True/False

1.The taxable estate is similar to the equity concept of a balance sheet. It reflects the FMV of all assets less the decedents liabilities and estate loss from operations

2. Exemption Portability was recently introduced in an effort to correct poor estate planning that often resulted from sweetheart wills. Effectively, in these cases, the first-to-die spouses Unified credit can be transferred to the surviving spouse.

3. For estate tax valuation propose, assets are always valued at fair market value on the date of death. 8. Retained life estate is a useful too; to remove an assets from the gross estate while retaining the ability use/enjoy the transferred property.