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account nau a balance or 73,000. How much is included in the decedent's gross estate? a. $25,000 b. $75,000 c. $40,000 d. $0 4. $1,000,000 is held in a trust account benefiting various family members. Which of the following Power of Appointment will result in the trust assets being included in the decedent's gross estate? a. Decedent held limited power of appointment allowing him/her to use funds for to grandchildren's health, maintenance and support b. Decedent held an annual 5x5 power that could be exercised each year by3/31. The decedent died on 4/15 of the current year. busc. Decedent held a General Power of Appointment d. All of the above will cause the underlying assets to be included in the decedent's gross estate. 5. Life Insurance will be included in the gross estate if Abs. 299 305A 0 a. The decedent had the ability to obtain a policy loan mot ISO 9) b. The proceeds were payable to the estate c. The decedent could cancel the policy in and receive the cash surrender value d. The decedent retained the ability to change the beneficiary e. All of the above f None of the above. Life insurance is not subject to estate tax gildi 22 ali ni lovijo allihoose mot batastrofa 2 Page 6. Alternate Valuation provides a 2nd valuation method besides FMV on date of death and a. Is the value 6 months after death (or disposition price if asset is previously sold) b. Must be applied to all assets, not just those that have declined in value c. To be elected must result in a lower gross estate AND reduction in estate tax liability d. All of the above 7. Which of the following is not deducted from the gross estate to arrive at the taxable estate? a. Funeral expenses, last medical expenses and estate administration expenses b. Mortgage, car loan, credit cards and other debts of the decedent c. Charitable donations made prior to date of death d. Transfers to the spouse by asset titling or through the Will 8. The amount of estate tax actually due with the Estate Tax Return is the gross estate tax less all of the following except a. The Unified Estate & Gift Tax Credit b. Prior Gift Taxes actually paid c. Death Tax paid to foreign country (on assets owned but located in foreign country) d. Final federal income tax liability (on final lifetime income tax return) e. All of the above account nau a balance or 73,000. How much is included in the decedent's gross estate? a. $25,000 b. $75,000 c. $40,000 d. $0 4. $1,000,000 is held in a trust account benefiting various family members. Which of the following Power of Appointment will result in the trust assets being included in the decedent's gross estate? a. Decedent held limited power of appointment allowing him/her to use funds for to grandchildren's health, maintenance and support b. Decedent held an annual 5x5 power that could be exercised each year by3/31. The decedent died on 4/15 of the current year. busc. Decedent held a General Power of Appointment d. All of the above will cause the underlying assets to be included in the decedent's gross estate. 5. Life Insurance will be included in the gross estate if Abs. 299 305A 0 a. The decedent had the ability to obtain a policy loan mot ISO 9) b. The proceeds were payable to the estate c. The decedent could cancel the policy in and receive the cash surrender value d. The decedent retained the ability to change the beneficiary e. All of the above f None of the above. Life insurance is not subject to estate tax gildi 22 ali ni lovijo allihoose mot batastrofa 2 Page 6. Alternate Valuation provides a 2nd valuation method besides FMV on date of death and a. Is the value 6 months after death (or disposition price if asset is previously sold) b. Must be applied to all assets, not just those that have declined in value c. To be elected must result in a lower gross estate AND reduction in estate tax liability d. All of the above 7. Which of the following is not deducted from the gross estate to arrive at the taxable estate? a. Funeral expenses, last medical expenses and estate administration expenses b. Mortgage, car loan, credit cards and other debts of the decedent c. Charitable donations made prior to date of death d. Transfers to the spouse by asset titling or through the Will 8. The amount of estate tax actually due with the Estate Tax Return is the gross estate tax less all of the following except a. The Unified Estate & Gift Tax Credit b. Prior Gift Taxes actually paid c. Death Tax paid to foreign country (on assets owned but located in foreign country) d. Final federal income tax liability (on final lifetime income tax return) e. All of the above
