Are Form 1041 Qft Calculating 2023-2024

Hello class, by now you should have completed most, if not all, of the reading dealing with the unified transfer tax system located in subchapter B of the Internal Revenue Code. I want to go over the general idea of the transfer tax system, which is located in chapters 11, 12, 13, and 14 of the code. In particular, chapter 11 deals with the estate tax, chapter 12 deals with the gift tax, chapter 13 deals with the generation-skipping transfer tax, and chapter 14 deals with special valuation rules. Out of the three taxes, the estate tax is the primary tax where we are going to concentrate our efforts. That's because the estate tax affects most people. There are two terms that I want you to get familiar with: intervals transfers and testamentary transfers. Interval transfers are transfers between the living, basically transfers made while alive. Testamentary transfers, on the other hand, are transfers made by reason of one's death. The estate tax deals with testamentary transfers. Now, when you have a deathbed transfer, that is basically an inter vivos transfer. Obviously, they're still alive, so there may be part of those transfers that are a little more complex because they are occurring just before death. But they are, in fact, considered inter vivos transfers and they will most likely be included in the calculation of the gross estate, I mean the estate tax. The inter vivos and the generation-skipping transfer tax systems exist to basically maintain the integrity of the estate tax system. You'll understand this when we finish going through this illustration. I'm basically just trying to give you the concept in a nutshell, and then we're going to go over examples in week three that will give you mathematical calculations with numbers to help you understand the concept. So let's...