HS330試験無料問題集「American College Fundamentals of Estate Planning test 認定」

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トータル 400 問
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All the following statements concerning the ownership of real property as joint tenants with right of survivorship are correct EXCEPT:

In which of the following situations will the grantor be taxed on income from trust property.
1.The grantor of a trust gives one of the trust beneficiaries the right to add or delete beneficiaries.
2.An adverse party to the grantor holds the power to determine the timing of trust distributions to the beneficiaries.

A wife owns a $100,000 life insurance policy on her husband's life. She has named her son the revocable beneficiary. Which of the following statements concerning the life insurance is (are) correct?
1.At the husband's death, the interpolated terminal reserve of the policy is a gift to the son.
2.The annual increase in the cash value is a gift to the son.

Which of the following statements concerning ownership of property in the form of a joint tenancy with right of survivorship is correct?

All the following powers held by the grantor of an irrevocable trust will cause the trust assets to be brought back into the estate of the grantor EXCEPT the power to

Which of the following statements concerning the obligation of the personal representative of a decedent to file a federal estate tax return is (are) correct?
1.A return must be filed by a decedent's estate if the gross estate plus adjusted taxable gifts equals the applicable exclusion amount or more, even though no federal estate tax is due.
2.Unless extensions are granted, the return must be filed and the tax paid within 9 months of the decedent's death.

Which of the following statements concerning property is (are) correct?
1.A mortgage on real estate is real property.
2.A tree growing on land is real property.

A widower dies leaving a net probate estate of $300,000. At the time of his death, his descendants are as follows:
A son, Joe, who has no children; A deceased daughter, Mary, whose two children, Irene and Sally, survive; and
A daughter, Anne, who has one child, Harry
Assuming that the widower's will provides for the distribution of his assets in equal shares to his children, per stirpes, which of the following correctly states the amounts each descendant will receive?

Many trust instruments provide for the removal of the original trustee. Valid reasons for removing the original trustee include which of the following?
1.A shift in trust situs is desirable because of changes in law.
2.The beneficiary has moved his or her residence to a distant state.

Which of the following statements concerning estates and trusts is (are) correct?
1.Both estates and trusts come into being by operation of law.
2.The personal representative of an estate and the trustee have similar fiduciary responsibilities.

A married man died this year leaving a gross estate of $3,200,000. Additional facts concerning his estate are:
*Administration expenses and debts $ 250,000
*Marital deduction 1,200,000
*Applicable credit amount (2005) 555,800
*Applicable exclusion amount (2005) 1,500,000
*State death taxes payable 20,400
Under the Unified Rate Schedule for computing estate taxes if the amount with respect to which the tentative tax to be computed is over $1,000,000 but not over $1,250,000, the tentative tax is $345,800, plus 41 percent of the excess of such amount over $1,000,000. If the amount is over $1,250,000 but not over $1,500,000, the tentative tax is then $448,300, plus 43 percent of the excess of such amount over $1,250,000. If the amount is over $1,500,000 but not over $2,000,000, the tentative tax is then $555,800 plus 45% of the excess of such amount over $1,500,000. Based on these facts, the net federal estate tax payable is

In which of the following situations will the grantor be taxed on income from trust property.
1.The grantor of a trust gives one of the trust beneficiaries the right to add or delete beneficiaries.
2.An adverse party to the grantor holds the power to determine the timing of trust distributions to the beneficiaries.

Which of the following statements concerning federal gift, estate, and income taxes is (are) correct:
1.A taxable gift of income-producing property automatically transfers income tax liability to the donee.
2.The value of gifts made within 3 years of death cannot be brought back into the donor's gross estate.

Among the assets in a decedent's gross estate is stock in a closely held corporation that was left to a nephew. The interest passing to the nephew is required to bear the burden of all estate taxes and expenses. The relevant facts concerning this estate are:
*Adjusted gross estate $1,600,000
*Fair market value of stock in the
*closely held corporation 700,000
*Funeral expenses 30,000
*Executor's commission 50,000
*Federal and state death tax 160,000
What amount of closely held corporate stock can be redeemed under IRC Section 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution?

All the following statements concerning an estate for a term of years are correct EXCEPT:

Which of the following statements concerning the generation-skipping transfer tax (GSTT) is correct?

Among the assets in a decedent's gross estate is stock in a closely held corporation that was left to a nephew. The interest passing to the nephew is required to bear the burden of all estate taxes and expenses. The relevant facts concerning this estate are:
*Adjusted gross estate $1,600,000
*Fair market value of stock in
*the closely held corporation 700,000
*Funeral expenses 30,000
*Executor's commission 50,000
*Federal and state death tax 160,000
What amount of closely held corporate stock can be redeemed under IRC Section 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution?

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トータル 400 問