2 David, age 55, and Jessica, age 53, have been married for 22 years. They live in a community property stateand have a son, Milton, age 17. David separately owns $50,000 in assets. He also possesses communityproperty with Jessica in the amount of $25,000. David also owns a $300,000 life insurance policy for which hisestate is the beneficiary. Upon David's death, which of the assets will be subject to probate?
1. The death proceeds of David's life insurance policy
2. David's separately owned assets
3. David's one-half interest in the community property
4. Both David's and Jessica's interest in the community property
1 and 2
2 and 3
1, 2, and 3
2 and 4
4 George, who is unmarried, made the following gifts in 2018. The gift tax annual exclusion has not beenpreviously used for any of the donees:
■ An antique chair (valued at $16,000) to his fiancée, Amy
■ Cash to his mother, Anita, in the amount of $14,000
■ $30,000 to Helping Hands, a charitable organization
■ Bonds with a value of $21,000 to his niece, Lucy
■ Certificates of deposit worth $6,000 to his uncle, Larry
What is the amount of George's taxable gifts in 2018?
4 In 2018, Harold gave his adult son, Chad, stock valued at $408,000. Harold's wife, Suzanne, consented to split this gift with Harold for gift tax purposes. What is the amount of taxable gift, if any, that must be shown on Harold's gift tax return for 2018?
5 Mario died in 2018. He had never been married. Five years prior to his death, Mario gifted his personal residence to his nephew but reserved the right to live in it until he died. At his death, Mario owned a vacation condo with a FMV of $350,000 (the FMV remained unchanged for the balance of 2018). In 2015, he gifted a $100,000 life insurance policy on his own life to his daughter. Three days after his death, dividends were declared on stock Mario had purchased in 2014. Which of the following is(are) included in his gross estate?
1. The FMV of the personal residence
2. The stock dividends declared after his death
3. The vacation condo with a $350,000 FMV
4 The $100,000 death benefit from the life insurance policy
1, 3, and 4
2, 3, and 4
3 and 4