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Cheryl, age 58, is the owner of a closely-held partnership business which makes up 65%...

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Accounting

Cheryl, age 58, is the owner of a closely-held partnership business which makes up 65% of her adjusted gross estate. More than half the assets of the partnership are real estate holdings. Cheryl wants to undertake a transfer of some sort to her son, Roger, to reduce her potential income tax obligations and possible future estate tax liability. Such a transfer would accomplish both of these goals and reduce Cheryl's interest in the business by 35%, meaning the business would make up only 30% of her adjusted gross estate. Cheryl will also be bequeathing $50,000 to her favorite public charity and the balance to her husband upon her death. In light of these activities and transfers, which of the following elections does Cheryl lose? Cheryl can no longer use the special use election. Cheryl can no longer use the reverse QTIP election. Cheryl can no longer use the Section 303 election. Cheryl gives up the right to use the 6166 election

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