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Tables of Contents for Federal Estate and Gift Taxation
Chapter/Section Title
Page #
Page Count
Preface
iii
PART A: INTRODUCTION
1
35
The Nature of the Tax
1
14
Historical Perspective
1
2
The Theory of Wealth Taxation
3
6
Evaluating the Federal Estate and Gift Taxes
9
2
The Role of State Law
11
1
The Relationship Between the Income, Estate, and Gift Taxes
12
3
Valuation
15
16
General Principles
15
3
Discounts and Premiums
18
1
Future Interests
18
2
Mortality: The Valuation of Life Estates, Remainders, and Annuities
20
4
Family Farms and Real Property Used in Closely Held Businesses
24
1
Estate Freezes
25
4
The Alternate Valuation Date
29
2
Calculation of the Tax
31
5
General Principles
31
1
Sample Calculations
32
4
PART B: THE GIFT TAX
36
84
The Meaning of ``Gift''
36
16
General Principles
36
1
Business Transactions
37
5
Adequate and Full Consideration
42
4
The Legal Obligation of Support and Property Settlements
46
4
Net Gifts
50
2
Transfers Subject to the Tax
52
18
General Principles
52
1
Historical Development
53
3
Interest-Free Loans and Other Rent-Free Use of Property
56
7
Gratuitous Services
63
4
Disclaimers
67
3
When a Gift Becomes Complete
70
22
General Principles
70
1
Coordination with the Estate Tax and the Income Tax
71
2
Promises
73
4
Revocable Transfers
77
3
Nonbeneficial Powers
80
2
Trustee Discretion and Ascertainable Standards
82
3
Interests Incapable of Valuation
85
4
Powers Held by Persons Other than the Donor
89
3
The Annual Exclusion
92
28
General Principles
92
4
Split Gifts
96
1
Present Versus Future Interests
97
6
Powers of Appointment and Crummey Provisions
103
8
Gifts to Minors
111
5
Policy Considerations
116
4
PART C: THE ESTATE TAX
120
73
Property Owned at Death
120
13
Property in Which the Decedent Had and Interest: § 2033
120
8
Dower or Curtesy Interests: § 2034
128
1
Gifts Within Three Years of Death: § 2035
129
4
Retained Powers and Interests
133
37
General Principles
133
2
Section 2038: Revocable Transfers
135
3
Reciprocal Trusts
138
1
Section 2036(a)(1): Transfers with Retained Life Estates
139
2
Annuities, Private and Commercial: A Special Problem Under § 2036
141
5
Section 2036(a)(1): A Solution in Search of a Problem?
146
10
Section 2036(a)(2): Power to Designate the Recipient of Property or Income
156
3
Section 2036(b): Action and Reaction
159
1
Section 2037: Reversionary Interests
159
8
A Footnote: Shedding (Or Not Shedding) a Taxable Interest
167
2
Summary
169
1
Special Property Interests Owned by the Deceased
170
23
Section 2039: Annuities
170
4
Section 2040: Jointly Owned Property
174
5
Section 2041: Powers of Appointment
179
5
Section 2042: Life Insurance
184
9
PART D: DEDUCTIONS AND CREDITS
193
72
Expenses and Losses
193
13
General Principles
193
3
Funeral Expenses
196
1
Administration Expenses
197
2
Claims Against The Estate
199
4
Losses
203
3
The Charitable Deduction
206
13
General Principles
206
1
Historical Development of Deferred Giving
206
4
Options After the Tax Reform Act of 1969
210
5
Pitfalls and Problems
215
4
The Marital Deduction
219
27
General Principles
219
3
The Basic Requirements
222
4
The Terminable Interest Rule
226
4
Exceptions to the Terminable Interest Rule
230
10
Marital Deduction Planning
240
3
Split Gifts
243
1
A Policy Observation
244
2
Credits
246
19
Section 2010: The Unified Credit
246
8
Section 2011: The State Death Tax Credit
254
4
Section 2012: The Credit for Gift Taxes on Pre-1977 Gifts
258
1
Section 2013: The Credit for Prior Transfers
258
5
Section 2014: The Credit for Foreign Death Taxes
263
1
Conclusion
264
1
PART E: THE GENERATION--SKIPPING TRANSFER TAX
265
26
The Generation--Skipping Transfer Tax
265
26
General Principles
265
3
Terminology
268
3
Generation Assignments
271
1
Taxable Events
272
5
Exclusions From The Generation-Skipping Transfer Tax
277
4
Calculation of the Tax
281
6
Policy Analysis
287
4
APPENDIX: SAMPLE CALCULATIONS
291
5
TABLE OF AUTHORITIES
296
4
Cases
296
3
Rulings
299
1
Index
300