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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 transfers at death under a will are correct EXCEPT:

A) If during lifetime a decedent disposed of property that was the subject of a specific bequest,ademption occurs.
B) It is common for a will to contain a clause that exempts the executor from posting bond.
C) Specific bequests of a decedent's property are satisfied prior to distribution of the decedent's residuary estate.
D) The most appropriate way to sever a joint tenancy with right of survivorship is for the joint tenant-decedent to make a specific bequest of the property under a will.

2. Which of the following is (are) a permissible deduction from a decedent's gross estate to determine the decedent's adjusted gross estate?
1.Expenses incurred for the benefit of individual heirs.
2.Expenses incurred in the collection of estate assets.

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

3. 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 about this estate are:
*Adjusted gross estate $1,200,000
*Fair market value of stock in the
*closely held corporation 500,000
*Administration and funeral expenses 25,000
*State inheritance taxes 40,000
*Federal estate taxes 160,000
What amount of closely held corporate stock may be redeemed under IRC Section 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution?

A) $225,000
B) $500,000
C) $ 65,000
D) 0

4. Which of the following statements concerning marital transfers to a non-U.S. citizen spouse is (are) correct?
1.A marital deduction is automatically available as long as property is transferred outright to the non-citizen spouse.
2.A marital deduction is automatically available if the transferor-decedent spouse is a U.S. citizen.

A) 2 only
B) Neither 1 nor2
C) 1 only
D) Both 1 and 2

5. 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. Additional facts are:
*Widower's basis in the real estate $200,000
*Value of real estate when gifted 510,000
*Value of real estate on date of death 1,000,000
*Amount of gift tax paid by widower 159,500
Assuming the widower made no additional gifts to his son, all the following statements concerning this situation are correct EXCEPT:

A) The son's income tax basis in the real estate is $1,000,000.
B) The gift tax paid is brought back into the widower's gross estate at $159,500.
C) The gift of the real estate is included in the calculation of the widower's federal estate tax as an adjusted taxable gift.
D) The widower recognized no capital gain for income tax purposes at the time the gift was made.

Solutions: