QUESTION: 117

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

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

Answer(s): D

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QUESTION: 118

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

The marital deduction available to a decedent in a community-property state is equal to the total amount of community property.
The marital deduction available to a decedent in a common-law state is limited to a maximum of $1 million.
The marital deduction available to a decedent in a common-law state is equal to one half the adjusted gross estate.
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

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QUESTION: 119

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

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

Answer(s): A

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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?

$240,000
$700,000
$ 80,000
0

Answer(s): A

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QUESTION: 117

QUESTION: 118

QUESTION: 119

QUESTION: 120