In the Case of a Transfer by Gift, a QTIP

question 22

True/False

In the case of a transfer by gift, a QTIP election causes the property to be subject to the estate tax upon the death of the donee spouse.

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Definitions:

W. Edwards Deming

An American engineer, statistician, professor, author, lecturer, and consultant, known for his work in the field of quality management and the Deming Cycle (Plan-Do-Check-Act).

Kaoru Ishikawa

A pioneer of quality management processes in Japan and the developer of the cause-and-effect diagram, also known as the "Ishikawa" or "fishbone" diagram.

Therbligs

A set of fundamental motions or actions used in the study of motion economy within the workplace, developed by Frank Bunker Gilbreth and Lillian Moller Gilbreth.

Frank and Lillian Gilbreth

Frank and Lillian Gilbreth were pioneers in the field of industrial engineering and time and motion studies, focusing on efficiency and labor-saving techniques.