An executor may value assets in the gross estate of a decede…
An executor may value assets in the gross estate of a decedent as of the date of death or the alternate valuation date 6 months after death. Assuming the executor elects the alternate valuation date, which of the following statements is (are) correct? (1) Property sold by the executor before the alternate valuation date is valued at its arm’s-length sale price. (2) Property may be valued at the alternate valuation date if it will reduce the gross estate and the estate tax due.
Read DetailsSame facts as the previous question, but Rob died in a skydi…
Same facts as the previous question, but Rob died in a skydiving accident before such transfer took place. Which of the following statements is (are) correct concerning the taxation of this transfer? (1) The transfer is subject to the generation-skipping transfer tax. (2) The transfer is subject to the federal gift tax.
Read DetailsUnder which of the following circumstances would a decedent…
Under which of the following circumstances would a decedent be considered to have died intestate? The decedent handwrote a will but did not sign or date it. The decedent was not of “sound mind” when they signed the statutory will. The decedent failed to prepare a last will and testament.
Read DetailsViola has been appointed executor of her business partner’s…
Viola has been appointed executor of her business partner’s estate. Which of the following statements concerning her role as executor is (are) correct? (1) Viola will have to post a bond unless the decedent’s Will specifically provides to the contrary, or unless all beneficiaries agree that she doesn’t have to post a bond. (2) The court will issue letters testamentary to Viola granting her authority to act on behalf of the estate, if she applies and qualifies.
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