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Free HS-330 Exam Braindumps
HS-330 Fundamentals of Estate Planning Test Questions 116–120 (page: 25)

Updated On: 9-Feb-2026
Page 25 of 81
PDF with 400 Questions

All the following statements concerning a federal estate tax deduction for a bequest or gift to a qualified charity are correct EXCEPT:

  1. The amount of a charitable deduction may not exceed 50 percent of a decedent's adjusted gross estate.
  2. An estate may deduct the value of the remainder interest in a charitable remainder trust.
  3. A life insurance policy that was assigned to a charity as a gift less than 3 years prior to the insured's death qualifies for a charitable deduction.
  4. The amount of a charitable deduction is reduced by any taxes and administrative expenses chargeable against the bequest.

Answer(s): A



All the following assets owned by a decedent pass by operation of law or by contract EXCEPT

  1. death benefits of a pension plan payable to a named beneficiary
  2. jointly owned real estate passing to the surviving joint tenant
  3. life insurance payable to a named beneficiary
  4. probate assets passing under the terms of a valid will

Answer(s): D



Which of the following statements concerning the estate tax marital deduction is correct?

  1. The marital deduction available to a decedent in a community-property state is equal to the total amount of community property.
  2. The marital deduction available to a decedent in a common-law state is limited to a maximum of $1 million.
  3. The marital deduction available to a decedent in a common-law state is equal to one half the adjusted gross estate.
  4. The marital deduction available to a decedent in a common-law state is equal to the net amount of qualifying property passing to the surviving spouse.

Answer(s): D



All the following statements concerning guardians for minors are correct EXCEPT:

  1. A guardian has equitable title to the property he administers for the minor.
  2. A guardian of the person of a minor may not necessarily be the guardian of the minor's property.
  3. A guardian named in a deceased parent's will is not necessarily binding on the court.
  4. A special guardian can be appointed by the court to protect a minor's rights in a legal proceeding.

Answer(s): A



Among the assets in a decedent's gross estate is stock in a closely held corporation that was left to a nephew. The interest passing to the nephew is required to bear the burden of all estate taxes and expenses. The relevant facts concerning this estate are:

* Adjusted gross estate $1,600,000
* Fair market value of stock in
* the closely held corporation 700,000
* Funeral expenses 30,000
* Executor's commission 50,000
* Federal and state death tax 160,000

What amount of closely held corporate stock can be redeemed under IRC Section 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution?

  1. $240,000
  2. $700,000
  3. $ 80,000
  4. 0

Answer(s): A



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