Corporate Tax Final Exam
Students also studied
C
Practice questions for this set
Terms in this set (45)
Gift taxes paid on post-1976 gifts are True
generally allowed as a credit against the
tentative estate tax.
, For 2012 the first $5,120,000 of the taxable True
estate is generally tax-free due to the
allowance of a $1,772,800 tax credit.
The estate tax is not levied on tax-exempt
False municipal bonds.
Nine months before he died Donald
False Drucker gave $501,000 to his son. The gift is
includible in his gross estate.
If the spouse of the transferor under the
False Uniform Transfers to Minors Act is the
custodian, the property is includible in the
spouse's estate.
Private annuities are more attractive in
False estate planning under the present tables
than under the six percent tables.
Norma and John Baker's jointly owned home
True
(with right of survivorship) was fully paid for
by John. Nevertheless, when Norma
predeceased John, one-half the value of the
home is includible in her estate.
The insured made a transfer of a life True
insurance policy on his life two years prior
to his death. Even though he retained
no incidents of ownership in the policy,
the proceeds will be includible in his
gross estate.
No marital deduction is generally available True
for gifts of terminable interests in property.
Testamentary charitable gifts are deductible
False up to 50 percent of the adjusted gross
estate.
The annual gift tax return is due on the same
True
day as the individual income tax return for a
calendar year taxpayer.
Gifts to political organizations are not True
subject to gift tax.
The unified credit is the same for gift tax True
purposes as for estate tax purposes.
Students also studied
C
Practice questions for this set
Terms in this set (45)
Gift taxes paid on post-1976 gifts are True
generally allowed as a credit against the
tentative estate tax.
, For 2012 the first $5,120,000 of the taxable True
estate is generally tax-free due to the
allowance of a $1,772,800 tax credit.
The estate tax is not levied on tax-exempt
False municipal bonds.
Nine months before he died Donald
False Drucker gave $501,000 to his son. The gift is
includible in his gross estate.
If the spouse of the transferor under the
False Uniform Transfers to Minors Act is the
custodian, the property is includible in the
spouse's estate.
Private annuities are more attractive in
False estate planning under the present tables
than under the six percent tables.
Norma and John Baker's jointly owned home
True
(with right of survivorship) was fully paid for
by John. Nevertheless, when Norma
predeceased John, one-half the value of the
home is includible in her estate.
The insured made a transfer of a life True
insurance policy on his life two years prior
to his death. Even though he retained
no incidents of ownership in the policy,
the proceeds will be includible in his
gross estate.
No marital deduction is generally available True
for gifts of terminable interests in property.
Testamentary charitable gifts are deductible
False up to 50 percent of the adjusted gross
estate.
The annual gift tax return is due on the same
True
day as the individual income tax return for a
calendar year taxpayer.
Gifts to political organizations are not True
subject to gift tax.
The unified credit is the same for gift tax True
purposes as for estate tax purposes.
