Question 1

Match each statement with the correct choice. Some choices may be used more than once or not at all.
-Credit for tax on prior transfers

Accepted Answer

A)  In the current year, Debby, a widow, dies. Two years ago she inherited a large amount of wealth from her brother.
B)  Death does not defeat an owner's interest in property.
C)  Exists only if husband and wife are involved.
D)  A type of state tax on transfers by death.
E)  Must decrease the amount of the gross estate.F) Annual exclusion not allowed.G) Cumulative in effect.H) Right of survivorship present as to type of ownership.I) Overrides the terminable interest rule of the marital deduction.J) Exemption equivalent.K) Bypass amount.L) No correct match provided.M) I) and L)
N) K) and L)

Question 2

Classify each of the following independent statements:.
-Ten cemetery lots purchased by decedent prior to death for use by himself and his family.

Accepted Answer

A)  Some or all of the asset is included in the decedent's gross estate.
B)  None of the asset is included in the decedent's gross estate.C) A) and B)
D) undefined

Question 3

Although qualified tuition plans under § 529 are treated favorably for gift tax purposes, such plans are included in the gross estate upon the grantor's death.

Accepted Answer

A) True 
 B)False

Question 4

A surviving spouse's share of the community property is not included in the deceased spouse's gross estate.

Accepted Answer

A) True 
 B)False

Question 5

Classify each of the following statements.
-Using his own funds, Horace establishes a savings account designating ownership as follows: "Horace and Nadine as joint tenants with right of survivorship." Horace predeceases Nadine.

Accepted Answer

A)  No taxable transfer occurs.
B)  Gift tax applies.
C)  Estate tax applies.D) A) and C)
E) A) and B)

Exam 18: The Federal Gift and Estate Taxes

A surviving spouse's share of the community property is not included in the deceased spouse's gross estate.

Correct Answer
verified

Although qualified tuition plans under § 529 are treated favorably for gift tax purposes, such plans are included in the gross estate upon the grantor's death.

Correct Answer
verified

Classify each of the following statements. -Using his own funds, Horace establishes a savings account designating ownership as follows: "Horace and Nadine as joint tenants with right of survivorship." Horace predeceases Nadine.

Correct Answer
verified

Classify each of the following independent statements:. -Ten cemetery lots purchased by decedent prior to death for use by himself and his family.

Correct Answer
verified

Match each statement with the correct choice. Some choices may be used more than once or not at all. -Credit for tax on prior transfers

Correct Answer
verified

Exam 18: The Federal Gift and Estate Taxes

A surviving spouse's share of the community property is not included in the deceased spouse's gross estate.

Correct AnswerverifiedShow Answer

Although qualified tuition plans under § 529 are treated favorably for gift tax purposes, such plans are included in the gross estate upon the grantor's death.

Correct AnswerverifiedShow Answer

Classify each of the following statements. -Using his own funds, Horace establishes a savings account designating ownership as follows: "Horace and Nadine as joint tenants with right of survivorship." Horace predeceases Nadine.

Correct AnswerverifiedShow Answer

Classify each of the following independent statements:. -Ten cemetery lots purchased by decedent prior to death for use by himself and his family.

Correct AnswerverifiedShow Answer

Match each statement with the correct choice. Some choices may be used more than once or not at all. -Credit for tax on prior transfers

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified