22.

Identify which of the following statements is true.

		When a partnership is divided into two or more new partnerships, all of the resulting partnerships must be considered new partnerships.
		A partnership is "publicly traded" only if its interests are traded on an established securities exchange.
		A limited liability company is a form of business entity that combines the legal benefits of the corporate form with the tax benefits of the partnership form.
		All of the above are false.

23.

Which of the following is not a credit for purposes of computing the federal estate tax liability?

		credit for gift tax paid on pre-1977 gifts
		credit for estate taxes paid on certain prior transfers
		a credit for foreign death taxes
		All of the above are credits for the federal estate tax.

24.

In 2001, Alejandro buys an annuity for $100,000 that will pay Alejandro an annual amount for life with survivor benefits to his wife. When Alejandro dies in the current year, a comparable contract would have cost $81,000. What amount is included in Alejandro's gross estate?

		$100,000
		$181,000
		$0
		$81,000

25.

Identify which of the following statements is true.

		Reversionary interests of less than 5% are includible in the gross estate.
		A reversionary interest means a chance exists that the property may pass back to the transferor under the terms of the transfer.
		If a reversionary interest exceeds 3% of the property's value, the amount that is included in the estate is not the value of the reversionary interest, but rather the date-of-death value of the gifted property less the value of intervening life estates.
		All of the above are false.