Transfer Taxes And Wealth Planning

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Business Income,Deductions,and Accounting Methods
Property Acquisition and Cost Recovery
Property Dispositions
Entities Overview
Corporate Operations
Accounting for Income Taxes
Corporate Taxation: Nonliquidating Distributions
Corporate Formation,Neorganization,and Liquidation
Forming and Operating Partnerships
Dispositions of Partnership Interests and Partnership Distributions
S Corporations
State and Local Taxes
The Ustaxation of Multinational Transactions
Transfer Taxes and Wealth Planning

All Questions

Question 1

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True/False

The amount of the estate tax is directly related to the amount of taxable gifts.

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Question 2

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True/False

The Federal transfer taxes are calculated using cumulative lifetime transfers.

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Question 3

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True/False

An exemption equivalent is the amount of annual gifts that is automatically exempt from the gift tax.

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Question 4

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True/False

The exemption equivalent was repealed in 1976.

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Question 5

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True/False

The applicable credit is designed to allow a minimum amount of lifetime transfers without triggering the imposition of a transfer tax.

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Question 6

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For 2017,the exemption equivalent for the estate tax is $5.49 million.

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Question 7

True/False

The marital and charitable deductions are common to both the estate tax and the gift tax formulas.

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Question 8

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The estate tax is imposed on testamentary transfers.

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Question 9

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The gift tax is imposed on intervivos (lifetime)transfers.

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Question 10

True/False

The tax rate schedule on taxable transfers has a maximum tax rate of 40% for 2017.

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Question 11

True/False

A couple who is married at the time of completing a gift can elect to file a joint gift tax return.

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Question 12

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Only complete gifts are subject to the Federal gift tax.

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Question 13

True/False

In order for a transfer to be treated as a completed gift the transfer must be irrevocably relinquished by the donor.

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Question 14

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A gratuitous transfer of cash made directly to an individual who uses the entire amount of the cash to pay medical expenses is not subject to a gift tax.

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Question 15

True/False

A future interest is a right to receive income or property in the future.

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Question 16

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The annual exclusion eliminates relatively small transfers of present interests in property.

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Question 17

True/False

The annual exclusion applies to cumulative gifts made to each donee over the course of the year.

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Question 18

True/False

A transfer of cash to a bank account held in joint tenancy with the right of survivorship is not a completed gift.

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Question 19

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A withdrawal of money from a bank account held in joint tenancy with the right of survivorship may constitute a completed gift.

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Question 20

True/False

When a gift-splitting election is made,gifts made by either spouse during the year will be treated as if each spouse made one-half of the transfer.

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