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Free HS330 Exam Questions - American College HS330 Exam

American College HS330 Exam

Fundamentals of Estate Planning test

Total Questions: 400

Last Updated : 10-12-2024

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American College HS330 Exam Sample Questions:

Q1.

Believing that his death was imminent, a widower gave his son some real estate two years ago and filed a timely gift tax return. The widower died on January 1st of this year. The additional facts are:

Widower's basis in the real estate $400,000

Value of the real estate when gifted 1,000,000

Value of the real estate on date of death 2,000,000

Amount of gift tax paid by widower 345,800

Assuming the widower made no additional gifts to his son, all the following statements concerning this situation are correct EXCEPT:

AThe gift of the real estate is included in the calculation of the widower's federal estate tax as an adjusted taxable gift

BThe gift tax paid is brought back into the widower's gross estate at $345,800.

CThe widower recognized no gain for income tax purposes at the time the gift was made.

DThe son's income tax basis in the real estate is $2,000,000.

Q2.

All the following statements concerning filing the federal estate tax return are correct EXCEPT:

AFor persons dying this year, an estate tax return must be filed for gross estates plus adjusted taxable gifts that exceed $1.5 million.

BThe estate tax return must be filed within 9 months of death unless an extension is granted by the IRS.

CAn extension to file the estate tax return must be received and granted by the IRS before the time for filing the return expires.

DAn automatic one-year extension for filing the estate tax return is granted when the decedent dies overseas.

Q3.

Generally all the following statements concerning life insurance arrangements for partnership buy-sell agreements are correct EXCEPT:

AWith a cross-purchase agreement each partner purchases life insurance on the life of each of the other partners.

BWith an entity-purchase agreement the formula used for determining the number of life insurance policies needed is N (number of partners) + 1.

CWith a cross-purchase agreement the individual partners are the applicants, owners, beneficiaries and premium-payers of the policies.

DWith an entity-purchase agreement the partnership strives to maintain face amounts of coverage equal to its obligations under the agreement.

Q4.

All the following statements concerning irrevocable trusts are correct EXCEPT:

AAn irrevocable trust is treated as a completed gift for estate, gift, and income tax purposes.

BAn irrevocable trust is one which the grantor cannot terminate and reclaim the trust property.

CA transfer of property to an irrevocable trust will be ineffective for the purpose of reducing the grantors gross estate.

DProperty transferred to an irrevocable trust will not be included in the grantor's probate property.

Q5.

All the following statements concerning wills are correct EXCEPT:

AOnce a person is named as an executor in a will, he or she is required to serve.

BA codicil is a valid modification of a will.

CA testator may lose the capacity to revoke a will prior to death.

DIn most states a surviving spouse can elect against a will that completely disinherits him or her.

Solutions:

Question: 1 Answer: D

Question: 2 Answer: D

Question: 3 Answer: B

Question: 4 Answer: C

Question: 5 Answer: A

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