American College HS-330 Fundamentals of Estate Planning Test Online Training
American College HS-330 Online Training
The questions for HS-330 were last updated at Apr 26,2024.
- Exam Code: HS-330
- Exam Name: Fundamentals of Estate Planning Test
- Certification Provider: American College
- Latest update: Apr 26,2024
Which of the following is an example of a taxable gift for federal gift tax purposes?
- A . A father gives his 19-year-old daughter a note promising to give her his Rolls Royce when she reaches the age of 21.
- B . Instead of parents paying an outside executive $60,000, a son runs their business for 8 months without charging a fee.
- C . The parents of a married son permit their son and his family to use a summer cottage that rents for $3,000 per month on a rent-free basis.
- D . A father cancels a $50,000 note his daughter gave him when he made a loan to her 2 years ago.
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
The tentative tax base of this estate is
- A . $1,700,000
- B . $1,750,000
- C . $1,850,000
- D . $1,900,000
An executor elects to value the assets of the estate at the alternative valuation date 6 months after death.
Which of the following statements concerning the estate tax value of assets included in this estate is correct?
- A . An annuity included in the gross estate that diminishes with the mere passage of time is includible at the date of death value.
- B . Property sold before the alternate valuation date is valued at the alternate valuation date.
- C . Property that has increased in value since the date of death may be valued at the date of death if the executor so elects.
- D . Property distributed under the will before the alternate valuation date is valued at the date of
death.
An executor elects to value the assets of the estate at the alternative valuation date 6 months after death.
Which of the following statements concerning the estate tax value of assets included in this estate is correct?
- A . An annuity included in the gross estate that diminishes with the mere passage of time is includible at the date of death value.
- B . Property sold before the alternate valuation date is valued at the alternate valuation date.
- C . Property that has increased in value since the date of death may be valued at the date of death if the executor so elects.
- D . Property distributed under the will before the alternate valuation date is valued at the date of
death.
An executor elects to value the assets of the estate at the alternative valuation date 6 months after death.
Which of the following statements concerning the estate tax value of assets included in this estate is correct?
- A . An annuity included in the gross estate that diminishes with the mere passage of time is includible at the date of death value.
- B . Property sold before the alternate valuation date is valued at the alternate valuation date.
- C . Property that has increased in value since the date of death may be valued at the date of death if the executor so elects.
- D . Property distributed under the will before the alternate valuation date is valued at the date of
death.
An executor elects to value the assets of the estate at the alternative valuation date 6 months after death.
Which of the following statements concerning the estate tax value of assets included in this estate is correct?
- A . An annuity included in the gross estate that diminishes with the mere passage of time is includible at the date of death value.
- B . Property sold before the alternate valuation date is valued at the alternate valuation date.
- C . Property that has increased in value since the date of death may be valued at the date of death if the executor so elects.
- D . Property distributed under the will before the alternate valuation date is valued at the date of
death.
The interest rate for loans from the Federal Land Sank 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 . $600,000
- C . $700,000
- D . $820,000
Which of the following types of real properly 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 properly, with each brother being able to divest himseIf of his interest by sale, gift, or will.
- C . Two brothers are equal partners in a general partnership that owns a piece of real property used in the partnership business.
- D . 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.
Which of the following statements concerning property ownership by a married couple residing in a community-property state is correct?
- A . All property owned by the couple is community property.
- B . Community property loses its identity when a couple moves from a community-property state to a common-law state.
- C . Property inherited by one spouse during a marriage becomes community property
- D . Income earned by one spouse becomes community property.
Which of the following statements concerning a simple trust is correct?
- A . Income and principal may be distributed to a qualified charily.
- B . It receives a special tax deduction for income distributed to its beneficiaries.
- C . Income is accumulated at the discretion of the trustee.
- D . It limits the number of permissible beneficiaries.
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