1. � In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of 2. � On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016. If Vega did not request an extension of time for filing the 2016 gift tax return, the due date for filing was 3. � Under the unified rate schedule, 4. � During the current year, Mann, an unmarried U.S. citizen, made a $5,000 cash gift to an only child and also paid $25,000 in tuition expenses directly to a grandchild’s university on the grandchild’s behalf. Mann made no other lifetime transfers. Assume that the gift tax annual exclusion is $14,000. For gift tax purposes, what was Mann’s taxable gift? 5. � George and Suzanne have been married for 40 years. Suzanne inherited $1,000,000 from her mother. Assume that the annual gift-tax exclusion is $14,000. What amount of the $1,000,000 can Suzanne give to George without incurring a gift-tax liability? 6. � Which of the following payments would require the donor to file a gift tax return? 7. � The answer to each of the following questions would be relevant in determining whether a tuition payment made on behalf of another individual is excludible for gift tax purposes, EXCEPT: 8. � When Jim and Nina became engaged in April 2016, Jim gave Nina a ring that had a fair market value of $50,000. After their wedding in July 2016, Jim gave Nina $75,000 in cash so that Nina could have her own bank account. Both Jim and Nina are U.S. citizens. What was the amount of Jim’s 2016 marital deduction? 9. � Jan, an unmarried individual, gave the following outright gifts in 2016: 10. Which one of the following is a valid deduction from a decedent’s gross estate? 11. Which of the following credits may be offset against the gross estate tax to determine the net estate tax of a U.S. citizen? 12. Under which of the following circumstances is trust property with an independent trustee includible in the grantor’s gross estate? 13. Bell, a cash basis calendar year taxpayer, died on June 1, 2016. In 2016, prior to her death, Bell incurred $2,000 in medical expenses. The executor of the estate paid the medical expenses, which were a claim against the estate, on July 1, 2016. If the executor files the appropriate waiver, the medical expenses are deductible on 14. Within how many months after the date of a decedent’s death is the federal estate tax return (Form 706) due if no extension of time for filing is granted? 15. The generation-skipping transfer tax is imposed 16. Fred and Amy Kehl, both U.S. citizens, are married. All of their real and personal property is owned by them as tenants by the entirety or as joint tenants with right of survivorship. The gross estate of the first spouse to die 17. What is the due date of a federal estate tax return (Form 706), for a taxpayer who died on May 15, year 2, assuming that a request for an extension of time is not filed? 18. In connection with a “buy-sell” agreement funded by a cross-purchase insurance arrangement, business associate Adam bought a policy on Burr’s life to finance the purchase of Burr’s interest. Adam, the beneficiary, paid the premiums and retained all incidents of ownership. On the death of Burr, the insurance proceeds will be 19. The federal estate tax may not be reduced by a credit of 20. Ordinary and necessary administration expenses of an estate are deductible: 21. H and W are married citizens. All of their real and personal property is owned as tenants by the entirety or as joint tenants with right of survivorship. The gross estate of the first spouse to die: 22. Under the provisions of a decedent’s will, the estate’s executor made the following cash disbursements: I. A charitable bequest to the American Red Cross. II. Payment of the decedent’s funeral expenses. What deduction(s) is(are) allowable in determining the decedent’s taxable estate? 23. Which of the following items of property would be included in the gross estate of a decedent who died in 2016? 24. If the executor of a decedent’s estate elects the alternate valuation date and none of the property included in the gross estate has been sold or distributed, the estate assets must be valued as of how many months after the decedent’s death?
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