Please fill the blank to complete the sentence:
1. A trust is a ___ document that must be drawn up by a ____________.
2. The creator of a trust is called __________________ or ______________.
3. The individual or a business entity who administers the trust is a called a_____and has _______ powers.
4. A trust can be__________________ or_______________________.
5. A beneficiary who is to receive the income of the trust for life has ______ interest in the trust.
6. When a trust terminates the assets of the trust will be distributed to the ______________________________ who are named in the trust document.
7. A trust created during the lifetime of the individual is a _____________________________ trust while a trust created at the death of the individual is a ___________________ trust.
8. Is a trust subject to federal income tax ___________ and if so what tax form would be filed _______________________________.
9. If an individual wanted to control his or hers assets after they died they would have established through their ______ a _________________________.
10. This type of trust __________________would allow the individual to avoid probate but would still be subject to ______.
11. A gift qualifying for the annual exclusion must be _________________ or less and be a________________ interest gift.
12. The person making the gift is the ________________ and the person receiving the gift is the ________________.
13. If an individual makes a __________ gift they must file a ______ on __________.
14. Donor makes 11 cash gifts qualifying for the annual exclusion but makes 1 taxable gift the donor must _______________ and report _________________.
15. The donor has a cost basis of $25 and has owned the stock since 4/15/13 on the date of the gift fair market value is $40 per share.
1. What value would be used for gift tax purposes? ____________________________
2. The donee's cost basis would be? __________________________________________
3. The donee's holding period would be? ______________________________________
4. Would the donor have to file a gift tax return if 100 shares were gifted and it was the only gift made this year? _______________________________
16. What is the amount of gifts married couples can give each other? ____________ If one spouse is not a United States citizen what is the amount of gifts they can give each other ________________________________?
17. An individual received a cash gift of $25,000 should this amount be reported on the income tax return in the year the gift was received?___________________ Since the amount of the gift has exceeded the annual exclusion amount should the donee file a gift tax return? _______________
18. Usually the _______________________ is not responsible for paying the gift tax but what event could happen which would cause the Internal Revenue Service to look to the individual who received the gift for payment of the gift tax that is due? _____________________ _____
19. A gift of a $14,000 note receivable that can't be redeemed until 2 years from the date of the gift is a gift of a________________ and would be considered a ______________________?
20. For estate planning purposes an individual would want to make gifts of assets that have ______________ instead of those that have_______
21. A person can die either _______________________ or ___________________________
22. The _________________ can control the distributions of______________________ assets.
23. Assets owned only in the name of the decedent are called __________ assets compared to ___________ which the decedent owned with another person.
24. If a decedent died ________ the assets of the estate would be distributed according to the ________ laws of the state where decedent lived.
25. What is the meaning of TOD__________ and POD______?
26. The person named in a will to handle the decedent's final affairs is call the _________ if the court appoints an individual to handle the decedent's final affairs they are called______________
27. The decedent can own assets in different type's ownership. Name the forms of ownership. ________________________
28. The ___________ is a tax on the right to receive property the______is a tax on the right to transfer property.
29. The federal government collects the __________ tax, while states collect the __________ tax.
30. The estate tax is filed on _____________________ and is due _______________________
31. The estate ________________________ is equal to __________________________ in 2016
32. If the gross estate is ___________ in 2016 the estate must file _______ even if no tax is due.
33. The decedent can transfer his entire estate to the surviving spouse by the use of the ___________________________ but if the surviving spouse is not a United States Citizens then a __________________________________
34. All the assets that the decedent owned are valued at________________ and the holding period for those assets are all _______________
35. How would you determine the fair market of a stock that the decedent owned_____________________________ what if the date of death was on Saturday or Sunday how would you determine the fair market value___________________________.
36. The alternate valuation date is ____________ and can be used only if the ____________________________________.
37. You received stock from a decedent's estate your basis in the stock is______________ and you sold it one week after you received it you would have a _________ capital gain or loss.
38. Your basis in the stock you received from the decedent was $55.00 per share and you received 100 shares of stock. If you sold one half of your shares for $65.00 you would have______________ and it would be__________________________
do the math for the problem
39. If you are named as a beneficiary in a decedent's will you have ____________ to disclaim your interest and it would be considered a____________
40. By using ____________ a decedent spouse can pass their unused estate exemption to the surviving spouse but the surviving spouse must_____________________________________________.
41. A single individual who has a taxable estate can eliminate any estate tax due by ____________________________
42. Gift splitting can only be done by ___________________
43. There is ________________________________ limit on the number of gifts an individual can make that qualify for the annual gift exclusion.
44. If a surviving spouse received 4,500,000.00 of her decease husband's unused estate exemption and she remarries and the second husband dies leaving her 3,000,000.00 of his unused estate what is the total amount of her estate exemption for 2016.
45. In trying to remember what is the form number of a gift tax return (709) and an estate tax return (706) the 9 in the 709 reminds you of what letter __________________________
46. For income tax purposes a trust is either ____________________ or ______________________
47. In this form of trust the trustor can take back all of his or hers assets ______________________________
48. What is the name of the trust that is set up for an individual that has physical or mental disabilities? ___________,
49. Is there any limit on the number of trusts an individual can create? ________________________
50. This is a free one. I couldn't think of another question to write.