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American College HS330 Exam Syllabus Topics:

American College Fundamentals of Estate Planning test Sample Questions:

1. A man died in February of this year. Last year, when he learned that he has a terminal illness, he immediately made the following gifts and filed the required gift tax return:
Fair Market Value
*Gift of listed stock to a
*qualified charity $150,000
*Gift of listed bonds to his wife 200,000
*Gift of a boat to his son 5,000
*Gift of a sports car to his daughter 5,000
What amount must be brought back to the man's estate as an adjusted taxable gift in the calculation of his federal estate taxes?

A) 0
B) $190,000
C) $150,000
D) $360,000

2. Which of the following statements concerning executors is correct?

A) All executors must post bonds.
B) The executor must be a licensed attorney in the decedent's state of domicile.
C) The executor named in the will of a deceased person is automatically authorized to act.
D) An executor can be given broad and discretionary powers with respect to the management of the estate.

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

4. All the following assets owned by a decedent pass by operation of law or by contract EXCEPT

A) life insurance payable to a named beneficiary
B) death benefits of a pension plan payable to a named beneficiary
C) jointly owned real estate passing to the surviving joint tenant
D) probate assets passing under the terms of a valid will

5. A widow made the following cash gifts during the current year:
*Donee Amount of Gift
*A qualified charity $40,000
*A close friend 30,000
*Her sister 5,000
*Her daughter 15,000
*Her brother 10,000
The total amount of the taxable gifts made this year was

A) $95,000
B) $45,000
C) $23,000
D) $52,000

Solutions: