BoK Statement

Define U.S. Situs Property.
Identify that U.S estate tax may apply to any individual with U.S. Situs Property.
Identify property that may be included in the valuation of worldwide estate for U.S. estate tax purposes.
Identify property that may not be included in the valuation of worldwide estate for U.S. estate tax purposes.
Estimate the value of an individual’s worldwide estate.
Define the unified credit.
Identify the current limit of the unified credit at which United States estate taxes are not payable.
Identify the current limit of an individual’s worldwide estate at which United States estate taxes are not payable.
Identify when United States Estate Tax may be payable.
- Value of United States estate
- Value of worldwide estate
Explain when a non-resident may need to file an Estate Return in the United States.

Glossary of Verbs (mouse over to see definition)

Define

To state exactly the meaning of

Identify

To be aware of / to recognize and correctly name / to locate an appropriate resource

Explain

To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it

Compare

To note the similarities and differences between two or more things

Estimate

To determine an approximate value for

Calculate

To find the value using mathematics

Convert

To change from one form or purpose to another

Evaluate

To reach a conclusion or make a judgement through careful study

Interpret

To give the meaning of / to construe or understand / to translate orally

Read more about the Taxonomy used in the FP-BoK

Financial Planning Body of Knowledge