Which of the following statements is true? I. If Ellen transfers her insurance policy into an...
Which of the following statements is true?
I. If Ellen transfers her insurance policy into an ILIT, she will owe gift taxes on the transfer.
II. If Ellen passes away before exhausting her profit sharing plan assets through RMDs, the balance remaining in the profit sharing plan will constitute IRD.
III. Ellen's estate will be eligible for a Section 303 redemption at her death.
IV. Ellen's estate will be eligible for Section 6166 installment payment of death taxes at her death.
A. I only
B. II only
C. Both I & II
D. I, III & IV
E. II, III & IV
Homework Answers
A. I only
If Ellen transfer her insurance policy into an ILIT she will owe gift taxes on transer.
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