QUESTION: 53

The Decedent, T, died this year. The facts concerning T estate are:
* Gross estate $2,700,000
* Marital deduction 900,000
* Charitable deduction 110,000
* Gifts made after 1976 130,000
* State death taxes payable 165,000

What is T taxable estate?

$1,395,000
$1,285,000
$1,655,000
$1,525,000

Answer(s): D

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QUESTION: 54

All the following are grounds for contesting a will EXCEPT:

The testator executed a later valid will.
The instrument is a forgery.
The widow was bequeathed less than her intestate share.
The testator did not have testamentary capacity.

Answer(s): C

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QUESTION: 55

A taxable gift has been made in which of the following situations?
1. A father manages his disabled son's business for a year without compensation since a replacement manager would have cost $25,000.
2. A father verbally promises his 21-year-old daughter that he will give her his antique Mercedes when she graduates from college next year.

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

Answer(s): B

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QUESTION: 56

All the following transfers are subject to the generation-skipping transfer tax (GSTT) EXCEPT:

A distribution to a grandchild from a sprinkle trust created by a grandparent to benefit both skip and non-skip beneficiaries.
A direct cash gift of $50,000 from a grandparent to his grandchild if such grandchild's parents are still alive.
A direct cash payment of $28,000 from a grandparent to a private prep school to cover the tuition costs for her grandchild.
A termination of a trust at the death of the nonskip life income beneficiary with the remainder
distributed solely to skip persons.

Answer(s): C

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QUESTION: 53

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QUESTION: 56

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