$11.)$The general rule to determine the basis for assets received as a gift is:

$$The donor's basis

$$The value at the date of the gift The value $6$ months after the gift

$$The value when the donee's tax retum is due

$$None of the above

$12.)$ A charitable Remainder Trust

a$.)$ Is a way for a charity to avoid Federal Income Tax

b$.)$Provides a tax deduction for the amount contributed to the trust

c$.)$Allows taxpayers to deduct a set percentage of their annual income as a charitable deduction

d$.)$Is a good entity to place appreciated securities

e$.)$Diverts income from investments to a named charity

$13.)($There are $3$ correct answers$)$ The following are accepted and popular estate planning techniques$$

a$.)$Gifting during a lifetime$$

b$.)$A will that names the multiple children as executors$$

c$.)$Education Savings Accounts $(529$ Plans$)$ for grandchildren

d$.)$An office in the home

e$.)$ Quaified Personal Residence Trusts

$14.)$ John and Mary will celebrate their $75"$ and $68\%$ birthdays respectively in $2024.$How much is John required to withdraw from his qualified non$-$Roth retirement plans in $2024$ if the total in all of his applicable plans was $$2,460,000$ at December $31,2023?$ John will not have any earned income in $2024.$ Round off your number.$$

a$.)$none required

b$.)$ all of it

c$.)$ $$100\mathrm{.}000$

d$.)$ $$134\mathrm{.}000$

$15.$ How much can a self employed individual who is $49$ years old and has no other retirement plan contribute to a SEP Plan for $2024$ if his or her Schedule C net income is $$20,0002$

$$a$.)$ $$3,717$

b$.)$ $$4,000$

c$.)$ Nothing

d$.)$ $$18,470$

$*16.($There are $3$ correct answers$)$ Exemptions for Estate, Gift and Generation Skipping Taxes were as follows:

$$

a$.)$ $$5$ million for $2011$ for all $3$ taxes

b$.)$ Unlimited for Estate and GST in $2010$

c$.)$ $$12,920,000$ for all $3$ taxes in $2024$

d$.)$ $$5,49$ million for estate and gift taxes in $2017$

$17.)$ Barack & Michelle want to save money for their children's college education. What would you recommend?$$

a$.)$ Put money into a savings account in the children's names

b$.)$ Invest in a Section $529$ Plan

c$.)$ Buy growth oriented stocks in the children's names

d$.)$ Buy US Savings Bonds using one of the parent's social security number

e$.)$ Send their kids to soccer camp and hope they get soccer scholarships.

$18.)($There are $3$ correct answers$)$ Judge Posner in the Exacto Springs case

a$.)$ Told the IRS they were wrong

b$.)$ Based reasonable salaries on what was left after reasonable dividends were paid c$.)$ Applied the constructive dividends concept

d$.)$ Based las decision on the value of the corporation among other considerations

e$.)$ Agreed with the IRS

$19.)$ IRC $351$ docs the following:

a$.)$Taxes the fair market value of assets contributed by shareholders to a corporation

b$.)$Applies AMT to corporate profits

c$.)$Allows shareholders to move assets into a corporation without taxation

d$.)$Taxes assets when they are removed from a corporation

e$.)$Taxes the difference between basis and fair market value when a S election is made if appreciated assets are sold within ten years of the S election.

$20.$ A constructive dividend is:

$$a$.)$ Clever income tax planning device$$

b$.)$ corporate distribution taxed only once

c$.)$ Payments made by a corporation witch benefit a shareholder and come from E&P

d$.)$ Reasonable salary paid to a shareholder

e$.)$ Repayment of a shareholder's loan

$21.$ Sidney was single at $12/31/23.$ He lived in Vermont and worked $100$ days across the border in Canada during $2023.$ He also worked $100$ days in the USA in $2023.$ He earned $$200,000$ in $2023$ and had no other income. His filed a Canada non$-$resident income tax return and his Canadian tax was $$18,000.$ His US tax on his entire $$200,000$ is $$35,000.$ How much net US tax will Sidney pay for $2023$ after subtracting his Foreign Income Tax Credit?

a$.)$ $$17,500$

b$.)$ $$18,000$

c$.)$ $$35,000$

d$.)$ $$17,000$

$*22.($There are $3$ correct answers$)$ Estate Planning should consider preparation of the following:$$

a$.)$ A doctoral thesis

b$.)$ Wills

c$.)$ Powers of Attorney

d$.)$ Health Directives:

e$.)$ A passport application

Please show calculations