(b) the gross estate
is unascertainable at the time the tax is normally due, because the estate has a claim to substantial assets that cannot be collected without litigation; or
What deductions are allowed from the gross estate
in arriving at the taxable estate for federal estate tax purposes?
The value of the survivor's annuity is includable in the deceased annuitant's gross estate
in proportion to his contribution toward the purchase price of the contract.
(4) The gross estate
also includes "income in respect of a decedent" (IRD), which refers to those amounts to which a decedent was entitled as gross income, but which were not includable in his taxable income for the year of death.
The starting point for determining the estate tax base, the gross estate
, represents the value of most interests in property held by the decedent at death.
In Estate of Kahn, the Tax Court ruled that the value of the IRAs in the gross estate
cannot be reduced for the anticipated income tax, because the seller of the IRA assets would pay the income tax.
Example: Under a joint and survivor immediate annuity, when one joint annuitant dies, the value of the survivor's annuity can be included in the deceased annuitant's gross estate
, to the extent of the deceased's contribution toward the annuity purchase (IRC [section] 2039[a] and [b]).
Total Debt Adjustment (line 3 minus item 4) (2,000) Adjusted Value of Qualified Family-Owned 1,438,000 Business Interest Figure 42.2 GROSS ESTATE
FOR QUALIFIED FAMILY-OWNED BUSINESS PURPOSES Gross Estate
(including business) $1,800,000 Less: Usual Deductions (100,000) (debts, administration, etc.) Adjusted Assets 1,700,000 Plus: Gifts i.
If an individual possesses certain rights (known as incidents of ownership) over a policy insuring his or her own life, the proceeds of the policy are generally included in the individual's gross estate
for estate tax purposes at the individual's death.
Generally, in order not to have the value of an asset owned as JTWROS includable in the decedent's gross estate
, the decedent's personal representative must prove contribution by the surviving co-tenant(s).
The regulations provide a method for determining the portion of the corpus of a grantor retained annuity trust or grantor retained unitrust that is includible in the grantor's gross estate
20.2036-l(b)( l)(ii) provides the method required to compute the amount includible in the decedent's gross estate