis auntso shecan obtainamuchneededheartbypassoperation.Theauntdoesnot
qualifyas Hector’sdependent.
14. Underaprenuptialagreement,HerberttransfersstocktoNorma.Onemonthlater,HerbertandNormaaremarried.
15. Infullsettlementofhermaritalrights,Henrytransferspropertytohiswife,Nancy. Threemonthslater,HenryandNancyaredivorced.
16. Harrypaysforthetuitionforhisniecetoattend DrakeUniversity.TheniecedoesnotqualifyasHarry’s dependent.
17. Hughloans hisadult daughter,Nadia, $800,000to starther ownbusiness. Nointerest isprovided for,and Nadiasignsanotethatispayableinfouryears.
18. Hughloans hisadult daughter,Nadia, $800,000to starther ownbusiness. Marketrate interestis providedfor, andNadia signsanotethatispayableinfouryears.
19. Underher father’swill, Faithis toreceive 10,000shares ofGE commonstock. Tenmonths afterher father’s
death, Faithdisclaims 10,000shares.
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