Which statements accurately describes transfer tax planning

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Problem 1: Which of the following statements accurately describes a transfer tax planning issue?

Option 1: A gift for a minor child, distributable to the child upon the child's 18th birthday, is a taxable gift to the extent that it exceeds a present value of $14,000.

Option 2: Upon the death of one its owners, a property owned in joint tenancy automatically goes to the survivors and bypasses the estate of the decedent.

Option 3: Gifts given in contemplation of marriage, such as an engagement ring to a fiancée, are excludable from taxable gifts so long as the marriage occurs no later than sometime within the following tax year.

Option 4: Income in respect of a decedent, includible on the fiduciary income tax return, is excluded from the valuation of the gross estate of the decedent.

Reference no: EM132835448

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