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1. Explain why Congress felt it necessary to enact a gift tax to complement the estate tax. 2. Describe the property transfers that qualify as
1. Explain why Congress felt it necessary to enact a gift tax to complement the estate tax.
2. Describe the property transfers that qualify as gifts and transfers that are not gifts for transfer tax purposes.
3. Explain why the gross estate includes the value of certain property transferred by the decedent at death, such as property held in joint tenancy with the right of survivorship that will be included in a decedent's estate.
4. Explain why the fair market value of a life estate is more difficult to estimate than an income interest.
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