American College HS330 Exam : Fundamentals of Estate Planning test

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American College HS330 Exam Syllabus Topics:

American College Fundamentals of Estate Planning test Sample Questions:

1. Among 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 about this estate are:
*Adjusted gross estate $1,200,000
*Fair market value of stock in the
*closely held corporation 500,000
*Administration and funeral expenses 25,000
*State inheritance taxes 40,000
*Federal estate taxes 160,000
What amount of closely held corporate stock may be redeemed under IRC Section 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution?

A) $500,000
B) 0
C) $225,000
D) $ 65,000

2. Among 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
What amount of closely held corporate stock can be redeemed under IRC Section 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution?

A) $ 80,000
B) 0
C) $240,000
D) $700,000

3. A father and son have been farming land owned by the father for the past 12 years. Just prior to his death, the father was offered $900,000 for his farm because of its possible use as a shopping center. The son would like to continue to farm the land if it can be included in his father's estate at its current use value. Additional facts are:
1.Average annual gross rentals from nearby farms of similar acreage are $36,000.
2.Average annual state and local real estate taxes on the farm are $4,000.
3.The interest rate for loans from the Federal Land Bank is 8 percent.
For federal estate tax purposes, the farm method valuation formula would result in a current use value for the farm of

A) $500,000
B) $300,000
C) $400,000
D) $600,000

4. All the following statements concerning a typical pour-over trust are correct EXCEPT:

A) The trust is revocable during the lifetime of the grantor.
B) Properly drawn, it eliminates the need to file a federal estate tax return.
C) The trust is created during the lifetime of the grantor.
D) It is a device to consolidate all a decedent's assets to simplify administration.

5. All the following statements concerning the ownership of real property as joint tenants with right of survivorship are correct EXCEPT:

A) If three sisters inherited property as joint tenants with right of survivorship, the entire value of the property will be in the estate of the first sister to die.
B) If the joint tenants are two brothers and each contributed one half the property's purchase price, only one half the property's value will be in the estate of the first brother to die if his executor proves that the other brother contributed half of the purchase price.
C) If the joint tenants are husband and wife, because this is a qualified joint interest, one half the value of the property will be in the estate of the first spouse to die regardless of which spouse contributed to the purchase price.
D) If the joint tenants are brother and sister, no portion of the value of the property will be in the sister's estate if she dies first provided her executor proves that the brother contributed all the funds.

Solutions: