Free American College HS330 Exam Questions

All the following statements concerning property ownership by a married couple residing in a community-property state are correct EXCEPT:

All the following are conditions that must be met if an otherwise nonqualified terminable interest is to qualify (as QTIP) for the federal estate tax marital deduction EXCEPT:

Important factors in assessing liquidity needs in estate planning include which of the following? l. The types of assets that comprise the estate II. The date of drafting the will 

A man died in February of this year. Last year, when he learned that he had terminal illness, he immediately made the following gifts and filed the required gift tax return: Fair Market Value Gift of listed stock to a qualified charity $200,000 Gift of listed bonds to his wife 300,000 Gift of a boat to his son 10,000 Gift of a sports car to his daughter 10,000 What amount must be brought back to the man’s estate as an adjusted taxable gift in the calculation of his federal estate taxes? 

Which of the following statements concerning marital transfers to a non-U.S. citizen spouse is (are) correct? l. A marital deduction is automatically available as long as property is transferred outright to the noncitizen spouse. lI. A marital deduction is automatically available if the transferor-decedent spouse is a U. S. citizen.