A married man is the sole owner of a small business with an estate tax value of $500,000. In addition, he and his wife own an office building as joint tenants with right of survivorship which they purchased five years ago. The building has an estate tax value of $1,500,000. They are considering dissolving the joint tenancy and retitling the building in the name of the husband as sole owner. All the following statements concerning this action are correct EXCEPT:
Answer(s): B
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.
Answer(s): D
Which of the following statements concerning the generation-skipping transfer tax (GSTT) is correct?
Answer(s): C
Which of the following statements concerning pooled-income funds is (are) correct?1. The fund contains commingled donations from many sources.2. A decedent donation purchases units in the fund which generate income that is paid at least annually to a charity.
Which of the following statements concerning ownership of property under a tenancy by the entirety is correct?
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