American College Fundamentals of Estate Planning test - HS330 模擬練習
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 IRC Section 6166. Which of the following statements concerning this deferral of federal estate tax is correct?
正解: B
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?
1.At the husband's death, the interpolated terminal reserve of the policy is a gift to the son.
2.The annual increase in the cash value is a gift to the son.
1.At the husband's death, the interpolated terminal reserve of the policy is a gift to the son.
2.The annual increase in the cash value is a gift to the son.
正解: A
Which of the following statements concerning property is (are) correct?
1.A mortgage on real estate is real property.
2.A tree growing on land is real property.
1.A mortgage on real estate is real property.
2.A tree growing on land is real property.
正解: C
Which of the following statements concerning property ownership by a married couple residing in a community-property state is correct?
正解: D
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 concerning this estate are:
*Adjusted gross estate $1,600,000
*Fair market value of stock in
*the closely held corporation 700,000
*Funeral expenses 30,000
*Executor's commission 50,000
*Federal and state death tax 160,000
What amount of closely held corporate stock can be redeemed under IRC Section 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution?
*Adjusted gross estate $1,600,000
*Fair market value of stock in
*the closely held corporation 700,000
*Funeral expenses 30,000
*Executor's commission 50,000
*Federal and state death tax 160,000
What amount of closely held corporate stock can be redeemed under IRC Section 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution?
正解: C
To determine whether a taxable gift has been made, the Treasury Regulations require that there must initially be a definite finding that the
正解: A
A man died in February of this year. Last year, when he learned that he had terminal illness, he immediately made the following gifts and filed the required gift tax return:
Fair Market Value Gift of listed stock to a
*qualified charity $200,000
*Gift of listed bonds to his wife 300,000
*Gift of a boat to his son 10,000
*Gift of a sports car to his daughter 10,000
What amount must be brought back to the man's estate as an adjusted taxable gift in the calculation of his federal estate taxes?
Fair Market Value Gift of listed stock to a
*qualified charity $200,000
*Gift of listed bonds to his wife 300,000
*Gift of a boat to his son 10,000
*Gift of a sports car to his daughter 10,000
What amount must be brought back to the man's estate as an adjusted taxable gift in the calculation of his federal estate taxes?
正解: D
Mr. Allen died early this year survived by his spouse Mrs. Allen. Among the items of family property are:
1.A $200,000 life insurance policy on Mr. Allen's life with Mrs. Allen designated as beneficiary. Mrs. Allen has been the owner of the policy ever since it was issued 4 years ago.
2.The family residence with a fair market value of $300,000. Mr. and Mrs. Allen own the residence jointly with the right of survivorship even though Mr. Allen purchased it with his separate funds.
3.A $20,000 bank account. Mr. and Mrs. Allen own the account jointly with the right of survivorship even though Mrs. Allen made all the deposits.
What amount of the family property will be included in Mr. Allen's gross estate for federal estate tax purposes?
1.A $200,000 life insurance policy on Mr. Allen's life with Mrs. Allen designated as beneficiary. Mrs. Allen has been the owner of the policy ever since it was issued 4 years ago.
2.The family residence with a fair market value of $300,000. Mr. and Mrs. Allen own the residence jointly with the right of survivorship even though Mr. Allen purchased it with his separate funds.
3.A $20,000 bank account. Mr. and Mrs. Allen own the account jointly with the right of survivorship even though Mrs. Allen made all the deposits.
What amount of the family property will be included in Mr. Allen's gross estate for federal estate tax purposes?
正解: D