QUESTION: 33

All the following statements concerning an estate for a term of years are correct EXCEPT:

An interest may extend beyond the lifetime of the grantor.
The tenant may transfer the property at the end of the term of his interest.
It is an interest in property established for a specific duration.
The tenant has the right to possess the property during the term of his interest.

Answer(s): B

Which of the following statements concerning pooled-income funds is (are) correct?
1. A pooled income fund is similar to a mutual fund maintained by a qualified charity.
2. It is an irrevocable arrangement in which the remainder interest passes to charity.

Neither 1 nor 2
Both 1 and 2
1 only
2 only

Answer(s): B

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QUESTION: 35

A father deeded a house as a gift to his daughter in 1990 but retained the right to live in it until his death. He died this year while still living in the house. The following are relevant facts:

The father bought the property in 1980 for $130,000. The fair market value of the property when the gift was made in 1990 was $150,000. The father filed a timely gift tax return but paid no gift tax because of the applicable credit amount. The fair market value of the property at the father's death was $220,000. The daughter sold the property 3 months after her father's death for $220,000. She had a gain of?

$140,000
$220,000
$120,000
0

Answer(s): D

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QUESTION: 36

All the following statements concerning a power of appointment are correct EXCEPT:

The donee of a power of appointment might be restricted with respect to the time the power can be exercised.
The appointee of a power of appointment is the party who exercises the power.
Failure to exercise a power of appointment is known as a lapse of the power.
The possible recipients of property after the exercise of a power of appointment depend on the terms of the power.

Answer(s): B

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