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. designate who shall enjoy the trust incomeWhich of the following statements concerning filing the federal estate tax return is (are) correct?
1.
The estate tax return must be filed within 9 months of death unless an extension is granted by the IRS.
2.
For persons dying this year, an estate tax return must be filed for gross estates plus adjusted taxable gifts that exceed $1.5 million.
A. Neither 1 nor 2Items that are deductions from a decedent's gross estate in determining his adjusted gross estate include which of the following?
1.
- Foreign death taxes
2.
- State death taxes
A. Neither 1 nor 2Income earned but unpaid at the time of a decedent's death is deemed to be income in respect of a decedent (IRD). Which of the following statements concerning IRD is (are) correct?
1.
The income is taxable to the person or entity receiving it.
2.
The present value of the income is includible in the decedent's gross estate.
A. 1 onlyAmong 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
B. $ 80,000Which of the following statements concerning the so-called "kiddie-tax" on unearned income of children under age 14 is (are) correct?
1.
The rules apply to earned income of the children.
2.
The rules apply to trust income received by a child under age 14 only if the trust was established by the child's parents.
A. Both 1 and 2A wife makes outright gifts of $66,000 this year to her son, and her husband agrees to split the gifts with her. Which of the following correctly states the amount of the taxable gifts?
A. Wife $22,000, husband $22,000Ignoring the annual per-donee exclusion, which of the following transfers is a gift for federal gift tax purposes?
A. A father promises to buy his daughter a condominium when she finishes college.A wealthy individual might consider selling a substantially appreciated property interest in an installment sale for which of the following reasons?
1.
To spread the taxable gain inherent in the property over the period of the installments
2.
To provide a buyer who lacks the requisite funds for a lump-sum purchase with the ability to finance the acquisition
A. 2 onlyA man recently died with only probate assets. Under the terms of his will, he left his entire probate estate outright to his wife. The following are relevant facts concerning the estate:
-Gross estate $2,400,000
-Estate administration expenses 85,000
-Debts of decedent 100,000
-
Allowable funeral expenses 10,000
A. $2,315,000Nowadays, the certification exams become more and more important and required by more and more enterprises when applying for a job. But how to prepare for the exam effectively? How to prepare for the exam in a short time with less efforts? How to get a ideal result and how to find the most reliable resources? Here on Vcedump.com, you will find all the answers. Vcedump.com provide not only American College exam questions, answers and explanations but also complete assistance on your exam preparation and certification application. If you are confused on your HS-330 exam preparations and American College certification application, do not hesitate to visit our Vcedump.com to find your solutions here.