American College HS-330 Fundamentals of Estate Planning Test Online Training
American College HS-330 Online Training
The questions for HS-330 were last updated at Feb 16,2025.
- Exam Code: HS-330
- Exam Name: Fundamentals of Estate Planning Test
- Certification Provider: American College
- Latest update: Feb 16,2025
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 stripes, which of the following correctly states the amounts each descendant will receive?
- A . $100,000 to Joe, $50,000 to Irene, $50,000 to Sally, and $100,000 to Anne
- B . $100,000 to Joe, $50,000 to Irene, $50,000 to Sally, $50,000 to Anne, and $50,000 to Harry
- C . $ 75,000 to Joe, $75,000 to Irene, $75,000 to Sally, and $75,000 to Anne
- D . $ 60,000 to Joe, $60,000 to Irene, $60,000 to Sally, $60,000 to Anne, and $60,000 to Harry
Which of the following areas of consideration present common ethical issues for the estate planner?
- A . Contracts
- B . Compatibility
- C . Consistency
- D . Compensation
A father deeded a house as a gift to his daughter in 1990 but retained the right to live in it until his death. He died this year, while still living in the house. The following are relevant facts: The father bought the property in 1980 for $140,000. The fair market value of the property when the gift was made in 1990 was $170,000. The father filed a timely gift tax return but paid no gift tax because of the applicable credit amount. The fair market value of the property at the father’s death was $200,000. The daughter sold the property 3 months after her father’s death for $200,000.
She had a gain of
- A . 0
- B . $130,000
- C . $160,000
- D . $200,000
The Decedent, T, died this year.
The facts concerning T estate are:
Gross estate $2,700,000
Marital deduction 900,000
Charitable deduction 110,000
Gifts made after 1976 130,000
State death taxes payable 165,000
What is T taxable estate?
- A . $1,285,000
- B . $1,395,000
- C . $1,525,000
- D . $1,655,000
When the owner of a closely held business dies, the payment of a portion of the federal estate tax may be deferred for a period of several years if the estate otherwise qualifies under the provisions of IPC Section 6166.
Which of the following statements concerning this deferral of federal estate tax is correct?
- A . The interest rate on the deferred tax is determined by the prime rate in effect on the date of death.
- B . The interest on the unpaid estate tax is payable over the first 10 years, after which the tax plus interest on the balance is payable in equal installments for the last 5 years.
- C . To qualify for the tax deferral, the closely held business must represent more than 50 percent of the value of the decedent’s adjusted gross estate.
- D . Under certain circumstances, the estate will forfeit its right to tax deferral, and all the remaining unpaid estate tax will become due and payable immediately.
Which of the following statements concerning property is correct?
- A . A mortgage on real estate is real property.
- B . A tree growing on land is tangible personal property.
- C . Any property that is not real property is personal property.
- D . A bond issue secured solely by a corporation asset is tangible personal property.
Which of the following statements concerning property is correct?
- A . A mortgage on real estate is real property.
- B . A tree growing on land is tangible personal property.
- C . Any property that is not real property is personal property.
- D . A bond issue secured solely by a corporation asset is tangible personal property.
Which of the following statements concerning property is correct?
- A . A mortgage on real estate is real property.
- B . A tree growing on land is tangible personal property.
- C . Any property that is not real property is personal property.
- D . A bond issue secured solely by a corporation asset is tangible personal property.
Which of the following statements concerning property is correct?
- A . A mortgage on real estate is real property.
- B . A tree growing on land is tangible personal property.
- C . Any property that is not real property is personal property.
- D . A bond issue secured solely by a corporation asset is tangible personal property.
A$40,000 bank account. Mr. and Mrs. Allen own the account jointly with the right of survivorship even though Mrs. Allen made all the deposits.
What amount of the family property will be included in Mr. Allen’s gross estate for federal estate tax purposes?
- A . $220,000
- B . $400,000
- C . $500,000
- D . $520,000
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