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Statement I – The renunciation by the surviving spouse of his/her share in the estate of the deceased spouse in favor of all their legitimate children shall be exempt from the donor’s tax.
Statement II – Donations made between spouses are void except when they were made on the occasion of a family rejoicing and the amount is moderate.
In your evaluation of the foregoing statements:
Step by step
Solved in 2 steps
- Which of the following statement is correct? Statement I – The renunciation by the surviving spouse of his/her share in the estate of the deceased spouse in favor of all their legitimate children shall be exempt from the donor’s tax. Statement II – Donations made between spouses are void except when they were made on the occasion of a family rejoicing and the amount is moderate. True Both statements are true. Only Statement II is true. Both statements are false. Only Statement I is true.Which of the following is/are true statements regarding a gift? I) While the recipient of a gift is exempt from the income tax, the donor is also exempt from the gift tax. II) A gift to a spouse is eligible for the annual exclusion, but not the marital deduction. a: I only b: II only c: Both I and II d: Neither I nor II Please donot provide solution in image format and provide solution in step by step format and asapA donation on account of marriage will give a donor a deduction from gross gifts made if: The donee is a legitimate child the donee is not a stranger The donee is anybody None of the above.
- Which of the following are nontax characteristics of a qualified terminable interest property (QTIP) trust? The income may go to multiple beneficiaries. The donor or decedent's executor qualifies the trust assets for the marital deduction by making a timely election The principal of the trust is paid to the surviving spouse's estate if the election to qualify the assets for the marital deduction was not made upon creation of the trust. The grantor of the trust determines who receives the remainder interest in the trust assets. A)II, III, and IV B)I and III C)IV only D)II and IVAll the following are exampies of non-taxable income, except Select one O a. Proceeds received as beneficiary of a life insurance contract due to the death of the insured O b. income from illegal activities OC Shares of stock received as an inheritance O d. Cash received as a gift Oe All of these are non-taxableWhat is the difference between a testamentary trust and an inter vivos trust? Multiple Choice A testamentary trust is created by a will; an inter vivos trust is created by a living individual. A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals. A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent. A testamentary trust conveys income to one party and the principal to another, an inter vivos trust conveys all monies to the same party.
- One of the following statements is correct. Which is it? In the preparation of the donor’s tax return: Dowries are shown as deductions from the gross gifts. Dowries are not shown any more as gross gifts and as deductions. Spouses making donations of conjugal community property prepare one donor’s tax return. Donor’s tax on donations to strangers and to non-strangers are computed and shown in separate returns.If a transferor is concerned about shielding his assets from a creditor, which of the following transfer techniques should he utilize? I. He should create a testamentary bypass trust. II. He should transfer his assets to an UTMA for his minor child. III. He should transfer his assets to a Section 2503(c) minor's trust and name an independent trustee. IV. He should execute a payable on death designation on his bank account. A) II only B) I, III, and IV C) II and III D) II, III, and IVWhich of the following is not a true statement?a. Testate refers to a person having a valid will.b. The laws of descent convey personal property if an individual dies without a valid will.c. Intestate refers to a person having no valid will.d. A specific legacy is a gift of personal property that is specifically identified.
- Identify the correct answer to the following 1-3 (show solution): 1. What is the total gross estate of the decedent? 2. What is the total vanishing deduction? 3. What is the net share of the surviving spouse?Identify the correct answer to the following 1-3 (show solution): 1. What is the total gross estate of the decedent? 2. What is the total special deductions? 3. What is the net share of the surviving spouse?Which of the following methods will NOT achieve the client's goal of distributing property at death to the desired persons? A)Intestacy B)A trust C)A will D)A will substitute
