Monday, May 6, 2024
Taxation and Giving

1.2.5 Basic Quiz -- Marital Deduction
The Tax Code provides an unlimited gift tax deduction for gifts to a donor's spouse.
     True      False
There are many forms of property ownership under state law, such as joint tenancy, community property or separate property.
     True      False
For a non-citizen spouse, the unlimited gift tax marital deduction is still available.
     True      False
A QTIP trust is a qualified trust that invests solely in intangible property.
     True      False
The creation and funding of a QTIP trust is taxable because children will eventually receive the property from the trust.
     True      False
A QTIP trust is designed to benefit the future spouse and future children of the donor's surviving spouse.
     True      False
A QTIP trust can be designed to distribute assets to charity at the surviving spouse's death.
     True      False
The creation of a charitable remainder trust by the donor for only the donor's spouse is a transfer of a terminable interest.
     True      False
Donor's creation of a charitable remainder trust for only his or her surviving spouse produces a marital tax deduction for the present value of the spouse's income stream.
     True      False
The creation of a charitable gift annuity qualifies for the unlimited gift tax marital deduction.
     True      False



© Copyright 1999-2024 Crescendo Interactive, Inc.