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A father plans to create a trust for the benefit of his 22-year-old son and wishes to take advantage of the gift tax annual exclusion. He has named a bank as trustee. Which of the following trust provisions would cause the gifts to be ineligible to qualify for the gift tax annual exclusion?
l. The trust income is to be paid to the son or accumulated at the discretion of the trustee.
II. The income is to be accumulated until the son reaches age 32 when all accumulated income and principal are to be distributed to him.
All the following transfers are subject to the generation-skipping transfer tax (GSTT) EXCEPT:
All the following statements concerning the gift and estate tax chartiable deduction are correct EXCEPT:
Ignoring the annual per-donee exclusion, all the following transfers are gifts for federal gift tax purposes EXCEPT:
Which of the following statements concerning the obligation of the personal representative of a decedent to file a federal estate tax return is (are) correct?
l. A return must be filed by a decedent's estate if the gross estate plus adjusted taxable gifts equals the applicable exclusion amount or more, even though no federal estate tax is due.
ll. Unless extensions are granted, the return must be tiled and the tax paid within 9 months of the decedent's death.
