American College HS330 real exam prep : Fundamentals of Estate Planning test

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American College HS330 Exam Syllabus Topics:

American College Fundamentals of Estate Planning test Sample Questions:

1. All the following items are allowed as a deduction from a decedent's gross estate to determine the decedent's adjusted gross estate EXCEPT:

A) Costs of distributing probate assets to estate beneficiaries.
B) Payments of estate debts.
C) Expenses incurred for the benefit of individual heirs.
D) Expenses incurred in the presentation of probate assets.

2. Under the terms of his will, a man left his residuary estate to a testamentary trust for the benefit of his wife. Which of the following powers with respect to the trust will cause all the trust principal to be includible in the gross estate of the widow for federal estate tax purposes?

A) The power of the trustee in its sole discretion to distribute trust assets to the widow for any reason satisfactory to the trustee
B) The testamentary limited or special power of the widow to direct the trustee to distribute trust assets to her heirs.
C) The power of the widow each year to direct the trustee to pay her the greater of 5 percent of the trust principal or $5,000
D) The power of the widow to direct the trustee to use trust assets to pay her personal debts

3. A married man is the sole owner of a small business with an estate tax value of $500,000. In addition, he and his wife own an office building as joint tenants with right of survivorship which they purchased five years ago. The building has an estate tax value of $1,500,000. They are considering dissolving the joint tenancy and retitling the building in the name of the husband as sole owner. All the following statements concerning this action are correct EXCEPT:

A) At the husband's death, his heirs would get a fully stepped-up tax basis for the property.
B) At the husband's death, it would be easier to qualify his estate for an IRC Section 303 stock redemption of his business interest.
C) If the husband dies first and leaves the office building outright to his wife, there would be no federal estate tax attributed to its inclusion in his gross estate.
D) If the husband dies first, the probate costs of his estate could be increased.

4. Which of the following statements concerning the taxation of estates and trusts is correct?

A) They are taxed as if they were corporations.
B) They are taxed on distributable net income that is retained.
C) They are taxed as if they were partnerships.
D) They are entitled to the standard deduction in determining tax.

5. 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 concerning the estate:
*Gross estate $2,400,000
*Estate administration expenses 85,000
*Debts of decedent 100,000
*Allowable funeral expenses 10,000
The amount of the allowable marital deduction is

A) $2,215,000
B) $2,315,000
C) $2,205,000
D) $2,305,000

Solutions: