31. a. c. 32. a. c. For Federal transfer tax purposes, a disclaimer cannot be used effectively to: shift income-producing property to someone in a lower income bracket. b. transfer property under the direction of the disclaimant. qualify additional property for the marital deduction. d. increase the decedent's taxable estate in order to utilize the unified credit. With respect to disclaimers, which of the following is true? a disclaimer of a property interest, or a power, is treated as a gift for gift tax purposes. b. a disclaimed interest in property is considered to be a transfer by a disclaimant/decedent for estate tax purposes and will be included in his estate at death as a transfer with a retained life estate. any income received on disclaimed property will not be chargeable to the person in whose favor the property was disclaimed. d. if property is disclaimed by a person in favor of a surviving spouse or charity, the marital or charitable deduction will be permitted provided the property would otherwise qualify for these deductions. In 2021, Sam died with his gross estate equal to $13,700,000. In his will, Sam provided for the following outright transfers: $11,700,000 to his wife; $1,000,000 to his daughter; and $1,000,000 to charity. Based upon the law applicable in 2021, what is Sam's taxable estate for estate tax purposes (assuming no debts, losses or administration expenses)? $5,000,000. b. $1,000,000 $0. d. $2,000,000 With respect to a transfer, which of the following is a skip person (a/k/a skip beneficiary") for generation-skipping transfer tax purposes? a trust benefitting only grandchildren of the transferor. b. a trust benefitting children and grandchildren of the transferor. a grandparent of the transferor. d. a nephew of the transferor. 33. a. c. 34. a. c. 31. a. c. 32. a. c. For Federal transfer tax purposes, a disclaimer cannot be used effectively to: shift income-producing property to someone in a lower income bracket. b. transfer property under the direction of the disclaimant. qualify additional property for the marital deduction. d. increase the decedent's taxable estate in order to utilize the unified credit. With respect to disclaimers, which of the following is true? a disclaimer of a property interest, or a power, is treated as a gift for gift tax purposes. b. a disclaimed interest in property is considered to be a transfer by a disclaimant/decedent for estate tax purposes and will be included in his estate at death as a transfer with a retained life estate. any income received on disclaimed property will not be chargeable to the person in whose favor the property was disclaimed. d. if property is disclaimed by a person in favor of a surviving spouse or charity, the marital or charitable deduction will be permitted provided the property would otherwise qualify for these deductions. In 2021, Sam died with his gross estate equal to $13,700,000. In his will, Sam provided for the following outright transfers: $11,700,000 to his wife; $1,000,000 to his daughter; and $1,000,000 to charity. Based upon the law applicable in 2021, what is Sam's taxable estate for estate tax purposes (assuming no debts, losses or administration expenses)? $5,000,000. b. $1,000,000 $0. d. $2,000,000 With respect to a transfer, which of the following is a skip person (a/k/a skip beneficiary") for generation-skipping transfer tax purposes? a trust benefitting only grandchildren of the transferor. b. a trust benefitting children and grandchildren of the transferor. a grandparent of the transferor. d. a nephew of the transferor. 33. a. c. 34. a. c