Estates & Trusts Flashcards
1
Q
Form 706- Federal Estate tax return must be filed & paid
A
Within 9months after decedent’s death unless an extension of time has been granted
2
Q
Simple trust
A
Allow to deduct exemption of $300
NOT ALLOW TO deduct:
+Charitable contribution
+std deduction
+ expense incurred in production of tax-exempt income
3
Q
Grantor trust
A
Trusts where grantor retains substantial control over the trust. Ex: transfer property to the trust and retain certain interest
