QUESTION: 193

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.

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

Answer(s): C

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QUESTION: 194

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?

$100,000 to Joe, $50,000 to Irene, $50,000 to Sally, $50,000 to Anne, and $50,000 to Harry
$100,000 to Joe, $50,000 to Irene, $50,000 to Sally, and $100,000 to Anne
$60,000 to Joe, $60,000 to Irene, $60,000 to Sally, $60,000 to Anne, and $60,000 to Harry
$75,000 to Joe, $75,000 to Irene, $75,000 to Sally, and $75,000 to Anne

Answer(s): B

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QUESTION: 195

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:

Property distributed under the will within the alternate valuation period is valued at the date of death.
Property sold by the executor before the alternate valuation date is valued at its sale price.
A property interest that diminishes with the mere passage of time, such as a patent, is includible at the date of death value.
Property that has increased in value since the date of death is valued at the alternate valuation date.

Answer(s): A

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QUESTION: 196

Which of the following transactions is a taxable gift for federal gift tax purposes?

A mother purchased listed common stocks titling them in joint names with her daughter and the stocks have not yet been sold.
A grandmother purchased a U.S. savings bond that is registered as payable to her and her two grandchildren and the bond has not yet been surrendered for cash.
A man deeded real estate to his sister but did not record the deed nor did he deliver the deed to his sister.
A father made a deposit of $100,000 into a bank account titled jointly with his son, and the son has not yet made any withdrawals.

Answer(s): A

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QUESTION: 193

QUESTION: 194

QUESTION: 195

QUESTION: 196