Gift for federal gift tax purposes

Assignment Help Financial Management

Reference no: EM131353224

1. Which of the following statements concerning executors is correct?

a) An executor can be given broad and discretionary powers with respect to the management of estate assets.

b) An executor is chosen by the beneficiary of a will shortly after the decedent’s death.

c) An executor must be an individual rather than an entity or institution

d) An executor is answerable only to the beneficiary and not to the court having jurisdiction over the probate of the estate.

2. Charles Kuralt purchased a joint life annuity for himself and his paramour from an insurance company. Assuming Charles contributed the entire purchase price, how will the annuity be valued at his death for purposes of determining his gross estate?

a) at the original cost of the joint life annuity

b) at the cost of a single life annuity on Charles’s life at the date of his death

c) at the cost of a single life annuity for his paramour at the time the original annuity was purchased

d) at the cost of a single life annuity for his paramour at the time of his death

3. Which of the following powers would result in the property subject to the power being included in a decedent’s estate?

a) the power to add to the corpus

b) the power to change beneficiaries

c) the power to direct issuance of voting proxies

d) the power to direct the reinvestment of funds

4. Which of the following is a gift for federal gift tax purposes?

a) Without compensation a carpenter builds a chicken shed for a neighbor

b) A valuable oil painting owned by a father is delivered to his son to be displayed at the son’s residence with a provision that the painting is to be returned to the father on demand.

c) A father tells his son that he need not pay interest on a $50,000 interest-bearing note evidencing a loan that the father made to his son.

d) A mother promises to give her son her new car as soon as the odometer reads 50,000 miles.

Reference no: EM131353224

Questions Cloud

What is average investment in accounts receivable : The Bates Corporation has annual credit sales of $35 million. The average collection period is 37 days. What is the average investment in accounts receivable as shown on the balance sheet?

What dimensions would a proportionality constant need : Make a list of distribution functions commonly used in the social sciences (e.g., distribution of families with respect to income). In each case, state whether the variable whose distribution is described is discrete or continuous.

Write a procedural email message to employees : Write a procedural email message to employees reminding them of standard operating procedures or organizational changes that take the form of step-by-step instructions

Targeting rhd molecules on fetal red blood cells : 1. Any future children Padme has with Anakin will develop erythroblastosis fetalis. 2. Erythroblastosis fetalis is typically caused by maternal IgM antibodies targeting RhD molecules on fetal red blood cells.

Gift for federal gift tax purposes : Which of the following statements concerning executors is correct? Which of the following powers would result in the property subject to the power being included in a decedent’s estate? Which of the following is a gift for federal gift tax purposes?

Describe various kind of documentation that will be required : Describe the various kinds of documentation that will be required to support the future system operation, including both user and technical documentation.

Probably the most active forward market : The balanced scorecard: Probably the most active forward market is for _____.

What is the slack time for each individual activity : Roger Ginde is developing a program in supply chain management certification for managers. What is the total project completion time? What is the slack time for each individual activity

Explain the test environment including hardware requirements : Develop a data conversion plan that describes the process of migrating existing data to the testing platform. Describe the test environment, including hardware requirements and the personnel who will participate in user acceptance testing.

User Account

All Pages