HS-330

All the following are steps in calculating a decedent’s maximum estate tax marital deduction EXCEPT:A . Compute the decedent’s gross estate.B . Subtract the allowable expenses and debts to determine the adjusted gross estate.C . Determine the net amount of property in the gross estate that passes to the surviving...

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...

Which of the following statements concerning a grantor-retained annuity trust (GRAT) is (are) correct? l. The grantor is taxed on trust income during the retained term. II. The grantor makes an irrevocable transfer to the remainder person(s) when the trust is created.A . I onlyB . II onlyC . Both...

All the following will be brought back into the donor’s gross estate for federal estate tax purposes EXCEPT:A . a gratuitous transfer of real property with a reserved right to use and enjoy it for lifeB . a gratuitous transfer of real property to a revocable inter vivos trustC ....

All the following items will be included in a decedent’s gross estate at their date of death value for federal estate tax purposes EXCEPT:A . a gratuitous transfer of property taking effect at the decedent’s deathB . a gratuitous life time transfer of property in which the decedent retained the...

A widow made the following cash gifts during the current year: Donee Amount of Gift A qualified charity $40000 A close friend 30,000 Her sister 5,000 Her daughter 15,000 Her brother 10,000 The total amount of the taxable gifts made this year wasA . $23,000B . $45,000C . $52,000D ....

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...

A married man is the sole owner of a small business with an estate tax value of $500,000. In addition, he and his wife own an office building as joint tenants with right of survivorship which they purchased five years ago. The building has an estate tax value of $1,...

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? l. At the husband’s death, the interpolated terminal reserve of the policy is a gift to the son....

All the following factors are important in assessing liquidity needs in estate planning EXCEPT theA . marital status of the testatorB . projected estate tax liabilityC . types of assets that comprise the estateD . ages of the residuary estate beneficiariesView AnswerAnswer: D