13.Events which occur after a decedent dies are considered in calculating the value of the property 14. Jen, a resident and citizen of Canada, dies during an operation at the Mayo Clinic in Rochester (MN). Because Jen died in the U.S., she will be subject to the Federal estate tax. 15. For estate tax purposes, the gross estate does not include property that passes to a surviving spouse. 16. The gross estate includes the fair market value at date of death of all property interests owned by the decedent at the time of his/her death. 17. The amount of the unified tax credit is the same for both transfers by gift and transfers by death. 18. Sharon wants to give a parcel of land to her two daughters. If Sharon wants the survivor to have sole ownership of the land, she should list ownership of the property as joint tenants. 19. Billy sells his mustang to his son for $25,000. If the mustang is really worth $50,000, Billy has made a gift to his son for $50,000. 20. Iris dies intestate in New York. All of her property passes to her heirs in accordance with the order of distribution prescribed under New York law. 21. Interest that accrued on state and local bonds prior to death is not subject to the Federal estate tax. 22. When Jerry died, he was a resident of the United States. Jerry owned land in Brazil, which is subject to Brazil's estate tax. This same land also can be subject to the Federal estate tax. 23. The legal title of property held in trust is in the name of by beneficiaries. 24. Under the alternate valuation date election, each asset in the gross estate is valued at the lesser of the date of death value or six months thereafter. 25. If a decedent dies in New York without a will, an executor will be appointed by the surrogate court. True and False Instructions: Review the following questions and determine if you believe the statement is either true or false. 1. Any property held in trust is not included in the probate estate. 2. If a decedent dies in New York without a will, and at the time of death had both a spouse and 1 child, all of the decedent's property is inherited by his/her spouse. 3. Fair market value of property for estate and gift tax purposes is always the value on the date of death or the date of gift respectively. 4. Contingent contract rights are not included in a decedent's gross estate under 2033. 5. If the value of the gross estate is lower on the alternate valuation date than on the date of death, the date of death valuation cannot be used. 6. In valuing a decedent's a closely held business interest, the value is equal to the decedent's percentage share in the company multiplied by the value of the company as a whole. 7. A bank account has $20,000 on the date of death. Following the date of death, a check to Verizon Wireless clears the bank account for $2,000. The value of the bank account for estate tax purposes is $20,000. 8. Three brothers own a building equally as tenants in common. The building is worth $15,000,000. When one brother dies, he must include his tenancy in common interest in his gross estate at a value of $15,000,000. 9. All decedents who are either a U.S. tax resident or non U.S. tax residents need to include bank accounts owned in the United States in their gross estate. 10. A U.S. tax resident for estate tax purposes always needs to include the value of all interests in real estate in every country in their gross estate. 11. A reversion interest would best be described as a future interest in property that gives the person who first transferred the property the right to receive the transferred property at a later date. 12. An individual's name is a property interest for purposes of determining a decedent's gross estate. 13.Events which occur after a decedent dies are considered in calculating the value of the property 14. Jen, a resident and citizen of Canada, dies during an operation at the Mayo Clinic in Rochester (MN). Because Jen died in the U.S., she will be subject to the Federal estate tax. 15. For estate tax purposes, the gross estate does not include property that passes to a surviving spouse. 16. The gross estate includes the fair market value at date of death of all property interests owned by the decedent at the time of his/her death. 17. The amount of the unified tax credit is the same for both transfers by gift and transfers by death. 18. Sharon wants to give a parcel of land to her two daughters. If Sharon wants the survivor to have sole ownership of the land, she should list ownership of the property as joint tenants. 19. Billy sells his mustang to his son for $25,000. If the mustang is really worth $50,000, Billy has made a gift to his son for $50,000. 20. Iris dies intestate in New York. All of her property passes to her heirs in accordance with the order of distribution prescribed under New York law. 21. Interest that accrued on state and local bonds prior to death is not subject to the Federal estate tax. 22. When Jerry died, he was a resident of the United States. Jerry owned land in Brazil, which is subject to Brazil's estate tax. This same land also can be subject to the Federal estate tax. 23. The legal title of property held in trust is in the name of by beneficiaries. 24. Under the alternate valuation date election, each asset in the gross estate is valued at the lesser of the date of death value or six months thereafter. 25. If a decedent dies in New York without a will, an executor will be appointed by the surrogate court. True and False Instructions: Review the following questions and determine if you believe the statement is either true or false. 1. Any property held in trust is not included in the probate estate. 2. If a decedent dies in New York without a will, and at the time of death had both a spouse and 1 child, all of the decedent's property is inherited by his/her spouse. 3. Fair market value of property for estate and gift tax purposes is always the value on the date of death or the date of gift respectively. 4. Contingent contract rights are not included in a decedent's gross estate under 2033. 5. If the value of the gross estate is lower on the alternate valuation date than on the date of death, the date of death valuation cannot be used. 6. In valuing a decedent's a closely held business interest, the value is equal to the decedent's percentage share in the company multiplied by the value of the company as a whole. 7. A bank account has $20,000 on the date of death. Following the date of death, a check to Verizon Wireless clears the bank account for $2,000. The value of the bank account for estate tax purposes is $20,000. 8. Three brothers own a building equally as tenants in common. The building is worth $15,000,000. When one brother dies, he must include his tenancy in common interest in his gross estate at a value of $15,000,000. 9. All decedents who are either a U.S. tax resident or non U.S. tax residents need to include bank accounts owned in the United States in their gross estate. 10. A U.S. tax resident for estate tax purposes always needs to include the value of all interests in real estate in every country in their gross estate. 11. A reversion interest would best be described as a future interest in property that gives the person who first transferred the property the right to receive the transferred property at a later date. 12. An individual's name is a property interest for purposes of determining a decedent's gross estate