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Which of the following statements concerning ownership of property in the form of a joint tenancy with right of survivorship is (are) correct?
Which of the following statements concerning ownership of property in the form of a joint tenancy with right of survivorship is (are) correct? I. Either real or personal property may be owned as a joint tenancy with right of survivorship. Il. Nonqualified joint tenants with right of survivorship may have...
Which of the following statements concerning a power of appointment is (are) correct?
Which of the following statements concerning a power of appointment is (are) correct? l. A power of appointment can be designed to restrict the donee’s right to appoint the property in favor of a specific class of recipients. ll. A power of appointment can be designed to restrict the time...
All the following statements concerning real property ownership by married couples as joint tenants with right of survivorship are correct EXCEPT:
All the following statements concerning real property ownership by married couples as joint tenants with right of survivorship are correct EXCEPT:A . The deceased spouse’s interest in the property qualifies for the marital deduction since it passes outright to the surviving spouse.B . All benefits of ownership remain available to...
All the following items are deductions from a decedent’s gross estate in determining his adjusted gross estate EXCEPT:
All the following items are deductions from a decedent’s gross estate in determining his adjusted gross estate EXCEPT:A . state death taxesB . attorney feesC . claims against the estateD . estate administration expensesView AnswerAnswer: A
Which of the following statements concerning property is correct?
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 powers with respect to the trust will cause the entire trust principal to be includible in the gross estate of the widow for federal estate tax purposes?
Under the terms of his will, a man left his residuary estate to a testamentary trust for the benefit of his wife. Which of the following powers with respect to the trust will cause the entire trust principal to be includible in the gross estate of the widow for federal...
Which of the following statements concerning both estates and complex trusts is correct?
Which of the following statements concerning both estates and complex trusts is correct?A . Both must have more than one beneficiary.B . Both come into being by operation of law.C . Both are monitored by the courts.D . Both are required to file income tax returns.View AnswerAnswer: D
Which of the following transfers will be successful in removing property from a grantor’s gross estate?
Which of the following transfers will be successful in removing property from a grantor’s gross estate? l. A grantor’s transfer of property to a revocable trust if the grantor lives three years after the transfer. ll. A grantor’s transfer of a personal residence to a qualified personal residence trust if...
Which of the following types of real properly ownership will be deemed to be a tenancy in common?
Which of the following types of real properly ownership will be deemed to be a tenancy in common?A . Two brothers own equal amounts of all the common stock in a corporation, the only asset of which is real property.B . Two brothers own equal undivided interests in a piece...
Which of the following areas of consideration present common ethical issues for the estate planner?
Which of the following areas of consideration present common ethical issues for the estate planner?A . ContractsB . CompatibilityC . ConsistencyD . CompensationView AnswerAnswer: D
