02 Chapter 3 and 4 Clarifications Resolved Taxation 2
-
Upload
flab-villasencio -
Category
Education
-
view
68 -
download
0
Transcript of 02 Chapter 3 and 4 Clarifications Resolved Taxation 2
![Page 1: 02 Chapter 3 and 4 Clarifications Resolved Taxation 2](https://reader035.fdocuments.us/reader035/viewer/2022081515/55932ed61a28ab89548b45cb/html5/thumbnails/1.jpg)
3. Property passing under GPA- power of appointment is the right to designate by will or deed the person who will received the property from prior decedent.
Property with a clause that
She is free to transfer it to anybody.
QUESTION: is the appointment part of his gross estate?
Additions to Gross Estate
Prior Decedent
Donee
![Page 2: 02 Chapter 3 and 4 Clarifications Resolved Taxation 2](https://reader035.fdocuments.us/reader035/viewer/2022081515/55932ed61a28ab89548b45cb/html5/thumbnails/2.jpg)
3. Property passing under GPA- power of appointment is the right to designate by will or deed the person who will received the property.
Additions to Gross Estate
Special Power of Appointment- one which authorizes the done or holder of the power to appoint only among a restricted class of persons other than himself (Morgan). (NOT Part of Gross Estate)General Power of Appointment- can appoint beneficiaries INCLUDING himself, estate, creditor or creditors of his estate. (Part of Gross Estate)
![Page 3: 02 Chapter 3 and 4 Clarifications Resolved Taxation 2](https://reader035.fdocuments.us/reader035/viewer/2022081515/55932ed61a28ab89548b45cb/html5/thumbnails/3.jpg)
4. Decedent’s Interest- dividends, profits, proceeds in any insurance, right of usufruct.oDividendsoDividends declared by a corporation before death of stockholder although paid after death, IF the decedent was LIVING on the record date.
Additions to Gross Estate