Podcast
Questions and Answers
What is a potential benefit of making a gift-splitting election?
What is a potential benefit of making a gift-splitting election?
- Avoiding the need to file a gift tax return
- Reducing the total taxable gift and potentially lowering the tax rate (correct)
- Qualifying for a charitable deduction
- Increasing the annual exclusion amount
What type of interest is not eligible for a marital deduction?
What type of interest is not eligible for a marital deduction?
- An interest that is transferred to a spouse
- An interest that is transferred to a charitable organization
- An interest that terminates upon an event or after a specified amount of time (correct)
- An interest that is transferred to a non-spouse
What is the limitation of the gift-splitting election?
What is the limitation of the gift-splitting election?
- It can only be made for gifts to charitable organizations
- It can only be made for gifts of entire interests
- It is limited to the value of the gift after the annual exclusion (correct)
- It can only be made for gifts to a spouse
What is a requirement for both spouses to make a gift-splitting election?
What is a requirement for both spouses to make a gift-splitting election?
What is the benefit of using the annual exclusion in gift tax calculation?
What is the benefit of using the annual exclusion in gift tax calculation?
What is the result of a gift-splitting election on the gift tax return?
What is the result of a gift-splitting election on the gift tax return?
What is the value at which property is included in the taxable gift?
What is the value at which property is included in the taxable gift?
What is the first step in calculating the present value of a future interest?
What is the first step in calculating the present value of a future interest?
Which of the following is not a gift excluded from tax?
Which of the following is not a gift excluded from tax?
What is the purpose of the §7520 interest rate in valuing temporal interests?
What is the purpose of the §7520 interest rate in valuing temporal interests?
What is the result of calculating the present value of the future interest and the present interest?
What is the result of calculating the present value of the future interest and the present interest?
What is the definition of fair market value?
What is the definition of fair market value?
What is the amount of cumulative transfers that can be made without incurring a tax?
What is the amount of cumulative transfers that can be made without incurring a tax?
What is the term used to describe the amount of the exemption equivalent?
What is the term used to describe the amount of the exemption equivalent?
Which of the following deductions is unlimited for transfers to a spouse?
Which of the following deductions is unlimited for transfers to a spouse?
What is the common feature of federal transfer taxes that refers to the exemption equivalent?
What is the common feature of federal transfer taxes that refers to the exemption equivalent?
How is the applicable credit related to the exemption equivalent?
How is the applicable credit related to the exemption equivalent?
What is the result of making cumulative transfers that exceed the exemption equivalent?
What is the result of making cumulative transfers that exceed the exemption equivalent?
What is the definition of fair market value?
What is the definition of fair market value?
Which of the following transfers is not excluded from the gift tax?
Which of the following transfers is not excluded from the gift tax?
What is the primary purpose of the annual exclusion in gift tax calculation?
What is the primary purpose of the annual exclusion in gift tax calculation?
How is the present value of a future interest calculated?
How is the present value of a future interest calculated?
What is the result of making cumulative transfers that exceed the exemption equivalent?
What is the result of making cumulative transfers that exceed the exemption equivalent?
What is the valuation method used for future interests, such as remainders?
What is the valuation method used for future interests, such as remainders?
How is the valuation of property for transfer tax purposes determined?
How is the valuation of property for transfer tax purposes determined?
What is the primary purpose of the §7520 interest rate in valuing temporal interests?
What is the primary purpose of the §7520 interest rate in valuing temporal interests?
Which of the following types of gifts does not qualify for the annual exclusion?
Which of the following types of gifts does not qualify for the annual exclusion?
What is the correct formula to calculate the value of a remainder interest?
What is the correct formula to calculate the value of a remainder interest?
What is the primary difference between the valuation of present interests and future interests?
What is the primary difference between the valuation of present interests and future interests?
What is the effect of the marital deduction on the gift tax calculation?
What is the effect of the marital deduction on the gift tax calculation?
What is included in the gross estate besides the property possessed by the decedent at death?
What is included in the gross estate besides the property possessed by the decedent at death?
What is the purpose of calculating the present value of a future interest?
What is the purpose of calculating the present value of a future interest?
What is the benefit of using the annual exclusion in gift tax calculation?
What is the benefit of using the annual exclusion in gift tax calculation?
What is the term used to describe the amount of the exemption equivalent?
What is the term used to describe the amount of the exemption equivalent?
Which of the following is a gift excluded from tax?
Which of the following is a gift excluded from tax?
What is the valuation method used for property included in the probate estate?
What is the valuation method used for property included in the probate estate?
