Question
Question 1 (2 points) Which of the following does NOT generally have to be filed by April 15? Question 1 options: Federal Income Tax Return
Question 1 (2 points)
Which of the following does NOT generally have to be filed by April 15?
Question 1 options:
Federal Income Tax Return | |
Federal Estate Tax Return | |
Federal Gift Tax Return | |
Most state income tax returns |
Question 2 (2 points)
Which of the following states imposes an inheritance tax on successors?
Question 2 options:
Wyoming | |
Minnesota | |
South Carolina | |
Kentucky |
Question 3 (2 points)
Bob and Mary have a son, Steven, and a granddaughter, Kelly. If Bob made a transfer of interest in property to Kelly, who would be the skip person?
Question 3 options:
Mary | |
Bob | |
Kelly | |
Steven |
Question 4 (2 points)
Which of the following does the personal representative NOT have to file?
Question 4 options:
Federal Individual Income Tax Return | |
State Estate Tax Return | |
Federal Sales Tax Return | |
State Individual Income Tax Return |
Question 5 (2 points)
Which is an example of a Qualified Terminable Interest Property (QTIP) property?
Question 5 options:
A life insurance policy with a one-time lump sum payment to the surviving spouse | |
An automobile | |
A homestead | |
A trust with a life interest to the surviving spouse and remainder to the children |
Question 6 (2 points)
Which is NOT a way in which an estate planner can use trusts to benefit family members?
Question 6 options:
Identify the estate assets and the beneficiaries who are to receive them. | |
Diminish problems such as will contests. | |
Reduce federal and state death taxes. | |
Avoid probate. |
Question 7 (2 points)
To qualify for the charitable deduction, a gift cannot be made to a(n):
Question 7 options:
Private school | |
Religious charity | |
Individual | |
Library |
Question 8 (2 points)
Which is NOT a major type of life insurance?
Question 8 options:
Universal life insurance | |
Whole life insurance | |
Term life insurance | |
Custodial life insurance |
Question 9 (2 points)
Which is NOT a potentially adverse factor that could diminish any estate?
Question 9 options:
Administration expenses | |
Trusts that transfer property after the deaths of both spouses | |
Forced liquidation | |
Termination of employment |
Question 10 (2 points)
Which is NOT a common method of reducing the gross estate?
Question 10 options:
Life insurance | |
Trusts that do not avoid multiple taxation | |
Gifts made during the donors lifetime | |
Special power of appointment |
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