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

1. Any property held in trust is not included in the probate estate. T/F

2. If a decedent dies in New York without a will, and at the time of death had both a spouse and 1 child, all of the decedents property is inherited by his/her spouse. T/F

3. Fair market value of property for estate and gift tax purposes is always the value on the date of death or the date of gift respectively. T/F

4. Contingent contract rights are not included in a decedents gross estate under 2033. T/F

5. In valuing a decedents a closely held business interest, the value is equal to the decedents percentage share in the company multiplied by the value of the company as a whole. T/F