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American College HS330 Exam Syllabus Topics:

American College Fundamentals of Estate Planning test Sample Questions:

1. Income earned but unpaid at the time of a decedent's death is deemed to be income in respect of a decedent (IRD). All the following statements concerning IRD are correct EXCEPT:

A) The income is taxable to the person or entity receiving it.
B) The income may be included on both the estate tax return and the estate income tax return with a corresponding deduction.
C) The income must be reported on the decedent's final federal income tax return.
D) IRD includes sales commissions earned prior to the decedent's death and paid to the estate according to the intestacy laws.

2. A wife owns a $100,000 life insurance policy on her husband's life. She has named her son the revocable beneficiary. Which of the following statements concerning the life insurance is (are) correct?
1.At the husband's death, the interpolated terminal reserve of the policy is a gift to the son.
2.The annual increase in the cash value is a gift to the son.

A) Neither 1 nor 2
B) 2 only
C) Both 1 and 2
D) 1 only

3. Which of the following statements concerning the methods of valuing a closely held business for federal estate tax purposes is (are) correct?
1.The capitalization-of-adjusted-earnings method uses a capitalization rate that varies inversely with the degree of risk and rate of return.
2.The adjusted-book value method involves adjusting the asset components of a business to an approximate fair market value for each component.

A) Neither 1 nor 2
B) 2 only
C) Both 1 and 2
D) 1 only

4. A father plans to create a trust for the benefit of his 22-year-old son and wishes to take advantage of the gift tax annual exclusion. He has named a bank as trustee. Which of the following trust
provisions would cause the gifts to be ineligible to qualify for the gift tax annual exclusion?
1.The trust income is to be paid to the son or accumulated at the discretion of the trustee.
2.The income is to be accumulated until the son reaches age 32 when all accumulated income and principal are to be distributed to him.

A) Neither 1 nor 2
B) 2 only
C) Both 1 and 2
D) 1 only

5. A widow made the following cash gifts during the current year:
*Donee Amount of Gift
*A qualified charity $40,000
*A close friend 30,000
*Her sister 5,000
*Her daughter 15,000
*Her brother 10,000
The total amount of the taxable gifts made this year was

A) $95,000
B) $52,000
C) $45,000
D) $23,000

Solutions: