Describe Code Section 2702 and its effect.

Solutions

Expert Solution

The IRC section 2702 contains the minimum valuation regulations about the transfer of asets in the trust. Section 2702 is one of the section out of four section which require the transfer of assets within the families to comply with the minimum valuation rules. It povides special rules to calculate the amount of the gift when an individual makes a transfer to the trust or to the member of the individual's family or when an applicable family member retains an interest in the trust.

The Effect of this code section is

If this section applies to a transfer of assets of a trust the value of the interest in the trust which is retained by the transferor or as applicable family member is determined according to section 2702-2b. The amount of gift is than calculated by reducing the value of the interests retained as above from the value of the property which is transferred. If the interest which is retained is not qualified interest, than this interest is generally valued at zero and the amount of the gift is the entire value of the property.

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

what was the role of a code of ethics in Enron corporation? how its effect the...

what was the role of a code of ethics in Enron corporation? how its effect the company?

What are the requirements for Section 351? What is the purpose of this Code section? In...

What are the requirements for Section 351? What is the purpose of this Code section? In general terms, identify the similarities and differences between the corporate taxable income formula and the individual taxable income formula.

Describe what is meant by the ‘genetic code’.What does the Wobble effect?What are the...

Describe what is meant by the ‘genetic code’.What does the Wobble effect?What are the two ‘sites’ on the Ribosome, and what happens at each of these sites?

What is the effect of cortisol? Describe its overall action

1. Which is the subchapter of the Code containing Code Section 303? 2. What is the...

1. Which is the subchapter of the Code containing Code Section 303? 2. What is the Internal Revenue Code section for a qualified dependent? 3. J. C. has been a professional gambler for many years. He loves this line of work and believes the income is tax-free. - Is J.C. Correct? What court cases can you find that supports your position?

Access the AICPA's Code of Professional Conduct. Focusing on Section 100, ET Section 102 - Integrity...

Access the AICPA's Code of Professional Conduct. Focusing on Section 100, ET Section 102 - Integrity and Objectivity choose two sub-sections of your choice, analyze their applicability to accounting practices today. Use the online Library databases to find information or an example that supports your analysis for each topic. Can I please have an original answer 0.300.040 Integrity .01 Integrity principle. To maintain and broaden public confidence, members should perform all professional responsibilities with the highest sense of integrity. .02...

1.) Describe the Bohr Effect and its impact on the function of hemoglobin and why it...

1.) Describe the Bohr Effect and its impact on the function of hemoglobin and why it does not impact myoglobin. 2.) Predict how different mutations or variants alter hemoglobin structure might affect its function (sickle cell, fetal hemoglobin, etc.).

Explain the hydrophobic effect and its role in binary-code designed 4-helix bundles. Thank you

Find and fix the compile time bugs in the code at the end of this section....

Find and fix the compile time bugs in the code at the end of this section. Compile time bugs show as errors when you compile, but the Visual Studio IDE also gives you visual clues in the form of red squiggly underlines, as shown here. This assignment is meant to test your attention to detail and strengthen your debugging skills. Here is the code. // Week 4 Assignment-1 // Description: Compile time errors //---------------------------------- //**begin #include files************ #include <iostream> //...

Each of the following means of physical control, describe the action on the cell, its effect...

Each of the following means of physical control, describe the action on the cell, its effect on the cell (be very specific – what does it do to vital parts or chemicals within the cell), and give a detailed specific example of its use in controlling microbes. I want detail – do a good job or lose points.(5 points) Autoclave Boiling Pasteurization Radiation: both UV light and ionizing radiation Cold (Refrigeration and freezing)

Subjects