31) Without the gift tax, tax-free lifetime gifts could be used to deplete an individual's gross estate
in an effort to avoid or minimize estate tax liability.
The average total gross estate
declined a total of 23.
This creates an incongruity between the values included in the gross estate
and the calculation for purposes of the marital deduction.
In Chenoweth, the Tax Court assumed that the accepted value of the 100 percent block in the gross estate
included a control premium, but if that were the case, the control premium on the 51 percent block could not have exceeded the premium on the 100 percent block.
Charitable Deduction: If the decedent leaves property to a qualifying charity, it is deductible from the gross estate
Moreover, if the grantor dies during the period of her retained interest, the fair market value at the date of her death will be included in her gross estate
SCIN's are not included in the seller's gross estate
Since jointly owned property with right of survivorship (or tenancy by the entirety) is generally not considered part of the decedent's probate estate, many people have the erroneous notion that the value of such property is not includable in the decedent's gross estate
for Federal estate tax purposes.
For all other property includible in a decedent's gross estate
, the AVD is the date that is six months after the decedent's date of death (the six-month date).
associated with those returns was $231.
The value of the gross estate
shall include the value of all property to the extent of any interest therein of which the decedent has at any time made a transfer (except in the case of a bona fide sale for an adequate and full consideration in money or money's worth), by trust or otherwise, under which he has retained for his life or for any period not ascertainable without reference to his death or for any period which does not in fact end before his death--
This would be a reduction in gross estate
value of $800,000 from the date-of-death value and would result in a reduction in estate tax.