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American College HS330 Exam Syllabus Topics:

American College Fundamentals of Estate Planning test Sample Questions:

1. 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 widower recognized no capital gain for income tax purposes at the time the gift was made.
B) The son's income tax basis in the real estate is $1,000,000.
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 gift tax paid is brought back into the widower's gross estate at $159,500.

2. A single man with substantial assets and income is supporting his 80-year-old partially senile mother with monthly cash gifts. He is trying to find a practical way to support his mother while at the same time saving federal gift and income taxes without giving up ultimate control of any assets. Which of the following courses of action will best accomplish these objectives?

A) Purchase corporate bonds that pay interest in an amount sufficient for her to support herself and assign the interest payments to her
B) Make her annual gifts of enough interest income from the tax free municipal bonds in his portfolio so that she will be able to support herself
C) Make her an interest free loan with a principal amount large enough to produce sufficient income for her support when invested in corporate bonds
D) Make her a gift of enough corporate bonds from his portfolio so that she will be able to support herself from the interest payments

3. A taxable gift has been made in which of the following situations?
1.A father manages his disabled son's business for a year without compensation since a replacement manager would have cost $25,000.
2.A father verbally promises his 21-year-old daughter that he will give her his antique Mercedes when she graduates from college next year.

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

4. All the following trust provisions avoid causing the inclusion of an irrevocable life insurance trust in an insured's gross estate EXCEPT

A) a trust beneficiary's power to withdraw contributions to the trust
B) a trustee's power to pay estate expenses
C) a trustee's power to loan assets to the estate at the trustee's discretion
D) a trustee's power to purchase assets from the estate at the trustee's discretion

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

Solutions: