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56 Cards in this Set

  • Front
  • Back
2056
Marital Deduction
6161
12 month extension to PAY
6081
Extension to FILE estate tax return
2518
Qualified disclaimer.
Treated as if predeceased.
Must be filed within 9 months.
2001 (c)
Rate schedule for estate tax
2054
Estate tax deduction for casualty losses
2053
Estate tax deductions for funeral and administration expenses
2032A
This provision provides a favorable method of valuing interests in farms or certain real estate assets at the value being used, not the best or highest value
754
Election to increase tax basis of flowthrough entity to reflect underlying assets
303
Sales of stock that can be treated as redemptions
1014
Step up in basis
615
Simple trust is one that is required to:
1) distribute all of its income currently
2) makes no distributions other than of current income, and
3) has no provision for charitable contributions.
2035
Three year rule
(Only applicable to assets which may rapidly appreciate at time of death - life interests (2036), life insurance (2042), etc.)

Exception for bona fide payment.
2042
Proceeds of insurance included in taxable estate if:
- "incidents of ownership"
- or if proceeds were payable to estate.
441
Fiscal year for estate ends 12 months after date of death
645
Election to treat trust and estate as one entity for income tax purposes
2055
Estate tax deduction for charitable transfers
101
Insurance payable to a beneficiary is generally not includable in the beneficiary's income tax. However, transfers for value are includable, unless the purchaser is a partner of the deceased.
6166
Deferral of estate taxes up to 14 years on closely held businesses
2010
Credit against estate tax
2501 (a)
Imposition of gift tax
2039
Retirement benefits are includable in taxable estate
2041
General powers of appointment are included in taxable estate. Limited powers of appointment are not.
2514
General powers of appointment create taxable gifts. Limited powers of appointment do not.
2036 (a)(1)
Transfers of property over which the taxpayer retained either

(a)(1) the enjoyment, or
(a)(2) control,

over the asset during life are includable.

Exception for bona fide payment
2652 (a)(3)
Reverse Q-tip
2702
Split interest trusts (QPRTs and GRITs)
Subtitle B
Estate and Gift Taxes
2056 (b)(7)
Q-tip provisions
1362
S corp election
Chapter 14
Special valuation rules
2038
Taxable estate includes property when decedent posssesses power at death to alter, amend, revoke or terminate (either alone or with someone else)
Chapter 13
GST Tax
2033
All property owned by decedent and transferred to another as a result of death is includable in taxable estate.
This is the bulk of the estate.
Chapter 12
Gift tax
2001 (a)
Estate tax is imposed on death on all citizens or residents of the US
Chapter 11
Estate tax
2057
Deduction for qualifying family owned businesses
671
Grantor trust rules
72
TTT
2037
Reversionary interests included in taxable estate. Included if:
- beneficiary must survive the transferor to possess or enjoy and
- if the transferor possesses a reversionary interest worth more than 5% prior to his death
651
Complex trust rules. A trust that is not a simple trust is a complex trust
1361 (d)
Q-sub
2040
Generally joint interests are includable unless consideration furnished (?). If H&W, it's assumed 1/2 each. See Gallenstein.
2032
Taxpayer may elect alternate valuation at first to occur of 6 months after date of death or earlier postmortem disposition of property
2031
Taxable estate is generally valued at fair market value at date of death
2043
Consideration
2703
Provides two additional rules to be added to four Wilson-Lomb requirements in order for a buy sell agreement to fix estate tax values
Rev. Rul. 59-60
Lists factors used to value a closely held business
2503 (b)
Annual exclusion
needs to be a present interest
Form 1023
Application for recognition of exemption (for non-profits)
Fee for 1023 paid on 8718
1014 (e)
No full step up in basis for marital trust if gifted by non-decedent spouse within one year
121
Exclusion from sale of personal residence.
Must own and occupy residence 2 of past 5 years.
250k step up in basis per taxpayer.
2207A
Trustees of QTIP trust are required to pay pro rata tax on second death
663(b)
65 day rule - amounts paid within first 65 days are considered paid on last day of preceding tax year
663(c)
Substantially separate and independent Shares shall be treated as separate trusts