In 2002, Katelyn Inherited Considerable Property When Her Father Died

question 105

True/False

In 2002, Katelyn inherited considerable property when her father died. When Katelyn dies in 2013, her estate may be able to use § 2013 (credit for tax on prior transfers) as to some of the estate taxes paid by her father's estate.

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Definitions:

Trust

A fiduciary relationship in which one party, known as the trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party.

Sarbanes-Oxley Act

A U.S. law enacted in 2002 to protect investors by improving the accuracy and reliability of corporate disclosures.