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

1. A bank account has $20,000 on the date of death. Following the date of death, a check to Verizon Wireless clears the bank account for $2,000. The value of the bank account for estate tax purposes is $20,000. T/F

2. All decedents who are either a U.S. tax resident or non U.S. tax residents need to include bank accounts owned in the United States in their gross estate. T/F

3. A U.S. tax resident for estate tax purposes always needs to include the value of all interests in real estate in every country in their gross estate. T/F

4. A reversion interest would best be described as a future interest in property that gives the person who first transferred the property the right to receive the transferred property at a later date. T/F

5. An individuals name is a property interest for purposes of determining a decedents gross estate. T/F