HS-330

Which of the following statements concerning the federal income taxation of estates is (are) correct? I. An estate is entitled to a personal exemption of $300 and a standard deduction. ll. An estate is entitled to a tax deduction for amounts of income distributed.A . l onlyB . II onlyC...

Which of the following statements concerning the inclusion in a decedent-employee’s gross estate of a lump-sum distribution from a qualified retirement plan to a beneficiary other than the employee’s estate is (are) correct? l. Lump-sum distributions of payments attributable to the employer’s contributions are excluded from the gross estate. ll....

An executor elects to value the assets of the estate at the alternative valuation date 6 months after death. Which of the following statements concerning the estate tax value of assets included in this estate is correct?A . An annuity included in the gross estate that diminishes with the mere...

Limited interests in property include all the following EXCEPT:A . life estatesB . fee simple estatesC . remainder interestsD . reversionary interestsView AnswerAnswer: B

Transactions involving a taxable gift include which of the following? I. A father bought real estate, paid the entire $180,000 purchase price, and titled it jointly with his son with right of survivorship. ll. A father deposited $50,000 in a bank account titled jointly with his daughter with right of...

The interest rate for loans from the Federal Land Sank is 8 percent. For federal estate tax purposes, the farm method valuation formula would result in a current use value for the farm ofA . $500,000B . $600,000C . $700,000D . $820,000View AnswerAnswer: B