GROSS ESTATE

Explain the following:

1. Gross estate NIRC section definition
2. Rule on citizenship of the owner and
situs of the property
a. Citizens
b. Resident aliens
c. Nonresident aliens
i. Rule of reciprocity
3. Classifications of properties
4. Examples of intangible personal
property
5. What is taxed in an estate
6. Rules on valuation of gross estate
7. Additions to gross estate
8. Exemptions to gross estate
9. Revocable transfer inclusions
10. Revocable transfer exclusions
11. Examples of transfers in
contemplation of death

12. Instances where transfers are in

contemplation of death
13. Property passing under general
power of appointment
14. General power of appointment
15. Special power of appointment
16. Decedents interest
17. Examples of decedents interest
18. Proceeds of life insurance inclusions
19. Proceeds of life insurance
exclusions
a. Assumption when the
designation of insurance is
not stated

b. Transfer of life insurance

policy in contemplation of
death