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. 1 only
C. Neither 1 nor 2
D. Both 1 and 2
Which of the following life insurance settlement options will qualify for the federal estate tax marital deduction?
1.
Proceeds left to the surviving spouse under the interest option, with interest payable to the surviving spouse who has the unrestricted right to withdraw proceeds and with any proceeds not withdrawn payable equally to her children per stirpes
2.
Proceeds left to the surviving spouse under an installment option, with any installments remaining at her death to be commuted and paid to her estate
A. Both 1 and 2
B. 2 only
C. 1 only
D. Neither 1 nor 2
The following are facts concerning a decedent's estate:
-Taxable estate $2,000,000
-Pre-1977 taxable gifts 500,000
-
Post-1976 adjusted taxable gifts 300,000
-
Post-1976 gifts made to a qualified charity 200,000
A.
$2,300,000
B.
$ 400,000
C.
$2,500,000
D.
$2,000,000
Which of the following statements concerning the methods of valuing a closely held business for federal estate tax purposes is (are) correct?
1.
The capitalization-of-adjusted-earnings method uses a capitalization rate that varies inversely with the degree of risk and rate of return.
2.
The adjusted-book value method involves adjusting the asset components of a business to an approximate fair market value for each component.
A. 1 only
B. 2 only
C. Both 1 and 2
D. Neither 1 nor 2
The Decedent, T, died this year. The facts concerning T estate are:
-Gross estate $2,700,000
-Marital deduction 900,000
-Charitable deduction 110,000
-Gifts made after 1976 130,000
-
State death taxes payable 165,000
A.
$1,395,000
B.
$1,525,000
C.
$1,655,000
D.
$1,285,000
Which of the following statements concerning property is (are) correct?
1.
Personal property is all property that is not considered to be real property.
2.
A mortgage on real property is treated as real property.
A. 1 only
B. 2 only
C. Both 1 and 2
D. Neither 1 nor 2
Which of the following statements concerning antenuptial agreements is (are) correct?
1.
They are frequently used prior to second marriages.
2.
They can affect a surviving spouse's right to receive an intestate share of a deceased spouse's estate.
A. Both 1 and 2
B. Neither 1 nor 2
C. 1 only
D. 2 only
Which of the following statements concerning state death taxes is correct?
A. A state inheritance tax is imposed on the right of the deceased to leave property to heirs.
B. A state estate tax is imposed on the right of heirs to receive property from the deceased.
C. State estate and inheritance taxes are generally imposed at the same rate regardless of the relationship of the deceased to the beneficiary.
D. A deduction for the full amount of state death taxes paid by a decedent estate is allowed on a decedent federal estate tax return.
A number of states have passed statutes governing "living wills." Which of the following statements concerning a living will is (are) correct?
1.
A living will is an alternative to an inter vivos trust under certain circumstances.
2.
A living will is an oral will made by the testator during a final illness when it is impossible to write one.
A. Neither 1 nor 2
B. 1 only
C. 2 only
D. Both 1 and 2
A married man is the sole owner of a small business with an estate tax value of $500,000. In addition, he and his wife own an office building as joint tenants with right of survivorship which they purchased five years ago. The building has an estate tax value of $1,500,000. They are considering dissolving the joint tenancy and retitling the building in the name of the husband as sole owner. Which of the following statements concerning this action is (are) correct?
1.
If the husband dies first, it would be easier to qualify his estate for a Section 303 redemption of his business interest.
2.
If the husband dies first, the probate costs of his estate could be increased.
A. 2 only
B. 1 only
C. Neither 1 nor 2
D. Both 1 and 2
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