All the following items are allowed as a deduction from a decedent's gross estate to determine the decedent's adjusted gross estate EXCEPT:
A. Payments of estate debts.
B. Expenses incurred in the presentation of probate assets.
C. Costs of distributing probate assets to estate beneficiaries.
D. Expenses incurred for the benefit of individual heirs.
All the following powers held by the grantor of an irrevocable trust will cause the trust assets to be brought back into the estate of the grantor EXCEPT the power to
A. terminate the trust
B. designate who shall enjoy the trust income
C. add principal to the trust
D. change the trust remainderpersons
Mr. Barlow died early this year. Under the terms of his will he left all his real estate and tangible personal property to his son. All the remainder of his probate estate was left to his wife, Mrs. Barlow. The following is a list of Mr. Barlow's probate assets and their fair market values at the time of his death:
-Commercial real estate $200,000
-Furniture and fixtures 100,000
-Listed common stock 150,000
-
Notes receivable 250,000
A.
$800,000
B.
$400,000
C.
$1,100,000
D.
$150,000
Which of the following statements concerning the obligation of the personal representative of a decedent to file a federal estate tax return is (are) correct?
1.
A return must be filed by a decedent's estate if the gross estate plus adjusted taxable gifts equals the applicable exclusion amount or more, even though no federal estate tax is due.
2.
Unless extensions are granted, the return must be filed and the tax paid within 9 months of the decedent's death.
A. Neither 1 nor 2
B. Both 1 and 2
C. 1 only
D. 2 only
The following are facts concerning a decedent's estate:
-Taxable estate $1,700,000
-Pre-1977 taxable gifts 200,000
-
Post-1976 adjusted taxable gifts 50,000
-
Post-1976 gifts made to a qualified charity 100,000
A.
$1,750,000
B.
$1,850,000
C.
$1,900,000
D.
$1,700,000
A wife makes outright gifts of $76,000 to her son this year, and her husband agrees to split the gifts with her. Which of the following correctly states the amount of the taxable gifts?
A. Wife $27,000, husband $27,000
B. Wife $37,000, husband $37,000
C. Wife $17,000, husband $37,000
D. Wife $54,000, husband 0
Which of the following statements concerning estates and trusts is (are) correct?1. Both estates and trusts come into being by operation of law. 2. The personal representative of an estate and the trustee have similar fiduciary responsibilities.
A. Both 1 and 2
B. 1 only
C. Neither 1 nor 2
D. 2 only
Which of the following types of real property ownership will be deemed to be a tenancy in common?
A. Two brothers own equal amounts of all the common stock in a corporation, the only asset of which is real property.
B. Two brothers own equal undivided interests in a piece of real property, with each brother being able to divest himself of his interest by sale, gift, or will.
C. Two brothers own equal fractional interests in a piece of real property and at the death of one of the brothers the survivor will own the entire piece of property.
D. Two brothers are equal partners in a general partnership that owns a piece of real property used in the partnership business.
All the following are grounds for contesting a will EXCEPT:
A. The testator did not have testamentary capacity.
B. The widow was bequeathed less than her intestate share.
C. The instrument is a forgery.
D. The testator executed a later valid will.
Which of the following statements concerning antenuptial agreements is (are) correct?
1.
They are frequently used to protect the interests of children of former marriages.
2.
They can legally deprive a surviving spouse of his or her elective share of a deceased spouse's estate.
A. Both 1 and 2
B. 1 only
C. 2 only
D. Neither 1 nor 2
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