1. Sometimesalsoknownastransactiontaxes,Federalgiftand
estatetaxesareexcisetaxes.
a. True
b. False
2. Alifetimetransferthatissupportedbyfullandadequateconsiderationisnotagift.
a. True
b. False
.
3. Oneof
thereasons
theestate
taxwas
enactedwas
toprevent
theavoidance
ofthe
gifttaxby
themaking
of
âdeathbed
gifts.â
a. True
b. False
4. Atonepoint,thetaxratesapplicabletotransfersbygiftwerelowerthanthoseapplyingtotransfersbydeath.
a. True
b. False
5. Some
statesimposeinheritancetaxes,but
theFederaltaxsystemdoes
not.
a. True
b. False
6. Anestate
taxis
ataxontherightofanheirtoreceivepropertyonthedeathoftheowner.
a. True
b. False
7. A majority of states
currently do not impose any tax on transfers by death.
a. True
b. False
8. In some cases, the
Federal gift tax can be imposed on someone other than the donor.
a. True
b. False
9. Manuel, a citizen and
resident of Argentina, makes a gift to his children of a ranch located in
Colorado. Manuel will be subject to
the U.S. gift tax.
a. True
b. False
10.Kim, a resident and
citizen of Korea, dies during an operation at the Mayo Clinic in Rochester
(MN). Because Kim died in the U.S., he
will be subject to the Federal estate tax.
a. True
b. False
11.Paul, a U.S. citizen,
will avoid the Federal estate tax if he becomes a Canadian resident and owns no
property located in the U.S. at the
time of his death.
a. True
b. False
12.Becky made taxable
gifts in 2000, 2010, and 2013. In computing the gift tax on the 2013 gift, she
must consider all of the prior taxable
gifts.
a. True
b. False
13.ForFederal
estatetax
purposes,the
grossestate
cannotinclude
propertythe
decedentnolonger
owns.
a. True
b. False
14.ForFederal
estatetax
purposes,thegross
estatedoesnot
includepropertythat
willpassto
asurvivingspouse.
a. True
b. False
15.Forboth
theFederalgift
andestate
tax,adeductionisallowedforcertaintransferstoaspouse.
a. True
b. False
16.Inthepast,the
amountoftheunified
taxcreditalwayshas
beenthesame
forbothtransfersby
giftandtransfersbydeath.
a. True
b. False
17.
For
Federal estate and gift tax purposes, the exemption
equivalentis the same thing as the exclusion
amount.
a. True
b. False
18.If
thevalue
ofthe
grossestate
islower
onthe
alternatevaluation
datethan
onthe
dateof
death,the
dateof
deathvaluationcannot
beused.
a. True
b. False
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