American College HS330 : Fundamentals of Estate Planning test

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American College Fundamentals of Estate Planning test Sample Questions:

1. 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 testamentary limited or special power of the widow to direct the trustee to distribute trust assets to her heirs.
B) The power of the widow to direct the trustee to use trust assets to pay her personal debts
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 trustee in its sole discretion to distribute trust assets to the widow for any reason satisfactory to the trustee

2. Which of the following statements concerning pooled-income funds is (are) correct?
1.A pooled income fund is similar to a mutual fund maintained by a qualified charity.
2.It is an irrevocable arrangement in which the remainder interest passes to charity.

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

3. All the following statements concerning filing the federal estate tax return are correct EXCEPT:

A) An automatic one-year extension for filing the estate tax return is granted when the decedent dies overseas.
B) For persons dying this year, an estate tax return must be filed for gross estates plus adjusted taxable gifts that exceed $1.5 million.
C) The estate tax return must be filed within 9 months of death unless an extension is granted by the IRS.
D) An extension to file the estate tax return must be received and granted by the IRS before the time for filing the return expires.

4. 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 about the estate:
*Gross estate $2,000,000
*Estate administration expenses 50,000
*Debts of decedent 200,000
*Allowable funeral expenses 5,000
The amount of the allowable marital deduction is

A) $1,750,000
B) $1,800,000
C) $1,745,000
D) $1,795,000

5. Among the assets in a decedent's gross estate is stock in a closely held corporation that was left to a nephew. The interest passing to the nephew is required to bear the burden of all estate taxes and expenses. The relevant facts concerning this estate are:
*Adjusted gross estate $1,600,000
*Fair market value of stock in the
*closely held corporation 700,000
*Funeral expenses 30,000
*Executor's commission 50,000
*Federal and state death tax 160,000
What amount of closely held corporate stock can be redeemed under IRC Section 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution?

A) $240,000
B) 0
C) $700,000
D) $ 80,000

Solutions: