#5366 - Tax Inheritance Flashcards - Tax Law

What is it? What is a CT? What is a TOV? TOV Three limbs TOV 1 What is it? TOV 1 What about omissions TOV 1 What about bad bargains? TOV 1 BB Two requirements TOV 1 BB What is the first limb? TOV 1 BB Subjective non-donative intent TOV 1 BB What is the second limb? TOV 1 BB 2 What are the possibilities? 1 TOV 1 BB 2 What are the possibilities? 2 TOV 1 BB 2 What are the possibilities? 2 Case TOV 2 What is the second requirement? TOV 2 What is the measurement? TOV 3 What is the third requirement? TOV 3 What does it include? L Rates L ICTS L ICTS What must be done to them? L ICTS Grossing Up L ICTS Rationale L PETs Effect Immediately L PETs Effect Lives 7 years L PETs Effect Dies within 7 years L PETs What is it? L PETs Limb 1 L PETs Limb 2 L PETs what is it? L PETs GWR What are the requirements? L PETs GWR Limb 1 L PETs GWR Limb 1 Case L PETs GWR Limb 2 L PETs GWR Limb 2 case 1 L PETs GWR Limb 2 What are benefits? L PETs GWR Limb 2 Benefits that are excluded 1 L PETs GWR Limb 2 Benefits that are excluded 2 L PETs GWR The distinction L PETs GWR The distinction - Phrase L PETs GWR If there is still a reservation at the time of death L PETs GWR If there is still a reservation at the time of death Case L PETs GWR If there ceases to be a reservation within 7 years before D's death