American College HS-330 Fundamentals of Estate Planning Test HS-330 Dumps in PDF

Free American College HS-330 Real Questions (page: 3)

Which of the following statements concerning the generation-skipping transfer tax (GSTT) is (are) correct?

1. An annual exclusion against GSTT will shelter gifts by a grandparent to a trust benefitting multiple grandchildren.
2. Tuition payments made directly by a grandparent to a university for a grandchild's education are exempt from GSTT.

  1. Neither 1 nor 2
  2. 1 only
  3. Both 1 and 2
  4. 2 only

Answer(s): D



All the following statements concerning real property ownership by married couples as joint tenants with right of survivorship are correct EXCEPT:

  1. All benefits of ownership remain available to the surviving spouse without interruption during the administration of the deceased spouse's estate.
  2. In common-law states the total value of the property receives a stepped-up tax basis in the estate of the first spouse to die.
  3. Jointly held property between spouses does not pass through the probate estate of the first spouse to die.
  4. The deceased spouse's interest in the property qualifies for the marital deduction since it passes outright to the surviving spouse.

Answer(s): B



Many trust instruments provide for the removal of the original trustee. All the following are valid reasons for removal of a trustee EXCEPT:

  1. A shift in trust situs is desirable because of changes in law.
  2. The beneficiary is not able to get along with the present corporate trustee.
  3. The beneficiary has moved his or her residence to a distant state.
  4. The beneficiary has been successful with investments and wants to manage the trust assets.

Answer(s): D



A father bought stock for $100,000 and gave it to his son when it was worth $300,000. The father paid no gift tax on the transfer. When the son sold the property 2 years after the gift, his income tax basis was

  1. $100,000
  2. 0
  3. $300,000
  4. $200,000

Answer(s): A



A father deeded a house as a gift to his daughter in 1990 but retained the right to live in it until his death. He died this year while still living in the house. The following are relevant facts: The father bought the property in 1980 for $130,000. The fair market value of the property when the gift was made in 1990 was $150,000. The father filed a timely gift tax return but paid no gift tax because of the applicable credit amount. The fair market value of the property at the father's death was $220,000. The daughter sold the property 3 months after her father's death for $220,000. She had a gain of

  1. $120,000
  2. 0
  3. $140,000
  4. $220,000

Answer(s): B



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