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An estate includes certain tarmiand that has a fair market value of $5,000,000. If the estate is eligible to elect special-use valuation under 5 2032A, the land may be valued at is business-usage value of only $2,000,000. This would be a $3,000,000 decrease in the FMV of the property for estate tax purposes. 01. True 02. False

An estate includes certain tarmiand that has a fair market value of $5,000,000. If the estate is eligible to elect special-use valuation under 5 2032A, the land may be valued at is business-usage value of only $2,000,000. This would be a $3,000,000 decrease in the FMV of the property for estate tax purposes. 01. True 02. False

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QUESTION 11 An estate includes certain farmland that has a fair market value of $5,000,000. If the estate is eligible to elect special-use valuation under 5 2032A, the land may be valued at its business-usage value of only $2,000,000. This would be a $3,000,000 decrease in the FMV of the property for estate tax purposes. 01. True 02 False QUESTION 12 During the current year, taxpayer Uwanda gives a gift of $30,000,000 cash to her grandson Larry. Because the gift is a generation-skipping transfer, Uwanda must pay a generation-skipping transfer tax. She will not have to pay the gift tax on this transfer because she is paying the GSTT 01. True Ⓒ2-False QUESTION 13 Which of the following is not a true statement concerning joint tenancy with right of survivorship (JTWROS)? 1. Each tenant owns the same fractional share in the property. O2. Joint tenants have the right to sever their interests in the property. 3. Upon the death of one joint tenant, property passes to the surviving tenants unless the D's will directs a different disposition. 4. None of the above.
Transcribed Image Text:QUESTION 11 An estate includes certain farmland that has a fair market value of $5,000,000. If the estate is eligible to elect special-use valuation under 5 2032A, the land may be valued at its business-usage value of only $2,000,000. This would be a $3,000,000 decrease in the FMV of the property for estate tax purposes. 01. True 02 False QUESTION 12 During the current year, taxpayer Uwanda gives a gift of $30,000,000 cash to her grandson Larry. Because the gift is a generation-skipping transfer, Uwanda must pay a generation-skipping transfer tax. She will not have to pay the gift tax on this transfer because she is paying the GSTT 01. True Ⓒ2-False QUESTION 13 Which of the following is not a true statement concerning joint tenancy with right of survivorship (JTWROS)? 1. Each tenant owns the same fractional share in the property. O2. Joint tenants have the right to sever their interests in the property. 3. Upon the death of one joint tenant, property passes to the surviving tenants unless the D's will directs a different disposition. 4. None of the above.
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