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American College Fundamentals of Estate Planning test Sample Questions:

1. Which of the following statements concerning state death taxes is correct?

A) A deduction for the full amount of state death taxes paid by a decedent estate is allowed on a decedent federal estate tax return.
B) A state inheritance tax is imposed on the right of the deceased to leave property to heirs.
C) A state estate tax is imposed on the right of heirs to receive property from the deceased.
D) State estate and inheritance taxes are generally imposed at the same rate regardless of the relationship of the deceased to the beneficiary.

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

A) A direct cash gift of $50,000 from a grandparent to his grandchild if such grandchild's parents are still alive.
B) A distribution to a grandchild from a sprinkle trust created by a grandparent to benefit both skip and non-skip beneficiaries.
C) A termination of a trust at the death of thenonskip life income beneficiary with the remainder distributed solely to skip persons.
D) A direct cash payment of $28,000 from a grandparent to a private prep school to cover the tuition costs for her grandchild.

3. Believing that his death was imminent, a widower gave his son some real estate two years ago and filed a timely gift tax return. The widower died on January 1st of this year. The additional facts are:
*Widower's basis in the real estate $400,000
*Value of the real estate when gifted 1,000,000
*Value of the real estate on date of death 2,000,000
*Amount of gift tax paid by widower 345,800
Assuming the widower made no additional gifts to his son, all the following statements concerning this situation are correct EXCEPT:

A) The gift of the real estate is included in the calculation of the widower's federal estate tax as an adjusted taxable gift.
B) The gift tax paid is brought back into the widower's gross estate at $345,800.
C) The son's income tax basis in the real estate is $2,000,000.
D) The widower recognized no gain for income tax purposes at the time the gift was made.

4. All the following are conditions that must be met if an otherwise nonqualified terminable interest is to qualify (as QTIP) for the federal estate tax marital deduction EXCEPT:

A) The surviving spouse must be given a lifetime right to receive all the property's income at least annually.
B) The deceased spouse's executor must make an irrevocable election to have the property includible in the surviving spouse's gross estate.
C) The surviving spouse must make a qualified disclaimer to all other property in the deceased spouse's estate within 9 months of death.
D) No person can be given the right to direct that the property go to anyone other than the surviving spouse as long as the surviving spouse is alive.

5. A single man with substantial assets and income is supporting his 80-year-old partially senile mother with monthly cash gifts. He is trying to find a practical way to support his mother while at the same time saving federal gift and income taxes without giving up ultimate control of any assets. Which of the following courses of action will best accomplish these objectives?

A) Make her an interest free loan with a principal amount large enough to produce sufficient income for her support when invested in corporate bonds
B) Purchase corporate bonds that pay interest in an amount sufficient for her to support herself and assign the interest payments to her
C) Make her a gift of enough corporate bonds from his portfolio so that she will be able to support herself from the interest payments
D) Make her annual gifts of enough interest income from the tax free municipal bonds in his portfolio so that she will be able to support herself

Solutions: