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Which is a direct skip

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Reference no: EM132932426

Problem 1: With respect to the gift tax annual exclusion in 2015:

A) Use of the annual exclusion within 3 years of the donor's death will cause the gift to be included in the donor's gross estate

B) A donee may receive a total of $16,000 on an annual basis from all donors

C) Allows a person to transfer $14,000 gift tax-free to any number of beneficiaries on an annual basis

D) The annual exclusion is not in addition to the lifetime gift tax unified credit applicable exclusion amount

Problem 2: A split gift:

A) Allows the utilization of twice the annual exclusion by related parties as long as an election is made

B) Allows the utilization of twice the annual exclusion by unrelated parties if an election is made

C) Allows the utilization of twice the annual exclusion only by spouses if an election is made

D) Allows the utilization of twice the annual exclusion by spouses requiring no election

Problem 3: Which of the following is a direct skip?

A) Grandfather, 80 years old, transfers $100,000 to his 41-year-old son

B) Grandfather, 80 years old, transfers $100,000 to his 20-year-old grandson

C) Grandfather, 80 years old, transfers $100,000 into a trust in which his 41-year-old son is the income beneficiary and his 3-year-old grandson is the remainder beneficiary

D) Husband, 80 years old, transfers $100,000 to his 41-year-old wife

Reference no: EM132932426

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