60. Which of the following statements is or are false?
I. Louise, who died in 2016, was survived by her husband, Luis.Louise and Luis husband owned their home as tenants in common. Thefair market value of the home on the date of Louise's death was$750,000. Louise provided all of the consideration for thepurchase. The entire value of the property (on the date of Louise'sdeath, or the alternate valuation date, whichever is applicable) isincludible in Louise's gross estate for federal estate taxpurposes.
II. Two brothers, Jeff and David, purchased a vacation home in1982, as joint tenants with right of survivorship. Jeff contributed$40,000 toward the purchase price and David contributed $60,000.They have records of their contributions. In 2016, when theproperty was worth $200,000, Jeff died. With respect to thevacation home, $100,000 is includible in Jeff's gross estate forfederal estate tax purposes.
III. By the terms of his will, John left his entire estate intrust. The terms of the trust provided that all trust income was tobe paid to his wife (who survived him) for her life in at leastannual installments. The terms of the trust also gave the trusteediscretionary authority to distribute trust principal to hisdisabled daughter (who survived him) for her support. The trustmeets the requirements of a qualified terminable interest propertytrust (QTIP Trust).
a. I only is false.
b. II only is false.
c. III only is false.
d. I and II are false.
e. I, II, and III are false.
60. Which of the following statements is or are false?
I. Louise, who died in 2016, was survived by her husband, Luis.Louise and Luis husband owned their home as tenants in common. Thefair market value of the home on the date of Louise's death was$750,000. Louise provided all of the consideration for thepurchase. The entire value of the property (on the date of Louise'sdeath, or the alternate valuation date, whichever is applicable) isincludible in Louise's gross estate for federal estate taxpurposes.
II. Two brothers, Jeff and David, purchased a vacation home in1982, as joint tenants with right of survivorship. Jeff contributed$40,000 toward the purchase price and David contributed $60,000.They have records of their contributions. In 2016, when theproperty was worth $200,000, Jeff died. With respect to thevacation home, $100,000 is includible in Jeff's gross estate forfederal estate tax purposes.
III. By the terms of his will, John left his entire estate intrust. The terms of the trust provided that all trust income was tobe paid to his wife (who survived him) for her life in at leastannual installments. The terms of the trust also gave the trusteediscretionary authority to distribute trust principal to hisdisabled daughter (who survived him) for her support. The trustmeets the requirements of a qualified terminable interest propertytrust (QTIP Trust).
a. I only is false.
b. II only is false.
c. III only is false.
d. I and II are false.
e. I, II, and III are false.
