QUESTION: 69

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

Answer(s): A

Which of the following are ways of passing property from a deceased spouse to a surviving spouse so that the property will qualify for the federal estate tax marital deduction?
1. When the surviving spouse receives the property by electing to take against the deceased spouse's will
2. When the surviving spouse receives the property as a consequence of the qualified disclaimer of another beneficiary

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

Answer(s): A

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QUESTION: 71

Which of the following statements concerning an installment sale is (are) correct?
1. Some portion of the purchase price must be paid in any one taxable year other than the year of sale.
2. Installments due after the seller's death are excludible from the seller's gross estate.

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

Answer(s): B

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QUESTION: 72

On January 1, 2004 a father gave his daughter a $150,000 straight (ordinary) life insurance policy on his life. Premiums are paid annually. The pertinent facts about the policy are:
-Date of issue: July 1, 1992
-Premium paid on July 1, 2003 $2,400 Terminal reserve on July 1, 2003 15,000
-Terminal reserve on July 1, 2004 18,000

What is the value of the policy for federal gift tax purposes?

$16,200
$150,000
$17,700
$17,400

Answer(s): C

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