HS-330

A married man died intestate, in addition to his wife, he was survived by two minor children and both his parents. Which of the following statements describes the typical intestate distribution in this situation?A . The widow receives at least one-third of the estate and the children divide the remainder...

Which of the following is an example of a taxable gift for federal gift tax purposes?A . A father gives his 19-year-old daughter a note promising to give her his Rolls Royce when she reaches the age of 21.B . Instead of parents paying an outside executive $60,000, a son...

The following are facts concerning a decedent’s estate: Taxable estate $1.700, 000 Pre-1977 taxable gifts 200, 000 Post-1976 adjusted taxable gifts 50, 000 Post-1976 gifts made to a qualified charity 100, 000 The tentative tax base of this estate isA . $1,700,000B . $1,750,000C . $1,850,000D . $1,900,000View AnswerAnswer: B

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...

All the following are conditions that must be met if an otherwise nonqualified terminable interest is to qualify (as QTIP) for the federal estate tax marital deduction EXCEPT:A . The surviving spouse must make a qualified disclaimer to all other property in the deceased spouse’s estate within 9 months of...

All the following statements concerning an entity-purchase buy-sell agreement for a partnership are correct EXCEPT:A . The partnership makes payments to the decedent-partner’s estate to liquidate the partnership interest held by the estate.B . Both the partners and the partnership are parties to the agreement that provides for business continuation.C...

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 about this estate are: Adjusted gross estate $1,200,000...

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...

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 has two adult sons. His entire estate is in excess of $1,500,000 and consists entirely of probate assets. He wants to make certain that if he predeceases his wife she will receive all estate income as long as she lives, and the assets remaining at her death...