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Exam : The American College HS
330
Title : Fundamentals of Estate Planning test

1. 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.
Answer: D

2. On the advice of their attorney and accountant, Betsy and John have decided to make substantial transfers. They would like to pass most of their considerable wealth to their grandchildren. Which of the following statements concerning gifts made to their grandchildren is correct?
A. The GSTT annual exclusion may be utilized by Betsy and John for each grandchild during lifetime and at death.
B. The value of Betsy and John’s GSTT exemption amounts are slightly increased when used at death rather than during lifetime.
C. The GSTT annual exclusion is unavailable for years in which Betsy and John make tuition gifts for the grandchildren.
D. Betsy and John may elect to split any GSTT transfers to the grandchildren.
Answer: D

3. 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 runs their business for 8 months without charging a fee.
C. The parents of a married son permit their son and his family to use a summer cottage that rents for $3,000 per month on a rent-free basis.
D. A father cancels a $50,000 note his daughter gave him when he made a loan to her 2 years ago.
Answer: D

4. 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 is
A. $1,700,000
B. $1,750,000
C. $1,850,000
D. $1,900,000
Answer: B

5. 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 will pass equally to their two sons. He wants to pass all assets to this wife and sons as free of federal estate taxes as possible. To best accomplish these objectives, the man should include which of the following estate plans in his will?
A. Establish a QTIP trust for half his estate and bequeath the remainder to his wife
B. Establish a marital deduction trust with a general power of appointment for half his estate and place the remainder in a QTIP trust
C. Establish a bypass trust equal to the applicable exclusion amount and place the remainder of his estate in a QTIP trust
D. Establish a QTIP trust for his entire estate
Answer: C

6. A widow made the following cash gifts during the current year:
Donee Amount of Gift
A qualified charity $40,000
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 was
A. $23,000
B. $45,000
C. $52,000
D. $95,000
Answer: A

7. A man is planning to establish and fund a 20-year irrevocable trust for the benefit of his two sons, aged 19 and 22, and plans to give the trustee power to sprinkle trust income. From the standpoint of providing federal income, gift, and estate tax savings, which of the following would be the best choice of trustee?
A. The grantor of the trust
B. The grantor’s 70-year-old father
C. The grantor’s 22-year-old son
D. A bank or trust company
Answer: D

8. 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 passage of time is includible at the date of death value.
B. Property sold before the alternate valuation date is valued at the alternate valuation date.
C. Property that has increased in value since the date of death may be valued at the date of death if the executor so elects.
D. Property distributed under the will before the alternate valuation date is valued at the date of death.
Answer: A

9. 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
Fair market value of stock in the
closely held corporation 500,000
Administration and funeral expenses 25,000
State inheritance taxes 40,000
Federal estate taxes 160,000
What amount of closely held corporate stock may be redeemed under IRC Section 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution?
A. 0
B. $ 65,000
C. $225,000
D. $500,000
Answer: C

10. On January 1, 2004 a father gave his daughter a $200,000 straight (ordinary) life insurance policy on his life. Premiums are paid annually. The pertinent facts about the policy are:
Date of issue: July 1, 1992
Premium paid on July 1, 2003 $3,200
Terminal reserve on July 1, 2003 20,000
Terminal reserve on July 1, 2004 24,000
What is the value of the policy for federal gift tax purposes?
A. $ 21,600
B. $ 23,200
C. $ 23,600
D. $200,000
Answer: C

11. 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 taxes if the amount with respect to which the tentative tax to be computed is over $1,000,000 but not over $1,250,000, the tentative tax is $345,800, plus 41 percent of the excess of such amount over $1,000,000. If the amount is over $1,250,000 but not over $1,500,000, the tentative tax is then $448,300, plus 43 percent of the excess of such amount over $1,250,000. If the amount is over $1,500,000 but not over $2,000,000, the tentative tax is then $555,800 plus 45% of the excess of such amount over $1,500,000. Based on these facts, the net federal estate tax payable is
A. 0
B. $103,320
C. $123,720
D. $128,280
Answer: B

12. Which of the following statements concerning property ownership by a married couple residing in a community-property state is correct?
A. All property owned by the couple is community property.
B. Community property loses its identity when a couple moves from a community-property state to a common-law state.
C. Property inherited by one spouse during a marriage becomes community property.
D. Income earned by one spouse becomes community property.
Answer: D

13. A father and son have been farming land owned by the father for the past 12 years. Just prior to his death, the father was offered $1,200,000 for his farm because of its possible use as a shopping center. The son would like to continue to farm the land if it can be included in his father’s estate at its current use value. Additional facts are:
1.Average annual gross rentals from nearby farms of similar acreage are $56,000.
2.Average annual state and local real estate taxes on the farm are $8,000.
3.The interest rate for loans from the Federal Land Bank is 8 percent.
For federal estate tax purposes, the farm method valuation formula would result in a current use value for the farm of
A. $500,000
B. $600,000
C. $700,000
D. $820,000
Answer: B

14. The decedent, D, died this year. The facts concerning D estate are:
Gross estate $3,400,000
Marital deduction 0
Charitable deduction 600,000
Funeral & administration expenses 80,000
Gifts made after 1976 170,000
State death taxes payable 192,000
What is D taxable estate?
A. $2,138,000
B. $2,358,000
C. $2,528,000
D. $2,720,000
Answer: C

15. Which of the following statements concerning a simple trust is correct?
A. Income and principal may be distributed to a qualified charity.
B. It receives a special tax deduction for income distributed to its beneficiaries.
C. Income is accumulated at the discretion of the trustee.
D. It limits the number of permissible beneficiaries.
Answer: B

16. Which of the following types of real property 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 of real property, with each brother being able to divest himself of his interest by sale, gift, or will.
C. Two brothers are equal partners in a general partnership that owns a piece of real property used in the partnership business.
D. Two brothers own equal fractional interests in a piece of real property and at the death of one of the brothers the survivor will own the entire piece of property.
Answer: B

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