Problem 1. Identify the features common to the gift tax formula and the estate tax formula.
Problem 2. What is the lifetime gift tax exemption in tax year 2012? What is that exemption amount in 2013?
Problem 3. What is gift tax? Identify two types of transfers (for inadequate consideration) that are specifically excluded from imposition of the gift tax.
Problem 4. Describe the unified credit and the purpose it serves in the gift and estate tax.
Problem 5. How easy is it for an S corp to be converted back to a C corporation status?
Problem 6. What is the definition of active participation? How is it different from "material" participation?
Problem 7. Examples of de minimis fringe benefit?
Problem 8. What is considered active participation in a rental property?