Chapter 27 and Chapter 28 1. Briefly describe the principal characteristics of the Estate and Gift taxes and how they differ from the Income tax. 2. List and briefly describe those transfers that constitute gifts subject to the Gift tax and those which may be exempt from either inclusion and/or taxation. 3. List and briefly describe those items that are included in arriving at the Gross Estate of a decedent. 4. What is the Unified Credit and describe how it affects the computation of the Gift and Estate taxes? 5. How do deductions affect the computation of the Gift and Estate taxes and for which are deductions more prevalent? 6. Why may it not be advisable for one spouse to leave his or her entire Estate to the other spouse? 7. What is the general nature of a Trust and how do they come into existence? Briefly discuss the difference between a living and testamentary trust. 8. Briefly describe how the income of a trust is subject to tax and how a trust with income can avoid paying tax on that income