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American College Fundamentals of Estate Planning test Sample Questions:

1. All the following statements concerning lifetime gifts are correct EXCEPT:

A) The amount of gift tax paid within 3 years of death is included in the gross estate.
B) If a wealthy widower lives more than 3 years after making a taxable gift to his sister, the value of the gift has no effect on his federal estate tax liability.
C) Gifts of life insurance within 3 years of death are included in the donor-insured's gross estate.
D) A substantial amount of property may be given away over a period of time without the imposition of the federal gift tax because of the annual exclusion.

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

3. All the following statements concerning irrevocable trusts are correct EXCEPT:

A) A transfer of property to an irrevocable trust will be ineffective for the purpose of reducing the grantor's gross estate.
B) An irrevocable trust is one which the grantor cannot terminate and reclaim the trust property.
C) Property transferred to an irrevocable trust will not be included in the grantor's probate property.
D) An irrevocable trust is treated as a completed gift for estate, gift, and income tax purposes.

4. Which of the following types of partial interests in property may be allowed a charitable deduction for estate tax purposes?
1.A remainder interest in the donor vacation home
2.A testamentary gift of a percentage of a decedent entire interest in property held in trust

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

5. Believing that his death was imminent, a widower gave his son some real estate two years ago and filed a timely gift tax return. The widower died on January 1st of this year. The additional facts are:
*Widower's basis in the real estate $400,000
*Value of the real estate when gifted 1,000,000
*Value of the real estate on date of death 2,000,000
*Amount of gift tax paid by widower 345,800
Assuming the widower made no additional gifts to his son, all the following statements concerning this situation are correct EXCEPT:

A) The gift of the real estate is included in the calculation of the widower's federal estate tax as an adjusted taxable gift.
B) The son's income tax basis in the real estate is $2,000,000.
C) The gift tax paid is brought back into the widower's gross estate at $345,800.
D) The widower recognized no gain for income tax purposes at the time the gift was made.

Solutions: