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Free HS330 Exam Braindumps (page: 22)

Page 21 of 101
PDF with 400 Questions

If a grantor establishes an irrevocable trust, the income of the trust will be taxed to the grantor if it is used to pay premiums for life insurance on the life of

  1. the father of the grantor
  2. a child of the grantor
  3. the spouse of the grantor
  4. a grandchild of the grantor

Answer(s): C



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

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

Answer(s): A



All the following statements concerning property ownership by a married couple residing in a community-property state are correct EXCEPT:

  1. Income earned by one spouse becomes community property.
  2. All property that is not separate property is community property.
  3. Property inherited during the marriage is the separate property of the spouse who inherited it.
  4. Community property loses its identity when a community-property couple moves to a common law state.

Answer(s): D



A wife owns a $100,000 life insurance policy on her husband's life. She has named her son the revocable beneficiary. Which of the following statements concerning the life insurance is (are) correct?
1. At the husband's death, the interpolated terminal reserve of the policy is a gift to the son.
2. The annual increase in the cash value is a gift to the son.

  1. Neither 1 nor 2
  2. 1 only
  3. 2 only
  4. Both 1 and 2

Answer(s): A






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