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American College HS330 Exam Syllabus Topics:

American College Fundamentals of Estate Planning test Sample Questions:

1. All the following statements concerning a grantor-retained annuity trust (GRAT) or a grantor-retained unitrust (GRUT) are correct EXCEPT:

A) For gift tax purposes a grantor's retained interest in these trusts is valued at zero.
B) A grantor receives an annual payout from a GRUT that is based on the value that the trust grows or contracts to each year.
C) After the initial transfer to a GRAT, the grantor is prohibited from making additional contributions to the trust.
D) Post-transfer appreciation of property transferred to these trusts is excluded from the grantor's gross estate.

2. All the following items of property will be included in a decedent's gross estate for federal estate tax purposes EXCEPT

A) the value of property subject to a general power of appointment that the decedent possessed at death
B) the value of a gratuitous lifetime transfer in which the decedent retained a reversionary interest on the date of death worth more than 5 percent of the value of the property and which thedonee must survive the decedent to possess
C) the value of all gratuitous lifetime transfers of property made within 3 years of death
D) the value of a gratuitous lifetime transfer in which the decedent retained the right for life to receive the income from the property

3. A widower dies leaving a net probate estate of $300,000. At the time of his death, his descendants are as follows:
A son, Joe, who has no children; A deceased daughter, Mary, whose two children, Irene and Sally, survive; and
A daughter, Anne, who has one child, Harry
Assuming that the widower's will provides for the distribution of his assets in equal shares to his children, per stirpes, which of the following correctly states the amounts each descendant will receive?

A) $100,000 to Joe, $50,000 to Irene, $50,000 to Sally, $50,000 to Anne, and $50,000 to Harry
B) $75,000 to Joe, $75,000 to Irene, $75,000 to Sally, and $75,000 to Anne
C) $60,000 to Joe, $60,000 to Irene, $60,000 to Sally, $60,000 to Anne, and $60,000 to Harry
D) $100,000 to Joe, $50,000 to Irene, $50,000 to Sally, and $100,000 to Anne

4. When the owner of a closely held business dies, the payment of a portion of the federal estate tax may be deferred for a period of several years if the estate otherwise qualifies under the provisions of IRC Section 6166. Which of the following statements concerning this deferral of federal estate tax is correct?

A) The interest on the unpaid estate tax is payable over the first 10 years, after which the tax plus interest on the balance is payable in equal installments for the last 5 years.
B) The interest rate on the deferred tax is determined by the prime rate in effect on the date of death.
C) Under certain circumstances, the estate will forfeit its right to tax deferral, and all the remaining unpaid estate tax will become due and payable immediately.
D) To qualify for the tax deferral, the closely held business must represent more than 50 percent of the value of the decedent's adjusted gross estate.

5. The decedent, Z, died this year. The facts concerning Z estate are:
*Gross estate $3,200,000
*Marital deduction $1,100,000
*Charitable deduction 80,000
*Gifts made after 1976 115,000
*State death taxes payable 215,000
What is Z taxable estate?

A) $1,805,000
B) $1,690,000
C) $1,920,000
D) $1,590,000

Solutions: