It is a type of like kind transfer that is available to small investors yet qualifies under the Internal Revenue Code rules for like kind transfers so that the exchange is not subject to the capital gain at the time the transfer is made. The investor transfers the property in return for a security which…
Valuation: The value is the fair market value. This is construed to mean the price at which the property would change hands in an arm’s length transaction between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of the relevant facts. The…
Estate Tax – Gross Estate Gifts Gross estate: This includes property of every kind wherever located. It includes property that passes directly under state law and is not subject to estate administration, as well as property that is exempt from taxation, such as municipal bonds. The form of the property is not important. Claims of…
Federal Gift and Estate Tax Summary The unified tax on transfers has three parts: gift tax (for transfers made during life), estate tax (for transfers made at death) and generation-skipping tax (for transfers that skip a generation). The gift and estate taxes are imposed on an individual for gifts during life and on his or…
Federal Gift and Estate Tax Summary: generation skipping, gifts to spouse, transfers before death The tax at death and the tax on transfers that skip a generation were repealed and then reinstated. The gift tax was not repealed. All these taxes are now in effect. The top gift rates for transfers during life, the estate…
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