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An estate includes certan farmiand that has a fair market value...

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Accounting

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An estate includes certan farmiand that has a fair market value of $5,000,000. If the estate is eligible to elect speciai-use valuasion under $2032A, the land may be valued at is business-usage value of only $2,000,000. This would be a $3,000,000 decrease in the FMV of the property for estate tax purposes. 1. True. 2. False QUESTION 12 During the current year, taxpayer Uwanda gives a git of $30,000,000 cash to her grandson Larry. Because the gnt is a generation-skicping transter, Uwanda must pay a generation-skipping transfer tax. She will not have to pay the gift tax on this transfer because she is paying the GSTT 1. True. 2. False. QUESTION 13 Which of the following is not a true statement concerning joint tenancy with right of survivorship (JTWROS)? 1. Each tenant owns the same fractional share in the property. 2. Joint tenants have the right to sever their interests in the property. 3. Upon the death of one joint tenant, property passes to the surviving tenants unless the D's will directs a different disposition. 4. None of the above

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