The writer is very fast, professional and responded to the review request fast also. Thank you.
Presentation/PPT
27/08/2022
17.Which of the following describes joint and survivorship life insurance?
1.It is generally not includible in any insured’s gross estate, if owned in an ILIT.
2.It can provide liquidity to pay estate taxes at the death of the second insured.
3.It pays a partial benefit at the death of the first to die (administrative and estate taxes) with the remainderpaid in full at the second death.
4.Premiums are usually less expensive than for individual policies on each of the two insureds for thesame face amount.
a.1 and 2.
b.3 and 4.
c.1, 2 and 4.
d.1, 2, 3 and 4.
18.Emma , a widow, died. She had made no previous lifetime taxable gifts and she died with a gross estate of$11,200,000, consisting solely of a diversified portfolio of publicly traded, income-producing stocks. Her debts were$75,000 and estate administrative expenses amounted to $50,000. Which of the following post-mortem techniquesshould Emma ‘s executor consider electing?
a.The alternate valuation date.
b.Deduct estate administrative expenses on the estate’s fiduciary income tax return.
c.Pay estate taxes under IRC Section 6166.
d.Use a Section 303 stock redemption.
19.Jack and his wife, Carol, were in an auto accident. Carol died three weeks before Jack did. His gross estate was $6.2million. One of the major assets in his estate was closely held stock in an equipment leasing firm (C corporation)with which rapidly appreciating equipment was purchased. His estate had unsecured debts of $400,000 andadministrative expenses of $75,000. His will allocates his estate to his children in equal shares. Which post mortemplanning techniques might benefit Jack’s estate?
1.The alternative valuation date.
2.A Section 303 stock redemption.
3.The QTIP election.
4.Special use valuation.
5.Installment payment of estate taxes.
a.3 only.
b.2 and 5.
c.4 and 5.
d.1, 3 and 4.
20.Which statement(s) is/are true for Generation Skipping Transfer Tax (GSTT)?
1.Applies to transfers to persons who are two generations or more lower than the transferor.
2.There are no exceptions.
3.There is a $11,200,000 lifetime exemption in 2018 for GSTT.
4.Transfers qualifying for gift tax annual exclusion are also excluded from GSTT.
Choose the answer(s) which is/are most correct:
a.4 only.
b.1 and 4.
c.2 and 3.
d.1, 3 and 4.
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more