Community Property Law Has Been Influential in the Enactment of Several

question 30

Essay

Community property law has been influential in the enactment of several provisions of the Federal estate and gift tax. In this regard,comment on the following.
a.The election to split gifts under § 2513.
b.The marital deduction under §§ 2056 and 2523.

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Definitions:

Relatively Lower Wages

Wages that are lower when compared to a certain benchmark, such as the national average, industry standard, or a competing firm.

Minorities

Groups in a population that are smaller in number than the main group and may have different national, religious, linguistic, or cultural origins.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, characterized by high unemployment, deflation, and a fall in consumer spending and investment.

Welfare Payments

Government-provided assistance to individuals and families in need to help cover basic living expenses.