Answered Essay: ock to her son Stephen with an adjusted basis of $10,000 and a fair market value of $15,000 on the date of gift. Six months later Stephen sells the

QUESTION 43

Which of the following credits is permitted in determining the unified transfer tax due?

 

The state death tax credit.

 

A credit for estate transfer taxes paid on property included in the decedent’s estate which was also included in a decedent’s estate 12 years prior.

 

A unified credit amount of $2,125,800.

 

A unified credit amount of $345,800.

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QUESTION 44

Roberta gives stock to her son Stephen with an adjusted basis of $10,000 and a fair market value of $15,000 on the date of gift. Six months later Stephen sells the stock for $8,000. Stephen’s basis in the stock is:

 

$8,000.

 

$15,000.

 

$10,000.

 

$15,000 but limited to $12,000.

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QUESTION 45

Which of the following is an estate planning tool designed to minimize probate costs?

 

Purchasing an annuity that is payable to one’s spouse on the owner’s death.

 

Allowing property to pass by intestate succession.

 

Creating a revocable living trust, but funding the trust with a pour-over provision in the decedent’s will.

 

None of the above.

Expert Answer

 

QUE 43

The law provides a unified tax credit that allows a certain value of property—the exemption amount (aka exemption equivalent)—to be passed free of estate or gift tax. Although most people think of the tax-free amount as being an exemption, the IRS actually calculates the exemption by granting a tax credit equivalent to the exemption.

UNIFIED CREDIT PERMITTED IS 2125800$

QUE 44

STEPHEN BASIS FOR THE STOCK IS $10000

BECOZ ITEM RECIEVED AS GIFT FROM REALATIVE IS TAXED AS PER PURCHASE PRICE OF OLD OWNER.HENCE BASIS FOR STEPHEN IS $10000

QUE 45

the following is an estate planning tool designed to minimize probate costs:

Creating a revocable living trust, but funding the trust with a pour-over provision in the decedent’s will.

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