In 1999, T bought 100 shares of X Corporation stock with her own funds and had the shares registered in her name and that of her grandson G as joint tenants with right of survivorship. T died in the current year. Only half of the value of the 100 shares of X stock is included in Ts gross estate for Federal estate tax purposes. True False

What transfer would not be deductible when calculating the decedents taxable estate? A specific bequest to the American Red Cross A specific bequest to the decedents son A transfer of assets to an eligible spouse A specific bequest to a religious organization

In an S corporation, distributions reduce the corporations accumulated adjustments account (AAA) before they reduce the previously taxed income (PTI) account or the other adjustments account (OAA). True False

A transfer credit applies only to the estate tax, not the gift tax. True False