Definitions

Question 1

Adverse Interest

Answer 1

A substantial beneficial interest in the property transferred which might be adversely affected by the exercise or non-exercise of the power or right reserved or possessed by the TF

Question 2

Property

Answer 2

1. All real property and all tangible personal property w/ situs in CW
2. All intangible personal property.
3. All real property and all tangible personal property w/ situs outside of CW, which the decedent had contracted to sell, if jurisdiction of property situs does not subject it to death tax
4. All real property and tangible personal property of a nonresident decedent or TF w/ situs in CW, including trust property
5. A liquor license is issued by the Commonwealth.

Question 3

Death Tax

Answer 3

Inheritance, succession, transfer and estate taxes, and any other taxes against the estate by reason of death

Question 4

Future Interest

Answer 4

Include successive life, interest, and successive interest for a term certain

Question 5

Transfer

Answer 5

Includes the passage of ownership of property, or interest in property or income from property, in possession or enjoyment, present or future, in trust or otherwise

Question 6

Transfer of property for the sole use

Answer 6

If during the TF’s lifetime, the TF is entitled to all income and principal distributions from their property and no person, including TF, possesses an inter vivos power of appointment over the property

Question 7

Value

Answer 7

Price of property would be sold by willing seller, not compelled to sell, to a willing buyer, not compelled to buy, both of whom have reasonable knowledge of the relevant facts.