16. Take care, this question is a little tricky. In calculating the value of the gross estate, what is the amount included if the decedent's estate is the beneficiary of a life insurance policy on the decedent's life?

A. The death proceeds payable from the policy B. The cash value of the policy C. The interpolated terminal reserve D. The replacement cost of the policy

17. George and Claire are married and have 4 children. If they elect gift splitting, what is the maximum amount of total gifts they can make to their children (without using a 529 plan) in 2019 and have the gifts be covered by their annual exclusions?

A. $15,000

B. $30,000

C. $60,000

D. $120,000

19. Which of the following statements regarding the income from a QTIP trust is(are) CORRECT?

1. The income must be made payable over the lifetime of the surviving spouse. 2. The income must be paid at least annually to the surviving spouse. 3. There must be no conditions on the payment of income to the surviving spouse. 4. The income must be exclusively for the benefit of the surviving spouse.

A. 1 only B. 1, 2, and 3 C. 2 and 4 D. 1, 2, 3, and 4

20. Which of the following is a common example of a terminable interest that does not qualify for the estate tax marital deduction? [Choose one]

A. A fee simple interest received by the surviving spouse B. A life estate interest received by the surviving spouse C. An interest received by a surviving spouse as beneficiary of a life insurance policy D. A joint tenancy survivorship interest received by a surviving spouse