Estate and
Gift Tax
Topic Checklist
Chapter 1
Whirlwind tour of estate tax
IRC § 2001(a)
IRC § 2051
IRC § 2031(a)
IRC § 2056
IRC § 2055
IRC § 2001(c)
IRC § 2010
Whirlwind tour of gift tax
IRC § 2501
IRC § 2502(a)
IRC § 2001(c)
IRC § 2505
IRC § 2503(b)
IRC § 2523
IRC § 2522
Integration of estate and gift tax
Changing law
Whirlwind tour of GST tax
IRC § 2601
IRC § 2602
IRC § 2641
IRC § 2631
Effect of state law
Morgan
Bosch
Rev. Rul. 73-142
Chapter 2
Gift tax calculation - IRC § 2502(a)(1)
Unified gift tax credit - IRC § 2505
Estate tax calculation - IRC § 2001
Unified estate tax credit - IRC § 2010
De-unification of gift and estate tax
GST taxable events
GST tax rate
GST exclusion
Income taxation of estates and trusts
Basis of transferred property
Grantor trust rules
“Kiddie” tax
Non-grantor trusts
Chapter 3
IRC § 2033
Intangible property
Wrongful death claims
Marital property
IRC § 2034
Community property
General powers of appointment - IRC § 2041
Ascertainable standard exception
Valuation
Willing buyer-willing seller
Effect of death on value
Goodman v. Granger
McClatchy
Publicly traded securities
Restricted property
IRC § 2703
IRC § 2704(b)
Cartwright
Closely held businesses
Minority discount
Control premium
Family attribution
Discount for lack of marketability
Rev. Rul. 93-12
Undivided fractional interests
Time-divided interests - IRC § 7520
Alternate valuation date - IRC § 2032
Special use valuation - IRC § 2032A
Estate tax deductions
IRC § 2053 – claims and expenses
Smith
Claims and mortgages
Taxes
Hindsight
Proposed regulations
IRC § 2054 – casualty losses
IRC § 2056 – marital deduction
General requirements
Terminable interests
“Delay” clauses - IRC § 2056(b)(3)
Life estate and general power of appointment - IRC § 2056(b)(5)
QTIP elections - IRC § 2056(b)(7)
QTIP inclusions - IRC §§ 2044, 2519
Valuation aspects
IRC § 2055 – charitable contributions
Contributions of partial interests
IRC § 2058 – state death taxes
Credit for estate tax on prior transfers - IRC § 2013
Deferred payment - IRC § 6166
Chapter 4
Definition of “gift”
Consideration
Incomplete gifts
Below-market-interest loans - IRC § 7872
Gift splitting - IRC § 2513
Annual exclusion - IRC § 2503(b)
Present interest requirement
Non-income-producing property
Bies
Crummey powers
Gifts to minors
Payments of medical expenses and tuition - IRC § 2503(e)
Divorce
Qualified disclaimers - IRC § 2518
Gift tax valuation
Robinette
IRC § 2702
Chapter 5
GST defined - IRC § 2611
Direct skips - IRC § 2612(c)
“Skip persons” - IRC § 2613
Generation assignment - IRC § 2651
Calculation and payment of tax on direct skips
Trusts as “skip persons”
Taxable terminations - IRC § 2612(a)
Calculation and payment of tax on taxable terminations
Taxable distributions - IRC § 2612(b)
Calculation and payment of tax on taxable distributions
GST exemption - IRC § 2631
Inclusion ratio - IRC § 2642
Allocation of exemption - IRC § 2632
Chapter 6
IRC § 2035
Chapter 7
IRC § 2702 revisited
IRC § 2036(a)(1) - retained income or enjoyment
Retained interests
Mechanics of inclusion and valuation
Retained secondary life estate
Grantor’s legal obligations
Support trusts
Implied agreements - McNichol
Adjustments for consideration - IRC § 2043
Reciprocal trusts
Grace
Sather
IRC § 2037 - reversions
IRC § 2035(a) - release of retained interests
Consideration - Allen (10th Cir.)
Chapter 8
Incomplete gifts revisited
IRC §§ 2036(a)(2), 2038
Camp
Helmholz
Powers of attorney
Grantor right to substitute as trustee (Farrel)
Chapter 9
Incomplete gifts revisited
Third-party consent requirements
Powers limited by ascertainable standards
IRC §§ 2036(a)(2), 2038
Overlap
Right to change timing of enjoyment
Right to remove and replace trustee
Mere “administrative” powers
Byrum
IRC § 2036(b)
Chapter 10
Gift tax consequences of life insurance
Incomplete gifts
Completed gifts
Estate tax consequences of life insurance
IRC § 2042
Incidents of ownership
Estate of Noel
Right to determine timing of benefits
IRC § 2035 connection
Estate of Leder
Chapter 11
Gift tax consequences of annuities
Incomplete gifts
Completed gifts
Estate tax consequences of annuities
IRC § 2039
Adjustment for premiums paid by others
Estate of
Retirement annuities
Income tax: IRD problems
Chapter 12
Estate tax aspects of nongrantor powers of appointment
IRC § 2041(b)(1) revisited
Consent requirements
Gift tax aspects of nongrantor powers of appointment
IRC § 2514(b)
IRC § 2514(e)
“5 or 5” powers
Crummey powers revisited
“Nongeneral” powers
Estate of Regester
Chapter 13
Tenancy in common (review)
Gift tax consequences of joint tenancy with right of survivorship
Rev. Rul. 78-362
Estate tax consequences
IRC §§
2040(a) and (b)
Goldsborough
Severance
Disclaimers