Solution-Which is a direct skip, Which is a direct skip?

Which is a direct skip

Assignment Help Financial Accounting

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

Questions Cloud

Operational excellence : Define the IT organizational structure and how the IT organizational structure impacts culture and change management practices.

What recommendations can medical offices use to ensure : What recommendations or tools can medical offices use to ensure effective alignment of policies and procedures? what ways do medical office procedures

Describe your workplace taking it industry : Describe your workplace taking an IT industry as an example. Describe in detail the industry this company belongs to, and who represents its customer base.

Which is true with respect to a taxable distribution : Which is true with respect to a taxable distribution? A distribution of income from one trust to a 2nd trust is considered a transfer to a skip person

Which is a direct skip : Which is a direct skip? 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

Name the basic constructs of ensemble model : Name the basic constructs of an ensemble model. What are the advantages and disadvantages of ensemble models?

Pros and cons of storing XML data : Discuss the pros and cons of storing XML data in a SQL Server database rather than storing the XML as documents in a file system.

Which taxable estate for federal estate tax purposes is : Which taxable estate for federal estate tax purposes is calculated in the manner? Gross estate less a conservation easement less allowable deductions

Which executor hasresponsibility to make all of elections : Which the Executor has the responsibility to make all of the following elections except? Alternate valuation date of assets. / Date of death valuation of assets

User Account

All Pages

Which is a direct skip

Reference no: EM132932426

Reference no: EM132932426

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT