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HS-330 Fundamentals of Estate Planning Test Questions 106–110 (page: 23)

Which of the following factors is (are) used to make a choice between having an entity-purchase or a cross-purchase partnership buy-sell agreement?
1. The number of partners
2. The divergence of the partners' business knowledge and skills

A man is planning to establish and fund an irrevocable trust for the benefit of his two sons, ages 19 and 22, and plans to give the trustee power to sprinkle trust income. From the standpoint of providing federal income, gift, and estate tax savings, which of the following would be a suitable trustee?

1. The grantor of the trust
2. The grantor's 22-year-old son

Which of the following life insurance settlement options will qualify for the federal estate tax marital deduction?
1. Proceeds left to the surviving spouse under the interest option, with interest payable to the surviving spouse who has the unrestricted right to withdraw proceeds and with any proceeds not withdrawn payable equally to her children per stirpes
2. Proceeds left to the surviving spouse under an installment option, with any installments remaining at her death to be commuted and paid to her estate

A father bought stock for $100,000 and gave it to his son when it was worth $300,000. The father paid no gift tax on the transfer. When the son sold the property 2 years after the gift, his income tax basis was

Transactions involving a taxable gift include which of the following?
1. A father bought real estate, paid the entire $180,000 purchase price, and titled it jointly with his son with right of survivorship.
2. A father deposited $50,000 in a bank account titled jointly with his daughter with right of survivorship and died before any funds were withdrawn from the account.