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Exit VCEDump HS-330 Fundamentals of Estate Planning Test

Q19 Single choice

Believing that his death was imminent, a widower gave his son some real estate two years ago, and filed a timely gift tax return. The widower died on January 1st of this year. Additional facts are:

- Widower's basis in the real estate $200,000
- Value of real estate when gifted 510,000
- Value of real estate on date of death 1,000,000
- Amount of gift tax paid by widower 159,500

A
The gift of the real estate is included in the calculation of the widower's federal estate tax as an adjusted taxable gift.
B
The gift tax paid is brought back into the widower's gross estate at $159,500.
C
The widower recognized no capital gain for income tax purposes at the time the gift was made.
D
The son's income tax basis in the real estate is $1,000,000.

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