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9. Regarding the Installment Election that may be made under Section 6166, IRC: (8 points) a. How do the interest payments work? b. How do

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9. Regarding the Installment Election that may be made under Section 6166, IRC: (8 points) a. How do the interest payments work? b. How do the principal payments work? c. How does an estate qualify for installment payment treatment.? Explain the percentage test. d. Explain two conditions where the balance of estate tax would be called (paid) early. 10. Regarding a Life Insurance Policy: (6 points) a. Very generally regarding life insurance policies, what are the 3 elements (the 3 interests or variables of every life insurance policy) of a life insurance policy? b. What is the benefit from an estate tax standpoint of an Irrevocable Life Insurance Trust (ILIT)

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