To determine whether a taxable gift has been made, the IRS focuses on all the following factors EXCEPT:
Answer(s): A
Which of the following is (are) a permissible deduction from a decedent's gross estate to determine the decedent's adjusted gross estate?1. Expenses incurred for the benefit of individual heirs.2. Expenses incurred in the collection of estate assets.
Answer(s): B
A father plans to create a trust for the benefit of his 22-year-old son and wishes to take advantage of the gift tax annual exclusion. He has named a bank as trustee. Which of the following trust provisions would cause the gifts to be ineligible to qualify for the gift tax annual exclusion?1. The trust income is to be paid to the son or accumulated at the discretion of the trustee.2. The income is to be accumulated until the son reaches age 32 when all accumulated income and principal are to be distributed to him.
Answer(s): D
All the following will be brought back into the donor's gross estate for federal estate tax purposes EXCEPT
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