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小菜菜 · 2024年07月04日

具体问题如下

  1. CFA III
  2. 个人IPS

* 问题详情，请 查看题干

NO.PZ202301041000002103

问题如下：

The Gondos meet with their investment advisor to determine the optimal way to accomplish some specific bequests. The Gondos seek to transfer a sum of EUR 150,000 to Emma’s cousin Erica, for the benefit of Erica’s son. Erica and her son live in the same country as the Gondos, and Erica is subject to a lower income tax rate than the Gondos. The investment advisor assumes that Erica’s pre-tax investment returns on any gifted assets would be equal to the Gondos, and that Erica’s estate will not be subject to estate tax. The country’s annual gift exclusion allowance is EUR 30,000, with no lifetime limit. Any gifts over the exclusion allowance are taxed to the donor at a flat rate of 40%. The advisor recommends the Gondos make an annual gift of EUR 30,000 to Erica over the next five years, rather than transferring wealth to her upon Emma’s death.

Justify, with two reasons, why tax considerations favor the Gondos making annual gifts to Erica.

选项：

解释：

Tax considerations favor the Gordon making annual gifts for the following reasons:

• By making annual gifts of EUR 30,000 over the next five years, the Gondos and Erica can avoid paying gift taxes.

• Since Erica’s income tax rate is lower than that of the Gondos and her pre-tax investment returns are assumed to be the same as that of the Gondos, the future after-tax value of any gifted amount will be greater than if this amount stayed in the Gondos’ estate.

• The value of the Gondos’ taxable estate is lowered as a result of the annual gifts. Since it is assumed that Erica’s estate will not be subject to estate tax, the gifts further reduce any future estate taxes for the Gondos.

答案的理由中有一条不是特别清楚：

The value of the Gondos’ taxable estate is lowered as a result of the annual gifts. Since it is assumed that Erica’s estate will not be subject to estate tax, the gifts further reduce any future estate taxes for the Gondos.

请问【 Erica’s estate will not be subject to estate tax】这个条件，对于gift和bequest来说有什么区别呢？

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王暄_品职助教 · 2024年07月05日

老师，不好意思还是不太明白，“如果Gondos选择在Emma去世后通过遗产方式转移资金，那么这部分资金在Erica接手后，虽然在她去世时不会征收遗产税，但在Gondos去世时可能会增加Gondos遗产的税务负担”这个结论的信息点在题目的哪个位置呢？ 另外，我理解的是，Erica 是资金的接收方，所以Erica’s estate tax rate 应该不会影响Gondo夫妇对财产转移的方式选择。等到Erica需要把他的财产转移给他儿子的时候，Erica再去选择用gift还是bequest，想问下老师，这个思路的问题在哪里~

关于你的第一个问题，“如果Gondos选择在Emma去世后通过遗产方式转移资金，那么这部分资金在Erica接手后，虽然在她去世时不会征收遗产税，但在Gondos去世时可能会增加Gondos遗产的税务负担”这个结论的信息点主要在题目的以下几个位置：

  1. “Erica and her son live in the same country as the Gondos, and Erica is subject to a lower income tax rate than the Gondos.” 这里提到Erica的税率低于Gondos，但并没有提到遗产税。
  2. “The advisor recommends the Gondos make an annual gift of EUR 30,000 to Erica over the next five years, rather than transferring wealth to her upon Emma’s death.” 顾问的建议暗示了如果Gondos在Emma去世后转移财富可能会有不利的税务后果。
  3. “Any gifts over the exclusion allowance are taxed to the donor at a flat rate of 40%.” 和 “The country’s annual gift exclusion allowance is EUR 30,000, with no lifetime limit.” 这两点说明了赠与税的规则，但并没有直接说明遗产税的情况。然而，由于顾问建议避免遗产转移，我们可以推断遗产转移可能带来更高的税务负担。

关于你的第二个问题，你的思路有一点需要调整。虽然Erica是资金的接收方，但Gondos在考虑如何转移资金时，需要考虑的是他们自己的税务负担。如果他们在去世时留下大量遗产，可能会面临较高的遗产税。而通过逐年赠与的方式，他们可以降低自己遗产的价值，从而减少未来的遗产税。同时，由于Erica的税率较低，她投资这些资金后获得的收益在税后会更高，这对Gondos来说也是有利的。所以，Gondos在选择资金转移方式时，确实需要考虑Erica的税率情况。

王暄_品职助教 · 2024年07月05日

“Erica’s estate will not be subject to estate tax”对赠与和遗产的影响：

  • 赠与：当Gondos将资金赠与Erica时，由于Erica的遗产不会征收遗产税，这部分资金在Erica去世后不会增加其遗产的税务负担。这意味着Gondos通过赠与方式转移的资金在Erica手中能够保持较低的税务成本。
  • 遗产：如果Gondos选择在Emma去世后通过遗产方式转移资金，那么这部分资金在Erica接手后，虽然在她去世时不会征收遗产税，但在Gondos去世时可能会增加Gondos遗产的税务负担（如果适用）。


小菜菜 · 2024年07月05日

老师，不好意思还是不太明白，“如果Gondos选择在Emma去世后通过遗产方式转移资金，那么这部分资金在Erica接手后，虽然在她去世时不会征收遗产税，但在Gondos去世时可能会增加Gondos遗产的税务负担”这个结论的信息点在题目的哪个位置呢？ 另外，我理解的是，Erica 是资金的接收方，所以Erica’s estate tax rate 应该不会影响Gondo夫妇对财产转移的方式选择。等到Erica需要把他的财产转移给他儿子的时候，Erica再去选择用gift还是bequest，想问下老师，这个思路的问题在哪里~

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2024-07-21 14:59 1 · 回答