American College HS330

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American College HS330 Exam Syllabus Topics:

American College Fundamentals of Estate Planning test Sample Questions:

1. All the following statements concerning a federal estate tax deduction for a bequest or gift to a qualified charity are correct EXCEPT:

A) A life insurance policy that was assigned to a charity as a gift less than 3 years prior to the insured's death qualifies for a charitable deduction.
B) The amount of a charitable deduction is reduced by any taxes and administrative expenses chargeable against the bequest.
C) An estate may deduct the value of the remainder interest in a charitable remainder trust.
D) The amount of a charitable deduction may not exceed 50 percent of a decedent's adjusted gross estate.

2. Believing that his death was imminent, a widower gave his son some real estate two years ago, and filed a timely gift tax return. The widower died on January 1st of this year. Additional facts are:
*Widower's basis in the real estate $150,000
*Value of real estate when gifted 400,000
*Value of real estate on date of death 800,000
*Amount of gift tax paid by widower 121,800
Assuming the widower made no additional gifts to his son, all the following statements concerning this situation are correct EXCEPT:

A) The gift tax paid is brought back into the widower's gross estate at $121,800.
B) The widower recognized no gain for income tax purposes at the time the gift was made.
C) The gift of the real estate is included in the calculation of the widower's federal estate tax as an adjusted taxable gift.
D) The son's income tax basis in the real estate is $800,000.

3. A father wants to accumulate funds for his 12-year-old son's college education. On the advice of his attorney, the father establishes an IRC Section 2503(c) trust and funds it with annual gifts. All the following statements concerning this arrangement are correct EXCEPT:

A) The father's annual gift tax exclusion must be reduced by any amount used to pay college tuition costs.
B) Any accumulated income and all trust principal must be available for distribution to the son when he attains age 21.
C) The trust must be irrevocable.
D) In the event of the son's death prior to age 21, trust assets must either be payable to the son's estate or be subject to a general power of appointment held by the son.

4. Income earned but unpaid at the time of a decedent's death is deemed to be income in respect of a decedent (IRD). Which of the following statements concerning IRD is (are) correct?
1.The income is taxable to the person or entity receiving it.
2.The present value of the income is includible in the decedent's gross estate.

A) Both 1 and 2
B) 1 only
C) Neither 1 nor 2
D) 2 only

5. Mr. Barlow died early this year. Under the terms of his will he left all his real estate and tangible personal property to his son. All the remainder of his probate estate was left to his wife, Mrs.
Barlow. The following is a list of Mr. Barlow's probate assets and their fair market values at the time of his death:
*Commercial real estate $200,000
*Furniture and fixtures 100,000
*Listed common stock 150,000
*Notes receivable 250,000
In addition, Mrs. Barlow owned a $400,000 life insurance policy on Mr. Barlow's life with Mr. Barlow's estate designated as beneficiary. Based on this information, what is the amount of property in Mr. Barlow's estate qualifying for the federal estate tax marital deduction?

A) $400,000
B) $150,000
C) $800,000
D) $1,100,000

Solutions: