Question 1

Daniel's will provides that all of his property passes to a trust,life estate to his wife,remainder to charity.If Daniel's executor makes a QTIP election,the use of the marital deduction date is not possible.

Accepted Answer

A) True 
 B)False

Question 2

Classify each statement appropriately.
a.Deductible from the gross estate in arriving at the taxable estate.b.Not deductible from the gross estate in arriving at the taxable estate.
-Casualty loss to property before the death of the owner.

Accepted Answer

The answer of Classify each statement appropriately.
a.Deductible from the gross...

Question 3

Classify each statement appropriately.
a.Deductible from the gross estate in arriving at the taxable estate.b.Not deductible from the gross estate in arriving at the taxable estate.
-Payment by the estate of church pledge made by decedent prior to death.

Accepted Answer

The answer of Classify each statement appropriately.
a.Deductible from the gross...

Question 4

Classify each of the independent statements appearing below.
a.Some or all of the interest included in the decedent's gross estate.b.None of the interest included in the decedent's gross estate.
-Decedent holds a life estate in a trust created by her spouse who died five years ago.The executor of the spouse's estate made a QTIP election as to the trust.Decedent's son is the remainderman of the trust.

Accepted Answer

The answer of Classify each of the independent statements appearing...

Question 5

In 2005,Mandy and Hal (mother and son)  purchased land for $600,000 as joint tenants with right of survivorship.Of the $600,000 purchase price,Mandy provided $300,000 and Hal $300,000 (of which $200,000 had been received as a gift from Mandy) .In 2015,Hal dies first when the land is worth $3,000,000.As to the land,Hal's gross estate must include:

Accepted Answer

A)  $500,000.
B)  $1,500,000.
C)  $2,500,000.
D)  $3,000,000.
E)  None of the above.F) B) and C)
G) A) and C)

Question 6

Death does not defeat a deceased spouse's interest in a tenancy by the entirety.

Accepted Answer

A) True 
 B)False

Question 7

Matt and Patricia are husband and wife and live in Oregon.In 1980 and using her funds,Patricia purchases a residence for $400,000,listing title to the property as "Matt and Patricia,joint tenants with right of survivorship." In 2015,Matt dies first when the residence is worth $2 million.A correct statement as to these transactions is:

Accepted Answer

A)  In 2015,Matt's gross estate includes $1 million and a marital deduction of $1 million is allowed for estate tax purposes.
B)  In 1980,Patricia made a gift to Matt but no marital deduction is available for gift tax purposes.
C)  In 1980,Patricia did not make a gift to Matt.
D)  In 2015,Matt's estate includes nothing as to the property.
E)  None of the above.F) D) and E)
G) A) and B)

Question 8

Classify each of the independent statements appearing below.
a.Some or all of the interest included in the decedent's gross estate.b.None of the interest included in the decedent's gross estate.
-Cash dividends on stock owned by the decedent (declaration and record dates preceded death but payment date was after death).

Accepted Answer

The answer of Classify each of the independent statements appearing...

Exam 27: Family Tax Planning

Correct Answer
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Classify each statement appropriately. a.Deductible from the gross estate in arriving at the taxable estate.b.Not deductible from the gross estate in arriving at the taxable estate. -Casualty loss to property before the death of the owner.

Correct Answer
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Daniel's will provides that all of his property passes to a trust,life estate to his wife,remainder to charity.If Daniel's executor makes a QTIP election,the use of the marital deduction date is not possible.

Correct Answer
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Classify each statement appropriately. a.Deductible from the gross estate in arriving at the taxable estate.b.Not deductible from the gross estate in arriving at the taxable estate. -Payment by the estate of church pledge made by decedent prior to death.

Correct Answer
verified

Death does not defeat a deceased spouse's interest in a tenancy by the entirety.

Correct Answer
verified

Exam 27: Family Tax Planning

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Classify each statement appropriately. a.Deductible from the gross estate in arriving at the taxable estate.b.Not deductible from the gross estate in arriving at the taxable estate. -Casualty loss to property before the death of the owner.

Correct AnswerverifiedShow Answer

Daniel's will provides that all of his property passes to a trust,life estate to his wife,remainder to charity.If Daniel's executor makes a QTIP election,the use of the marital deduction date is not possible.

Correct AnswerverifiedShow Answer

Classify each statement appropriately. a.Deductible from the gross estate in arriving at the taxable estate.b.Not deductible from the gross estate in arriving at the taxable estate. -Payment by the estate of church pledge made by decedent prior to death.

Correct AnswerverifiedShow Answer

Death does not defeat a deceased spouse's interest in a tenancy by the entirety.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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