11/06/2025, 08:56 TAX3703 - Taxation of Estates 2025 COMPLETE STUDY QUIDE |QUESTION AND CORRECT ANSWERS | GET IT RIGHT!! Flas…
TAX3703 - Taxation of Estates 2025 COMPLETE
STUDY QUIDE |QUESTION AND CORRECT
ANSWERS | GET IT RIGHT!!
Save
Terms in this set (36)
A tax on the transfer of a deceased person's assets to
Estate Tax
heirs.
Estate Tax Calculation Calculated at death or alternate valuation date (6
Timing months after death).
Generate federal revenue and limit wealth
Purpose of Estate Tax
accumulation across generations.
2025 Estate Tax Exemption Exemption: $13.99 million per individual.
Real & personal property, financial accounts, life
Included in Gross Estate
insurance (if owned or with incidents of ownership).
Excluded from Gross Irrevocable trust assets, POD accounts, certain gifts
Estate made 3+ years before death.
Highest Federal Estate Tax 40% for estates above the exemption.
Rate
Allows surviving spouse to use the deceased's unused
Portability Rule
exemption by electing on Form 706.
Form 706 due 9 months after death. 6-month
Estate Tax Filing Deadline
extension possible.
Ways to Reduce Estate Annual gifts, charitable donations, ILITS, GRATS, FLPs,
Taxes QPRTs, split-interest gifts.
https://quizlet.com/1053330439/tax3703-taxation-of-estates-2025-complete-study-quide-question-and-correct-answers-get-it-right-flash-cards/?new 1/3
TAX3703 - Taxation of Estates 2025 COMPLETE
STUDY QUIDE |QUESTION AND CORRECT
ANSWERS | GET IT RIGHT!!
Save
Terms in this set (36)
A tax on the transfer of a deceased person's assets to
Estate Tax
heirs.
Estate Tax Calculation Calculated at death or alternate valuation date (6
Timing months after death).
Generate federal revenue and limit wealth
Purpose of Estate Tax
accumulation across generations.
2025 Estate Tax Exemption Exemption: $13.99 million per individual.
Real & personal property, financial accounts, life
Included in Gross Estate
insurance (if owned or with incidents of ownership).
Excluded from Gross Irrevocable trust assets, POD accounts, certain gifts
Estate made 3+ years before death.
Highest Federal Estate Tax 40% for estates above the exemption.
Rate
Allows surviving spouse to use the deceased's unused
Portability Rule
exemption by electing on Form 706.
Form 706 due 9 months after death. 6-month
Estate Tax Filing Deadline
extension possible.
Ways to Reduce Estate Annual gifts, charitable donations, ILITS, GRATS, FLPs,
Taxes QPRTs, split-interest gifts.
https://quizlet.com/1053330439/tax3703-taxation-of-estates-2025-complete-study-quide-question-and-correct-answers-get-it-right-flash-cards/?new 1/3
