If a grantor establishes an irrevocable trust, the income of the trust will be taxed to the grantor if it is used to pay premiums for life insurance on the life of
Answer(s): C
All the following transfers are subject to the generation-skipping transfer tax (GSTT) EXCEPT:
Answer(s): A
All the following statements concerning property ownership by a married couple residing in a community-property state are correct EXCEPT:
Answer(s): D
A wife owns a $100,000 life insurance policy on her husband's life. She has named her son the revocable beneficiary. Which of the following statements concerning the life insurance is (are) correct?1. At the husband's death, the interpolated terminal reserve of the policy is a gift to the son.2. The annual increase in the cash value is a gift to the son.
Which of the following statements concerning state death tax exemptions and tax rates for classes of estate beneficiaries is (are) correct?1. Exemptions are determined by the closeness of the beneficiary's blood relationship to the decedent.2. Closest relatives receive the lowest tax rates and lowest exemption amounts.
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