QUESTION NO: 1
Which of the following statements concerning the generation-skipping transfer tax (GSTT) is correct?
Which of the following statements concerning the generation-skipping transfer tax (GSTT) is correct?
Correct Answer: C
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QUESTION NO: 2
All the following are grounds for contesting a will EXCEPT:
All the following are grounds for contesting a will EXCEPT:
Correct Answer: D
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QUESTION NO: 3
A man recently died with only probate assets. Under the terms of his will, he left his entire probate estate outright to his wife. The following are relevant facts about the estate:
*Gross estate $2,000,000
*Estate administration expenses 50,000
*Debts of decedent 200,000
*Allowable funeral expenses 5,000
The amount of the allowable marital deduction is
A man recently died with only probate assets. Under the terms of his will, he left his entire probate estate outright to his wife. The following are relevant facts about the estate:
*Gross estate $2,000,000
*Estate administration expenses 50,000
*Debts of decedent 200,000
*Allowable funeral expenses 5,000
The amount of the allowable marital deduction is
Correct Answer: A
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QUESTION NO: 4
Which of the following statements concerning the inclusion in a decedent-employee's gross estate of a lump-sum distribution from a qualified retirement plan to a beneficiary other than the employee's estate is (are) correct?
1.Lump-sum distributions of payments attributable to the employer's contributions are excluded from the gross estate.
2.Lump-sum distributions of payments attributable to the decedent-employee's contributions are excluded from the gross estate.
Which of the following statements concerning the inclusion in a decedent-employee's gross estate of a lump-sum distribution from a qualified retirement plan to a beneficiary other than the employee's estate is (are) correct?
1.Lump-sum distributions of payments attributable to the employer's contributions are excluded from the gross estate.
2.Lump-sum distributions of payments attributable to the decedent-employee's contributions are excluded from the gross estate.
Correct Answer: A
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QUESTION NO: 5
All the following statements concerning filing the federal estate tax return are correct EXCEPT:
All the following statements concerning filing the federal estate tax return are correct EXCEPT:
Correct Answer: D
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QUESTION NO: 6
A mother died leaving her property equally to her wealthy daughter and her poor son. The daughter wishes to disclaim her share of the inheritance so that it will pass to her brother without her incurring any gift tax liability. Assume that the disclaimer is written, is timely, and is irrevocable. Which of the following statements concerning an additional requirement of a qualified disclaimer is (are) correct?
1.The daughter refusal must direct specifically that her brother is to receive her inheritance.
2.The daughter must not have received any part of her inheritance or any income from it prior to her refusal to accept it.
A mother died leaving her property equally to her wealthy daughter and her poor son. The daughter wishes to disclaim her share of the inheritance so that it will pass to her brother without her incurring any gift tax liability. Assume that the disclaimer is written, is timely, and is irrevocable. Which of the following statements concerning an additional requirement of a qualified disclaimer is (are) correct?
1.The daughter refusal must direct specifically that her brother is to receive her inheritance.
2.The daughter must not have received any part of her inheritance or any income from it prior to her refusal to accept it.
Correct Answer: D
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QUESTION NO: 7
On January 1, 2004 a father gave his daughter a $150,000 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 $2,400
Terminal reserve on July 1, 2003 15,000
Terminal reserve on July 1, 2004 18,000
What is the value of the policy for federal gift tax purposes?
On January 1, 2004 a father gave his daughter a $150,000 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 $2,400
Terminal reserve on July 1, 2003 15,000
Terminal reserve on July 1, 2004 18,000
What is the value of the policy for federal gift tax purposes?
Correct Answer: D
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QUESTION NO: 8
The personal representative of a decedent has the duty to file all the following tax returns EXCEPT
The personal representative of a decedent has the duty to file all the following tax returns EXCEPT
Correct Answer: A
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