Pursuant to Corey's Will, Emma (Corey's Sister) Inherits His Property

question 86

Multiple Choice

Pursuant to Corey's will, Emma (Corey's sister) inherits his property. Emma dies in a later tax year. The estate tax attributable to the inclusion of the property in Corey's gross estate was $300,000. The estate tax attributable to the inclusion of the property in Emma's gross estate is $400,000. Emma's credit for the tax on prior transfers is:

• A) $0 if Emma died nine and one-half years after Corey.
• B) $300,000 if Emma died three years after Corey.
• C) $400,000 if Emma died one year after Corey.
• D) $180,000 if Emma died five and one-half years after Corey.

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Definitions:

Moral Law

The principles concerning the distinction between right and wrong behavior, often considered as inherent to human nature or divine command.

Law of Reason

A philosophical idea that moral and legal norms should be grounded in rational thought and logic.

Categorical Imperative

A fundamental principle in the ethical philosophy of Immanuel Kant that requires that individuals act in a manner in which they wish their actions to become universal laws.

Ethical Imperative

A strong moral obligation or duty which compels someone to act in a certain way based on ethical considerations.