The generation-skipping transfer tax supplements the estate and gift taxes. The following statements about this tax are
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The generation-skipping transfer tax supplements the estate and gift taxes. The following statements about this tax are all true, except:
a. ‘The generation-skipping trust is liable for any transfer tax due, but the distributee has transferee liability.
b. A generation-skipping trust must have at least two beneficiaries in different generations below that oft he grantor.
c. The same top marginal tax rate applies to estate, gift, and generation-skipping transfer taxes.
d. A person cannot be a beneficiary if the person has no present interest in the trust.
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Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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