Federal Estate Tax Flashcards
(6 cards)
1
Q
Types of assets entitled to lack of marketability discount
A
closely held business, Limited Partnership
2
Q
changing trustee to another third party - retained interest?
A
no
3
Q
Three year rules
A
- certain transfers of life insurance
- any gift tax paid out of pocket on gifts within three years of death. GROSS UP RULE.
- Any gift tax PAID.
4
Q
Adjusted Taxable Gifts
A
Taxable gifts made after 1976. Not included in the gross estate, they are added to the taxable estate.
5
Q
2503(b) trust - income distribution is mandatory or discretionary?
A
mandatory
6
Q
conservator vs guardian
A
conservator is money, guardian is people
