American College HS330

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American College Fundamentals of Estate Planning test Sample Questions:

1. Requirements for property to qualify for the federal estate tax marital deduction include which of the following?
1.The property interest must be includible in the decedent's gross estate.
2.The property must pass in such manner that it will be includible in the surviving spouse's estate at death unless consumed or given away.

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

2. An individual who is a resident of State W is also the sole proprietor of a business located in State
W. He owns real property located in State X that is used by the proprietorship. While on vacation in State Y, the individual meets an untimely death. Under the terms of his will, his entire estate is bequeathed to a resident of State Z.
Which state will tax the real property used by the proprietorship?

A) State W
B) State Y
C) State X
D) State Z

3. Ignoring the annual per-donee exclusion, all the following transfers are gifts for federal gift tax purposes EXCEPT:

A) A creditor cancels the promissory note of a friend who recently became unemployed.
B) An individual gratuitously performs valuable services for the benefit of a close friend.
C) A grandmother reimburses her grandson for his college tuition costs.
D) A father lends his daughter a large sum of money interest free for a period of 2 years.

4. A married man died this year leaving a gross estate of $2,700,000. Some additional facts concerning his estate are:
1.Administration expenses and debts $300,000
2.Marital deduction 800,000
3.Applicable credit amount (2005) 555,800
4.Applicable exclusion amount (2005) 1,500,000
5.State death taxes payable 17,700
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 tax payable is

A) 0
B) $42,865
C) $47,065
D) $37,035

5. All the following statements concerning revocable trusts are correct EXCEPT:

A) Property transferred to a revocable trust typically avoids being included in the probate estate of the grantor.
B) Revocable trusts are created and operate before the death of thesettlor.
C) A transfer to a revocable trust is treated as an incomplete gift for gift tax purposes.
D) A transfer to a revocable trust changes the income tax picture of the grantor.

Solutions: