A donor is entitled to this when a recipient receives an economic benefits and an immediate unrestricted right to property
What is the annual exclusion?
100
Generally, an individual has 9 months from the date of death to make one of these
What is a disclaimer?
100
This is calculated on the amount of GST tax paid.
What is gift tax?
100
The price at which property would be sold between a willing buyer and willing seller
What is Fair Market Value?
100
For this, a lender is considered as giving a gift of interest and contemporaneously receiving interest income
What is a Demand Loan?
200
If the trust terms allow trustee in its absolute discretion to invade corpus for the income beneficiaries, there is still a completed gift as long as the donor is not this
What is the trustee?
200
If this causes the payment of estate tax, you are entitled to an income tax deduction for the amount of tax paid caused by the item
What is IRD?
200
If someone in a direct line dies, this applies and children move up a generation
What is the dead parent rule (Section 2651)?
200
The valuation method typically used by manufacturing and service companies in which you capitalize future earnings
What is the income approach?
200
A noncumulative general power of appointment subject to lapsing
What is a Crummey Power?
300
If there are these, you are NEVER allowed an annual exclusion
What is ascertainable standards or MESH?
300
This is when an estate tax return (Form 706) is due
What is 9 months after date of death?
300
One has this, if he or she is entitled to currently receive income or corpus distributions, either as a matter of right or as a possible distributee
What is a Chapter 13 interest?
300
The value of gross estate and amount of tax due goes down due to the decline in value due to market conditions
What is the requirement for using the Alternative Valuation Date?
300
Contributions to this can be averaged over 5 years and allowed an annual exclusion for all 5 of those years
What is a 529 Qualified Tuition Program?
400
This is the day by which a Form 709 must be filed
What is 4/15 of the year after date of gift (automatic extension if granted extension on income tax return)?
400
This applies if the value of interest in property has to pass to the surviving spouse, it is included in the S/S's gross estate, can't be otherwise deductible, and is not a terminable interest
What is the marital deduction?
400
A trust is this when all beneficiaries are skip persons
What is a direct skip?
400
A partial liquidation of a company, which dramatically lowers the value of the stock
What is an Extraordinary Dividend? Not allowed to use AVD.
400
For this, you must look at the present value of what the lender will get back versus what they gave up. The difference is a gift.
What is a Term Loan?
500
This is not valid if an individual can still receive benefits from property (for example, rents)
What is a disclaimer?
500
If a transfer is made pursuant to a divorce decree within one year before divorce, or two years after, this does not apply
What is the marital deduction? Instead it is considered full and fair consideration.
500
This is what occurs when you use sprinkle powers to a skip person, while a non-skip person within a trust is still alive
What is a taxable distribution?
500
The effect of this is to either increase the amount of a gift with consequent time value of money issues raised for the "extra" gift tax or places the donor in a position where the expected return is more measurable
What is ยง2702?
500
When funding an "exempt trust" this is the type of property that you should probably contribute