ARE. Fed. Taxes - Estates And Trusts Flashcards
0
Q
Are charitable contributions a valid deduction from an estate tax return?
A
Yes, if specifically provided for in the will
1
Q
When is the estate tax return (form 706) due?
A
Nine months after death
2
Q
When are the assets of an estate valued?
A
Executor may choose either
- date of death, or
- six months after death (I.e., alternate valuation date)
3
Q
What is the annual gift tax exclusion?
A
$10,000
20,000 joint gift
4
Q
True or false?
The annual gift tax exclusion is available for a gift of a future interest.
A
False
5
Q
What is the maximum distribution deduction an estate may claim?
A
Distributable net income
DNI
