Morrow Died on January 15, 2018 Leaving the Following Assets:
Morrow died on January 15, 2018 leaving the following assets: What is the value of the estate if the alternative valuation date is elected and the house was sold on March 10 for $605,000 and the stocks were sold on June 30 for $265,000?
Both gross annual gifts and the gross estate are reduced for
A) charitable gifts.
B) gifts to a spouse.
C) annual exclusion.
D) Both (a) and (b).
The alternate valuation date for an estate
A) is elected by beneficiaries
B) should be elected if the size of the estate increases to receive higher bases
C) values the estate six months after the date of death
D) does not require the filing of an estate tax return to make the election
Which of the following is not an advantage of lifetime gifts?
A) The annual exclusion can shield thousands of dollars from taxation.
B) Property appreciation does not enter the estate tax calculation.
C) A stepped-up basis is secured for appreciated gifts.
D) Gift-splitting allows spouses to combine their annual exclusions