6 QUESTION 11An 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 atits 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. True02 FalseQUESTION 12During 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 ageneration-skipping transfer tax. She will not have to pay the gift tax on this transfer because she is paying the GSTT01. TrueⒸ2-FalseQUESTION 13Which 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.

“Since you have posted multiple questions, we will provide the solution only to the first question…

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