Estate Flashcards
(232 cards)
1
Q
Efficient transfer - What is this?
A
When the assets are transferred to the transferred wishes
2
Q
Effective transfer - What is this?
A
When the assets are transferred with the least amount of taxes
3
Q
What can a CFP do and cant do with in regard of estate planning?
A
You can explain things to clients but you can’t draft legal documents (that is for attorneys) // CFP should refer clients to attorneys for legal advice
4
Q
What is a decedent?
A
Deceasded person
5
Q
What is a heir? Legatee?
A
Person who inherits property under state laws (Not a will) // Person who inherits property under a will
6
Q
What is a donor? Donee?
A
Person who gives a gift to someone // Person who receives the gift
7
Q
What is an abatement? Ademption?
A
When a bequest has been reduced ($100k portfolio reduced to a $20k portfolio) // A right has been extinguished (If a will has me given a mustang, but my mom sells it and buys a tesla, then dies - I don’t get the tesla)
8
Q
Gift vs Bequest
A
Gift is when you give something while you are alive // Bequest is when you give something to someone when you are dead
9
Q
What does a will avoid?
A
Avoids intestacy
10
Q
What are the two requirements for a person who writes a will?
A
1) Age 18 2) Must have a sound mind
11
Q
Durable power of Attorney - definition
A
To be able to act on a persons behalf even when the principal is incapacitated
12
Q
Durable power of attorney for health care - definition
A
To be able to act on a persons health care decisions when the principal is incapacitated
13
Q
Advance medical directive - Definition
A
this directions to the doctors if you are unable to communicate
14
Q
Holographic will - definition
A
hand written will, must be sign and dated by testator
15
Q
Noncupative will - definition & what does this only cover?
A
Oral will that covers tangible personalty only (Dying declarations with a witness)
16
Q
Statutory will - definition
A
Drawn by an attorney (Best choice)
17
Q
Survivorship clause - Definition + time limit for Unlimited maritial Deduction
A
Requires the beneficiary to survive the decedent for a specific amount of time (Cannot be longer than 6 months to qualify for Unlimited martial deduction)
18
Q
Disclaimer clause - Definition
A
the heir can disclaim the bequest that is supposed to go them and it will be sent to someone else
19
Q
Disclaimer clause - What are the 3 requirements?
A
1) disclaiming party can not benefit 2) To disclaim, you need to do this in writing within 9 months of decendent date of death 3) If you disclaim the property, you cannot direct where it goes
20
Q
Power of attorney - What power is this?
A
This is the power to act on behalf of the principal
21
Q
Power of attorney - What are the two types of POA?
A
General or limited
22
Q
Power of attorney - What is limited POA? What is general POA?
A
You are able to act on behalf of the principal in certain areas of life (Ex - Real estate only) // General POA is when you are able to act on behalf of the principal in all areas
23
Q
Power of attorney - When can this be revoked?
A
Anytime by principal
24
Q
Power of attorney - When does this power end? (If it isn’t revoked by the principal)
A
When the principal dies
25
Power of appointment - What is this?
Giving someone the ability to transfer assets (attached on the POA document)
26
Power of appointment - What are the two forms of this?
General or limited
27
Power of appointment - What does general and limited allow you to do?
General - when you can appoint assets anywhere (To your creditors etc.) // Limited (Ascertainable standard) - You can use the assets for HEMS (Health, education, maintence, support)
28
Power of appointment - can this survive if the principal dies?
Yes if it’s a trust, No if not
29
Power of appointment - When can this be revoked?
Anytime by principal
30
Power of appointment - What is the downfall of this?
If the agent dies before the principal, the all of the assets are under the gross estate of the agent
31
Power of attorney - what if the agent wants to do harmful action request to the account?
The planner can refuse to take such action (You can protect the principal)
32
Power of appointment (Limited vs general) - What is used for a maritial Trust and non marital trust?
Marital trust - General // Non-marital trust - Limited
33
Probate - Advantages
Clears title of assets, the process is a legal orderly process
34
Probate - disadvantages
Costly, delays, publicity
35
Testate vs Intestate - what is the difference between the two when they go through probate?
Testate - Will (a letter) to the judge that tells him where the assets go // Intestate - the state laws dictate where the assets go
36
Probabte - what does not avoid probate?
No survivorship feature, no beneficiary (Sole ownership property, community property, no beneficiaries)
37
Avoids probate - what does state contract law mean?
Named beneficiaries on LI, annuities, IRAs etc
38
Sole Ownership - # of owners
1
39
Sole Ownership - Does this have a survivorship feature?
No
40
Sole Ownership - Is this included in probate? (How much)
Yes (100%)
41
Sole Ownership - Is this included in gross estate?
Yes
42
Sole Ownership - Does this step to FMV at death?
Yes
43
Tenants in Common - # of owners
2 or more
44
Tenants in Common - Does this have a survivorship feature?
No
45
Tenants in Common - Is this included in probate? (How much)
Yes (% Owned)
46
Tenants in Common - Is this included in gross estate?
Yes
47
Tenants in Common - Does this step to FMV at death?
% of persons property gets stepped up
48
JTWROS - # of owners
2 or more
49
JTWROS - Does this have a survivorship feature?
Yes
50
JTWROS - Is this included in probate? (How much)
No
51
JTWROS - Is this included in gross estate?
Yes
52
JTWROS - Does this step to FMV at death?
%
53
Tenancy by the entirety - # of owners
2
54
Tenancy by the entirety - Does this have a survivorship feature?
Yes
55
Tenancy by the entirety - Is this included in probate? (How much)
No
56
Tenancy by the entirety - Is this included in gross estate?
Yes
57
Tenancy by the entirety - Does this step to FMV at death?
%
58
Community Property - # of owners
2
59
Community Property - Does this have a survivorship feature?
No
60
Community Property - Is this included in probate? (How much)
50%
61
Community Property - Is this included in gross estate?
50%
62
Community Property - Does this step to FMV at death?
Both halves get stepped up
63
Gifts - who normally is responsible to pay the gift tax? (Donor or donee)
Donor
64
Gifts - who pays the tax of the gift when it is a net gift?
Donee
65
Gifts - what is the annual amount?
$17,000
66
Gifts - what is gift splitting?
When you and your spouse split the gift ($34,000 together)
67
Split gifts - what tax return do you file and what happens to other gifts to that year?
Form 709 // all gifts for that year are now split gifts (No more individual gifts for that year)
68
Split gifts - what happens if one of the spouses die? What can a spouse do for gift splitting?
The surviving spouse can elect to split gifts made by the decedent in the final tax year (Executor can give consent for this) (Surviving spouse cannot remarry in that year)
69
Gifts - what is the "Super annual exclusion"
Gifts to Non-U.S. citizen spouse limited to $175,000 (2023) - this is because they do not qualify for the unlimited marital deduction
70
Gifts - What is present interest?
(can have annual exclusion of $17,000) When a gift to the donee is available to the immediate use of the property
71
Gifts - What is future interest?
(cant have annual exclusion of $17,000) When a gift to the donee is contingent to some sort of date or time (Gift to trust - Cole cannot receive the money until he reaches 30)
72
Crummey provision - what is the intent of this?
This provision is applicable to a trust and it creates a present interest for the recipient by being able to take the money out so it (Only for a limited time - then the power lapes). Since it creates a present interest, the annual exclusion applies to the trust
73
Marital deduction - what is so special about this?
Unlimited transfers from spouses without using gift tax (US spouses only)
74
Charitable deduction - what is so special about this>
The donor gets unlimited charitable deductions to qualified charities
75
Applicable exclusion amount - What is the amount up to (And credits)
$12,920,000 // $5,113,800
76
Form 709 - what is this return called?
Gift tax return
77
Form 709 - when should this be filed?
April 15 of the following year (You can extend this by extending the income tax return)
78
What is the gift tax for gifts above 1 millon? (Must know this number)
$345,800 plus 40% of the excess amount over $1,000,000
79
Gifting Strategies - Why should the donor give the appreciating asset away?
Because it will leave the gross estate
80
Gifting Strategies - Why should you not gift a property that is in a loss position?
You should sell it instead so you can capture the loss and then give the cash to the donee
81
Gifting Strategies - What asset should you give to the youngest donee?
the greatest appreciation potential asset
82
Gifting Strategies - What aseet should you give to charity?
the biggest appreciated property (to avoid capital gain taxes)
83
Gifting Strategies - What asset should you give to the lowest marginal income tax bracket donee?
the highest income-producing asset so the income gets taxed at a lower rate
84
Per Stirpes vs Per Capita
Per Stirpes - by the root // Per capita - everyone is the same (Not capitalism)
85
Gift vs Bequest - Differences?
Gifts - made while the donor is alive (can use annual exclusion) // Bequest - gifts done when the donor has pass away (Cannot use the annual exclusion)
86
Gross estate - Life insurance are in the gross estate when - time limit
transferred within 3 years
87
Gross estate - Life insurance are in the gross estate when - Owned on another person
IF: 1) Premum pay status - interpolated terminal reserve (Cash value + Accruals) 2) Paid up - replacement value
88
Gross estate - Life insurance are in the gross estate when - Owned on Decedent
Death benefit (Face Value)
89
Gross estate - Gift taxes are in the gross estate when…
they are paid under 3 years before death
90
Reversionary Interest
The grantor will get back the interest from the interest of the beneficiary's term or death occurs - [Includeable in gross estate]
91
Retained Interest
The grantor gets some sort of interest benefit despite the gift going to a beneficiary (Ie Grantor gives the house to his kid but reserves the right to live in it whenever he wants) - [Includeable in gross estate]
92
General or limited power of appointment - which one is includes gross estate?
General power of appointment
93
How far out is the "Alternated valuation date"
6 moths after date of death
94
Ascertainable standard - what is this?
When you have power of appointment and you are limited to HEMS (Health, Education, Maintenance, Support) and this does not create inclusion in gross estate
95
Closely held business - What are the 4 Valuation discounts
1) Minority Discounts 2) Lack of Marketability Discount 3) Blockage discount 4) Key Person Discount
96
Valuation Discount - Minority Discount
When you have a small portion in the company (Less than 50%)
97
Valuation Discount - Lack of Marketability Discount
There is not a lot of of demand for this so it is hard to sell
98
Valuation Discount - Blockage discount Discount
You have so much that if you sell it, the demand will go down (therefore the price will too)
99
Valuation Discount - Key Person Discount
The business relies on this person and the company suffers without them
100
Valuation of Financial securities - If it is on a trading day
you will find the average of the high and low FMW on the trading day
101
Valuation of Financial securities - If it is a stock that is not actively traded
((Trading price AFTER decedent DOD X # of days between DOD and the FIRST preceding trade) + (Trading price BEFORE decedent DOD X # of days between DOD and the NEXT preceding trade)) DIVIDED BY (Sum of days before and after death)
102
Incidents of ownership for life insurance policy- what are some examples
Name or change of beneficiary, surrender or cancel the policy, receive dividends, borrow from the cash value, assign/revoke rights
103
When is the 709 Gift tax return due by?
April 15th
104
When is the 706 estate tax return due by?
9 months from DOD (you can get an extention for an additional 6 months to file BUT not to pay)
105
Who makes the election to do the alternate valuation date?
Executor
106
Alternate valuation date - what are the two requirements in order to use this?
1)Lower gross estate 2) Lower estate tax due
107
Alternate valuation date - what are wasting assets (what is special about them)
Assets that have there value attached to a term - (Notes, patents, annuities) // When calculating them for the alternate valuation date, you only use the DOD value
108
Alternate valuation date - What happens when assets are disposed?
Instead of using the 6mo revaluation date, you use the sales price
109
What are examples of deductions from the gross estate? (To get adjusted estate)
Funeral expenses, Casualty losses, Debts, Admin expenses, last medical expenses
110
How do you get taxable estate?
Adjusted gross estate - (Charitable deduction + Marital deduction) = Taxable estate
111
What are the advantages to the unlimited marital deduction? (2)
1)You can fund the other spouse's gross estate 2) Defer estate tax payments
112
To be eligible for the unlimited marital deduction, there are 2 requirements -
1) Us citizen spouse 2) Married at the time of death or gift
113
Qualifications for the martial deduction are: (There are 3!)
1)must be in the decedent's gross estate 2)Has to only be transferred to the spouse, no one else 3)Terminal interest rule (Surviving spouse's interest cannot terminate at the future date)
114
Terminal interest rule - Example that would NOT work?
I leave the house to my surviving spouse but after 10 years, the children will take it over
115
Terminal interest rule - exceptions (you can take the marital deduction still)
1) 6 Month survival contingency 2) A trust (Spouse has GPOA and have terminal interest) 3) QTIP trust 4)CRT where the spouse is the only noncharitable beneficiary
116
Non-Citizen Spouse - 2 remedies to get unlimited marital deduction
1)Have the surviving spouse become a citizen before the due date of the 706 tax return (9 months) 2) Utilize Qdot
117
What is a QDOT? Qualified domestic trust
Post mortem election where there is 1 US trustee where the trust has the right to withhold taxes and the executor can elect maritial deduction
118
What is the applicable estate tax credit?
$5,113,800 - 2023 ($12,920,000 election)
119
What is "Prior transfer credit"?
This is credit that you can get if you have paid estate taxes in the last 10 years
120
What is "Foreign death taxes credit"?
credit for the tax you paid on property that is located outside of the US
121
Estate Taxes - Penalties
Failure to file: 5% per month up to 25% // Failure to pay 0.5% per month up to 25% (Concurrent months are reduced by failure to pay)
122
Portability - What is this and how form is this elected on?
(Election in 706 )This is a donation of unused exemption to the surviving spouse. (You use the last deceased spouses unused exemption) (Max of $12.92 mil)
123
IRD - what is this?
Incomes that was assigned to the decedent and entitled to be paid but died before paid
124
IRD - what is a big downside to this? 2 things
No step up to fair basis AND included in the gross estate
125
IRD - Examples
All IRAs and qualified retirement account (Excluding all Roth accounts), annuity payments, unpaid debt from installment note
126
Transfers not subject to gift tax - what are they?
Legal support, qualified transfers (Direct payment to medical/educational institutions, below-market rate loans, unlimited marital deduction
127
Partial Sale-gift transactions - What is the amount that is subject to a gift?
the gift is the difference between the FMV and the sale price
128
Private Annuities/SCIN - what condition is the seller usually in?
when the seller in poor health
129
Private Annuities - what is the risk for the buyer?
that the seller will live longer than initial thought of
130
SCIN - What is the term of payments?
determined by seller
131
SCIN - is there deductibility on the interest?
Depends on the property (Business property - yes)
132
SCIN - What is the buyer's adjusted tax basis?
Purchase price of the property
133
SCIN - is ther collateral interest that the buyer must pay the seller? (To make it secure)
Yes
134
Private Annuity - What is the term of payments?
Life of annuitant
135
Private Annuity - is there deductibility on the interest?
none
136
Private Annuity - What is the buyer's adjusted tax basis?
sum of annuity payments
137
Private Annuity - is ther collateral interest that the buyer must pay the seller? (To make it secure)
No
138
Family Limited Partnership (FLP) - what is this?
Partnership created to give assets to the younger generation through gifts of the annual exclusion. Where the general partner (parent) has 1% and the (limited partners) children have 99% by using discounts
139
Family Limited Partnership (FLP) - what are the two discounts that FLPs use?
Lack of marketability discounts and minority shares
140
The trustee is held by acting as a _____ to the beneficiaries.
Fiduciary
141
Why use a trust - management
some people are not capable to manage the assets
142
Why use a trust - creditor protection (Spendthrift clause)
The beneficiary cannot promise to give assets that are in the trust to anyone and if a promise is made, it is void
143
Why use a trust - split interest in property
You are able allocate assets without splitting everything up or selling (Gifting the farm to 5 kids where only 2 of them will run it)
144
Why use a trust - avoid taxes (Irrevocable trusts)
You can transfer future appreciation assets and reduce the gross estate (Does not apply to revocable trusts)
145
Why use a trust - avoid probate
Takes precedent and the state will oblige to whatever the trust says
146
Revocable vs irrevocable trust - which is a completed gift?
irrevocable trust
147
What could cause a non completed gift in an irrevocable trust?
Retained interest (i still get to choose where this goes…)
148
Grantor trust - who gets taxed
income taxed to grantor
149
Non Grantor trust - who gets taxed? 1) Distribution 2) accumulation
1) distribution - taxed to the beneficiaries 2) accumulation - taxed at the trust rates
150
Simple trust
Any income that comes in the trust must be distributed
151
Complex trust
this allows for income to be accumulated in the trust
152
What makes a grantor trust?
(Inter vivos trust) the person who put the money into the trust and the income is payable/paid to that person or the spouse // the person has rights to borrow, dispose, or return back to the grantor
153
Revocable vs irrevocable trust - which can be revoked by the grantor?
the revocable
154
Inter vivos trust vs testamentary trust - what is the main difference?
Inter vivos - created during life // Testamentary - created at death
155
Standby trust
this trust is waiting for something to trigger and then this will be filled
156
Pourover trust
this trust receives assets from another source (Can be from a pourover will)
157
Inter vivos trust - revocable vs irrevocable for gifts
Irrevocable can do a gift and can use the annual exclusion (If it has crummy powers) // Revocable - not a completed gift
158
GRAT - how does it pay?
Fixed annuity
159
GRAT & GRUT - what is the gift amount made?
present value of the remaineder interest
160
GRUT - how does it pay?
Variable annuity
161
GRAT & GRUT - what assets would be good to put in each of them?
GRAT - hard to value assets // GRUT - easy to value assets
162
GRAT & GRUT - which one has to be revalued every year?
GRUT
163
QPRT - what asset is this for?
Personal residence
164
QPRT - what is the income?
being able to rent the property for free
165
QPRT/GRAT/GRUT etc - what is the biggest risk to this?
the grantor dying within the term and the FMV is included in the FMV
166
ILIT - what is the 2 main reasons for this?
1) Keeping it out of the gross estate (If no incidence of ownership) 2) Providing liquidity to beneficiaries
167
ILIT - what provision is usually included in this?
cummey provision
168
Trusts for minors 2503(b) - 1) what is this 2) who is this for?
1) can hold assets for lifetime of beneficiaries but must distribute income annually 2) bad boys (Not trusted)
169
Trusts for minors 2503(c) - 1) what is this 2) who is this for?
1) Allows the accumlation of assets but when the child gets to be 21, it can be fully available to child 2) choir boys (trusted)
170
Trusts for minors 2503(b) & 2503(c) - Annual exclusion for each othem?
(b) - annual exclusion available for the income interest to child (c) - annual exclusion available for the contribution
171
ABC trust arrangement (A trust) - what power does the surviving spouse have?
GPOA and qualifies for maritial deduction
172
ABC trust arrangement (A trust) - does it qualify for marital deduction?
Yes
173
ABC trust arrangement (B trust) - what is the point of this trust?
to use the applicable credit amount for nonspousal beneficiaries & no inclusion of gross estate to surviving spouse estate
174
ABC trust arrangement (B trust) - can the spouse have any access to this?
Spouse can get income (HEMS) "5-and5"
175
ABC trust arrangement (C trust) - What power does the survivng spouse have?
LPOA
176
ABC trust arrangement (C trust) - who is the beneficiary?
Annual income for the spouse only
177
ABC trust arrangement (C trust) - What can the surviving spouse demand of the trustee to do?
Invest more into income producing assets
178
ABC trust arrangement (C trust) - Who is in control of where the assets go?
the decedent
179
QTIP Trust - how long does the executor have to elect the QTIP trust? What tax form?
1) 9 Months plus 6 months (Extension) - 15 months 2) 706
180
QDOT - what is this?
(Post mortem election) Trust which includes a domestic trustee that allows noncitizen spouse to qualify for the marital deduction
181
Pooled income funds (PIF) - what is this?
Small gifts that are contributed into a trust that the charity manages. Provides income to the donor
182
CRAT - Length life or term - what is the length of the term can't be longer than?
Cannot be more than 20 years
183
CRAT - can there be additional contributions after inception?
No
184
CRAT - can you change the beneficiary?
Yes
185
CRAT/CRUT - which can invade corpus if income is insufficient for payment?
CRAT
186
CRAT/CRUT - what is more flexible?
CRUT
187
CRAT - what should the amount atleast be to the grantor?
5% or more to the initial FMV
188
CRAT - what should the remainder interest be?
10% or more to the initial FMV
189
CRUT - what should the amount atleast be to the grantor?
5% or more to the "revalued" FMV
190
CRUT - can there be additional contributions after inception?
Yes
191
CRUT - what should the remainder interest be?
10% or more to the initial FMV
192
CRUT - when is this valued?
Every year
193
CRAT - when is this valued?
at inception
194
Non-Trust Interest Charitable gift
Donate the property to charity (Personal residence or a farm) - you get to live there rent free. When you die, they get the property. (Similar to a QPRT)
195
Charitable Lead trusts - what is this
the charity is getting income every year (Grantor gets income tax deduction) and the remainder is to a NONcharitable beneficiary
196
Testamentary (At death) - giving to charities - is there a deduction for 1) income tax 2) estate deduction
1) income tax - no deduction 2) Estate tax - must be mandatory (Already documented)
197
IRC section 6166 - who is this for and what is this?
1) Closely held business 2) Able to extend estate taxes over a 14 year period (4 years are interest only / 10 years are payments) up to $1,750,000
198
IRC section 6166 - how much of the value of the business interest must be of the gross estate of the decedent?
at least 35%
199
IRC section 6166 - what types of closely held business?
Sole proprietorship, partnership (at least 20% of capital interest), Corporation (20% of voting stock)
200
IRC Section 2032A - what is this for?
FMV implies that it is used at its best use. If a family owned a farm, they are able to decrease the FMV by $1,310,000 to lower estate taxes
201
IRC Section 2032A - what are the requirements?
Must be actively managed by family after decedent 5 out 8 years, Real/personal property 50% of gross estate, real property 25% of gross estate, use of property must be at least 10 years
202
Section 303 - what is this for?
you can redeem stock from an estate up to: the estate/inheritance taxes, estate admin costs, funeral costs
203
Section 303 - 1) Who is this only applicable to? 2) how much of the this stock must be of the gross estate?
1) Corporations 2) Must be more than 35% of decedents gross estate
204
Skip person - Lineal decendent
two or more generations younger than the transferor
205
Skip person - Unrelated transfees
37 1/2 years younger than the transferor
206
When is a trust a skip person?
if all interests are by skip persons // if distributions are only made to skip persons
207
Predeceased ancestor rule
If the child of a transferor dies, the grandchild moves up in line. (No GST)
208
What are the 3 types of transfers that are subject to GSTT
Direct skips, taxable terminations, taxable distributions
209
Direct skip - What is this? Who is paying taxes?
outright gift to skip person, (person giving) is generally liable for the GSTT on a direct skip. If the gift was given from a trust, then trustee is liable
210
Direct skip - what if it is to the great grandchildren? How many skips are there?
it will still only be taxed once no matter how many skips there are
211
Direct skip - who usually pays the GSTT?
Transferor
212
Taxable termination - what is this?
the remainder beneficiary when the trust is being terminated
213
Taxable termination - who is responsible for the GSTT
Trustee
214
Taxable distribution - what is this? Who is taxed?
the trust does not end and the money go directly to the skip person BUT money leaves the account. Transferee (Receiving) is liable for the GSTT
215
Taxable distribution - Who is responsible for the GSTT
Transferee (Person receiving the money)
216
GST Exlusions - Annual exclusion and lifetime exemption
$17k and 12,920,000
217
GST Exemptions - What does it mean if the transferor wants to elect out?
They can elect out of paying GSTT until they pay and then they can have it be allocated at death (Direct skips are allocated first)
218
1) Revocable 2) Irrevocable trusts - Income tax
1)Income taxed to grantor 2)Income taxed to beneficiaries / income to trust is retained - taxed to trust (unless it’s a grantor trust, which all income is taxed to grantor)
219
1) Revocable 2) Irrevocable trusts - gift tax
1)not a gift because the person can take the property back 2)completed gift and subject to gift tax
220
1) Revocable 2) Irrevocable trusts - Estate tax - gross estate
1) FMV included in gross estate 2)Not included in gross estate UNLESS: retained an interest as of DOD OR grantor released his interest within 3 years OR funding the trust generated gift tax within 3 years
221
1) Revocable 2) Irrevocable trusts - Generation skipping tax
1)not an issue because assets are includeable in grantor's estate 2)Can be an issue depending on the beneficiaries of people
222
Life insurance - Transfer for value rule exceptions
1)the insured 2)partner of the insured 3) partnership where the insured is a partner 4)corporation where the insured is a shareholder or officer 5) transferee who takes the transferor basis in the contract
223
1040 - Deduction for Unpaid expenses
yes
224
1040 - Deduction for casualty losses
no
225
1040 - Deduction for executor fees
no
226
1041 - Deduction for Unpaid expenses
no
227
1041 - Deduction for casualty losses
yes
228
1041 - Deduction for executor fees
yes
229
706 - Deduction for Unpaid expenses
Yes
230
706 - Deduction for casualty losses
Yes
231
706 - Deduction for executor fees
yes
232
What is the GSTT rate
40%
