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American College Fundamentals of Estate Planning test Sample Questions:

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

A) Neither 1 nor 2
B) Both 1 and 2
C) 2 only
D) 1 only

2. A father and son have been farming land owned by the father for the past 12 years. Just prior to his death, the father was offered $1,200,000 for his farm because of its possible use as a shopping center. The son would like to continue to farm the land if it can be included in his father's estate at its current use value. Additional facts are:
1.Average annual gross rentals from nearby farms of similar acreage are $56,000. 2.Average annual state and local real estate taxes on the farm are $8,000. 3.The interest rate for loans from the Federal Land Bank 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

3. Which of the following statements concerning a general power of appointment is (are) correct?
1.A general power of appointment is a power over property so broad that it approaches actual ownership or control over the property subject to the power.
2.The property subject to a general power of appointment will be includible in the gross estate of the holder of the power if held until death.

A) Neither 1 nor 2
B) Both 1 and 2
C) 2 only
D) 1 only

4. Which of the following statements concerning filing the federal estate tax return is correct?

A) For persons dying under current law, an estate tax return must be filed for all U.S. citizen decedents.
B) A one-year extension for filing the estate tax return is granted when the estate contains a closely held business interest.
C) An automatic two-year extension for filing the estate tax return is granted when the decedent dies overseas.
D) The estate tax return must be filed within 9 months of death unless an extension is granted by the IRS.

5. Among the assets in a decedent's gross estate is stock in a closely held corporation that was left to a nephew. The interest passing to the nephew is required to bear the burden of all estate taxes and expenses. The relevant facts about this estate are:
*Adjusted gross estate $1,200,000
*Fair market value of stock in the
*closely held corporation 500,000
*Administration and funeral expenses 25,000
*State inheritance taxes 40,000
*Federal estate taxes 160,000
What amount of closely held corporate stock may be redeemed under IRC Section 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution?

A) $500,000
B) $ 65,000
C) $225,000
D) 0

Solutions: