Newest American College HS330 Practice Questions at Zero Cost

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Question 1

All the following statements concerning the gift and estate tax chartiable deduction are correct EXCEPT:

AIt is possible for a charitable contribution made during the donor life time to generate both income and transfer tax deductions for the donor.

BIf the donor retains an interest in property contributed to a qualified charity during life time, the value of the property may be included in the donor gross estate.

CAn estate tax charitable deduction is allowed for the full value of property transferred to a qualified charity but only if the property is included in the donor gross estate.

DA donor is denied a charitable deduction for property that passes to a qualified charity as the result of a qualified disclaimer if the donor original transfer was to a no charitable donee.

Correct Answer: 1

Question 2

All the following transfers are subject to the generation-skipping transfer tax (GSTT) EXCEPT:

AA direct cash gift of $50,000 from a grandparent to his grandchild if such grandchild's parents are still alive.

BA direct cash payment of $28,000 from a grandparent to a private prep school to cover the tuition costs for her grandchild.

CA distribution to a grandchild from a sprinkle trust created by a grandparent to benefit both skip and non-skip beneficiaries.

DA termination of a trust at the death of the non skip life income beneficiary with the remainder distributed solely to skip persons.

Correct Answer: 2

Question 3

The failure of an individual to have a will can result in all the following EXCEPT:

AThe decedent's state of domicile might receive the property left by the decedent.

BTestamentary gifts to charity cannot be made.

CUnnecessary death taxes may be imposed.

DA surviving spouse receives only his or her elective share.

Correct Answer: 3

Question 4

The personal representative of a decedent has the duty to file all the following tax returns EXCEPT:

Athe surviving spouse's income tax return for the year of death

Bthe estate's income tax return

Cthe decedent's final income tax return

Dthe federal estate tax return

Correct Answer: 4

Question 5

All the following statements concerning property ownership by a married couple residing in a community-properly state are correct EXCEPT:

AAll properly that is not separate properly is community property.

BCommunity property loses its identity when a community-properly couple moves to a common-law state.

CProperty inherited during the marriage is the separate properly of the spouse who inherited it.

DIncome earned by one spouse becomes community property.

Correct Answer: 5

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