1. The failure of an individual to have a will can result in which of the following?

I. Favorite relatives may be disinherited

II. Testamentary gifts to charity cannot be made.

a) I only

b) II only

c) Both I and II

d) Neither I nor II

2. Which of the following statements concerning a valid written will is (are) correct?

I. A testators signature must be notarized when the will is executed

II. A testator must have testamentary capacity at the time of death

a) I only

b) II only

c) Both I and II

d) Neither I nor II

3. Which of the following statements concerning the installment sale of property is (are) correct?

I. The interest rate agreed to by the parties to the sale is conclusive for tax purposes.

II. The gain on the sale is recognized by the seller ratably as the installment payments are received.

a) I only

b) II only

c) Both I and II

d) Neither I nor II

4. An executor may value assets as of the date of death or the alternate valuation date 6 months after death. Assuming the executor elects the alternate valuation date, which of the following statements is (are) correct?

I. Property sold by the executor before the alternate valuation date is valued at its arms-length sale price.

II. Property that has increased in value since the date of death is valued at the alternate valuation date.

a) I only

b) II only

c) Both I and II

d) Neither I nor II