Thursday, May 2, 2024
Taxation and Giving

1.3.2 Basic Quiz -- Estate Applicable Exclusion Amount
The estate tax exemption has always been around $1,000,000.
     True      False
The estate and gift tax credit are unified.
     True      False
The estate tax exemption has remained constant over 10 years.
     True      False
A person may use their annual exclusion this year together with their gift exemption to cover the cost of a gift.
     True      False
If a decedent has a taxable estate that does not exceed his or her unified credit, then the decedent's estate is entitled to a refund of the unused credit amount.
     True      False
If the taxable estate produces a tax that exceeds the estate credit, then the tax must be paid no more than nine months from the decedent's death.
     True      False
The estate tax is determined by including tax paid on gifts within three years of death.
     True      False
An executor may deduct certain expenses, charitable transfers, and marital transfers from the decedent's gross estate.
     True      False
If the taxable estate produces a tax less than the applicable credit there is no tax payable.
     True      False
The retention of the gift tax is to discourage generous behavior during a taxpayer's life.
     True      False



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