In which of the following circumstances would the property be deemed to have been disposed of? a. Property sold to a third party. b. Property gifted to another person or charity. c. Property expropriated by a government agency.

Describe the usefulness of a discretionary intervivos trust when used as part of an estate freeze.

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Estate planning is the process by which an individual may determine how his or her assets will be systematically transferred both before and after death to achieve certain goals. The least compelling motive of this process is to C A. B. C. D. Ensure that the owner's intentions are honored. Prevent the forced sale of important assets. Act in accordance with the public policy against excessive accumulation of wealth. Avoid taxes.

If you don't have a will when you die, the state will take steps to see that your assets are distributed as you might have wished. a) True b) False

Which of the following is correct? The gain basis for property received by gift is the lesser of the donor’s adjusted basis or the fair market value on the date of the gift. The loss basis for property received by gift is the same as the donor’s basis. The gain basis for inherited property is the same as the decedent’s basis. The loss basis for inherited property is the lesser of the decedent’s basis or the fair market value on the date of the decedent’s death. None of the above.

How would a recipient for a not-for-profit entity record the receipt of a gift that will be transferred without restriction to another charitable entity? What if the donor retains the right to revoke or redirect the gift?

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In an agreement involving the right to acquire property, which of the following are conditions that must be met in order for the IRS to accept the purchase price set in the agreement as a valid measurement of the value of the property being acquired? The purchase price must be determined by an independent appraisal submitted with an informational gift tax return regardless of the value of the property. The agreement must be a bona fide business arrangement. The agreement cannot be an attempt to transfer the property to a family member for less than full and adequate consideration. The terms of the agreement must be comparable to those that would be entered into by persons in an arm's-length transaction A) I and III     B) II and IV     C) I and IV     D) II, III, and IV

How can bookkeepers and accountants steal from a property, and what steps can be taken toprevent it?