Review the following questions and determine if you believe the statement is either true or false.

1 Events which occur after a decedent dies are considered in calculating the value of the property. T/F

2. 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. T/F

3. The amount of the unified tax credit is the same for both transfers by gift and transfers by death. T/F

4. 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. T/F

5. 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. T/F