Which is TRUE? Group of answer choices Filing of return is not required if no estate tax is to be paid Notice of Death is required if gross estate exceeds Php 5,000,000 Installment payment is allowed even in absence of BIR approval In case an error is made in the return, the same can be amended by filing a new one

Which is TRUE? Group of answer choices Filing of return is not required if no estate tax is to be paid Notice of Death is required if gross estate exceeds Php 5,000,000 Installment payment is allowed even in absence of BIR approval In case an error is made in the return, the same can be amended by filing a new one

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter4: Corporations: Organization And Capital Structure

Section: Chapter Questions

Problem 29P

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Question #26 of 85 Question ID: 1251787 Doris, 55, has $100,000 in liquid assets that she would like to transfer to her nephew, Matt, 22, for his comfort and welfare. Doris would like Matt to receive the income produced by these assets annually until he is 35. At that time, she would like to give the assets to him outright. Which one of the following is the most appropriate lifetime transfer technique for Doris to use to achieve her objectives? A) An Internal Revenue Code Section 2503(b) trust B) A gift of the assets under the provisions of the Uniform Gifts to Minors Act C) An Internal Revenue Code Section 2503(c) trust D) A 13-year reversionary trust
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Question #35 of 85 Question ID: 1251806 Your client, age 65, has a gross estate valued at $7,000,000, which includes life insurance on his life with a death benefit of $750,000 and payable to his wife, age 35, as the named beneficiary. His primary objectives are: To minimize estate taxes on his death To be assured that his son from a previous marriage receives part of the life insurance proceeds To minimize the income tax burden on his beneficiaries The insurance technique that is most appropriate to enable your client to achieve all of his objectives is to have the death benefit A) left with the insurer to be paid to his wife under an interest-only option. B) paid to a trust that gives his wife a general power of appointment over the funds. C) paid to a QTIP trust that restricts his wife’s right to the corpus and which gives the remainder to his son. D) paid to his wife under a fixed-income option for the duration of her life.