Exam 27: The Federal Gift and Estate Taxes

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As a result of an auto accident from which she later died,Irene totaled a Bentley worth $195,000.If the insurance company covers $60,000 of the loss,Irene's estate can claim a casualty loss of $135,000 in arriving at the taxable estate.

(True/False)

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Question 161

Manfredo makes a donation of $50,000 to the church where he was baptized in Mexico City.The gift does not qualify as a charitable contribution for Federal income tax purposes.

(True/False)

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Question 162

A tenancy by the entirety is restricted in most states to having more than two joint owners.

(True/False)

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Question 163

Pauline sells antique furniture to her daughter,Nicole,for $10,000.If the furniture is really worth $100,000,Pauline has made a gift to Nicole of $100,000.

(True/False)

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Question 164

Classify each statement appearing below. -Maggie purchased an insurance policy on Jim's life and designated Susan as the beneficiary.

(Multiple Choice)

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Question 165

Match each statement with the correct choice. Some choices may be used more than once or not at all. a.In the current year, Debby, a widow, dies. Two years ago she inherited a large amount of wealth from her brother. b.Death does not defeat an owner's interest in property. c.Exists only if husband and wife are involved. d.A type of state tax on transfers by death. e.Must decrease the amount of the gross estate. f.Annual exclusion not allowed. g.Cumulative in effect. h.Right of survivorship present as to type of ownership. i.Overrides the terminable interest rule of the marital deduction. j.Exemption equivalent. k.Bypass amount. l.No correct match provided. -Tenancy by the entirety

(Short Answer)

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Question 166

The Federal unified transfer tax credit:

(Multiple Choice)

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Question 167

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As a result of an auto accident from which she later died,Irene totaled a Bentley worth $195,000.If the insurance company covers $60,000 of the loss,Irene's estate can claim a casualty loss of $135,000 in arriving at the taxable estate.

Manfredo makes a donation of $50,000 to the church where he was baptized in Mexico City.The gift does not qualify as a charitable contribution for Federal income tax purposes.

A tenancy by the entirety is restricted in most states to having more than two joint owners.

Pauline sells antique furniture to her daughter,Nicole,for $10,000.If the furniture is really worth $100,000,Pauline has made a gift to Nicole of $100,000.

Classify each statement appearing below. -Maggie purchased an insurance policy on Jim's life and designated Susan as the beneficiary.

The Federal unified transfer tax credit:

An Introduction to Taxation and Understanding the Federal Tax Law

Working With the Tax Law

Computing the Tax

Gross Income: Concepts and Inclusions

Gross Income: Exclusions

Deductions and Losses: in General

Deductions and Losses: Certain Business Expenses and Losses

Depreciation, cost Recovery, amortization, and Depletion

Deductions: Employee and Self-Employed-Related Expenses

Deductions and Losses: Certain Itemized Deductions

Investor Losses

Tax Credits and Payments

Property Transactions: Determination of Gain or Loss, basis Considerations, and Nontaxable Exchanges

Property Transactions, capital Gains and Losses, sec1231, and Recapture Provisions

Alternative Minimum Tax

Accounting Periods and Methods

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Distributions Not in Complete Liquidation

Corporations: Distributions in Complete Liquidation and an Overview of Reorganization

Partnerships

S Corporations

Exempt Entities

Multistate Corporate Taxation

Taxation of International Transactions

Tax Practice and Ethics

Income Taxation of Trusts and Estates

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