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HS-330 Fundamentals of Estate Planning Test Questions 191–195 (page: 40)

Which of the following factors is (are) used to make a choice between having an entity-purchase or cross-purchase partnership buy-sell agreement?
1. The cost basis of the partners' business interests.
2. The amount of the partners? individual personal net worths.

Generally the courts will accept as the federal estate tax value of a closely held corporate business the price established by a buy-sell agreement if all the following conditions are met EXCEPT:

Which of the following statements concerning the obligation of the personal representative of a decedent to file a federal estate tax return is (are) correct?
1. A return must be filed by a decedent's estate if the gross estate plus adjusted taxable gifts equals the applicable exclusion amount or more, even though no federal estate tax is due.
2. Unless extensions are granted, the return must be filed and the tax paid within 9 months of the decedent's death.

A widower dies leaving a net probate estate of $300,000. At the time of his death, his descendants are as follows:
* A son, Joe, who has no children;
* A deceased daughter, Mary, whose two children, Irene and Sally, survive; and
* A daughter, Anne, who has one child, Harry

Assuming that the widower's will provides for the distribution of his assets in equal shares to his children, per stirpes, which of the following correctly states the amounts each descendant will receive?

An executor may value assets as of the date of death or the alternate valuation date 6 months after death. Assuming the executor elects the alternate valuation date, all the following statements are correct EXCEPT: