Question: Maxwell died August 8 , 2 0 2 2 . Of the following transfers made during his life, which is included in his gross estate?

Maxwell died August 8,2022. Of the following transfers made during his life, which is included in his gross estate?
Question 38 options:
The transfer of a whole life insurance policy on Maxwell's life (face value $150,000) valued at $20,000 to his son on September 16,2021.
A gift of $15,000 to Maxwell's sister on August 7,2022. No gift tax was due on the gift.
The transfer of a whole life insurance policy on Maxwell's life to an ILIT on September 16,2018.
The sale of his term insurance policy to his brother, Donald, for fair market value on August 12,2018.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!