QUESTION: 89

A father died leaving his property equally to his wealthy son and his poor daughter. The son wishes to disclaim his share of the inheritance so that it will pass to his sister without his incurring any gift tax liability. In this situation, all the following acts on the part of the son are required
EXCEPT:

He must not have received any part of his inheritance or any income from it prior to his refusal to accept it.
His refusal to accept the inheritance must be received by the executor of his father's estate within 9 months of his father's death.
His refusal to accept the inheritance must be in writing.
His refusal to accept the inheritance must direct specifically that his sister is to receive it instead.

Answer(s): D

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QUESTION: 90

Mr. Barlow died early this year. Under the terms of his will he left all his real estate and tangible personal property to his son. All the remainder of his probate estate was left to his wife, Mrs.
Barlow. The following is a list of Mr. Barlow's probate assets and their fair market values at the time of his death:
* Commercial real estate $150,000
* Furniture and fixtures 75,000
* Listed common stock 300,000
* Other securities 200,000

In addition, Mr. Barlow also owned a $100,000 life insurance policy on his life with Mrs. Barlow designated as beneficiary. Based on this information, what is the amount of property in Mr. Barlow's estate qualifying for the federal estate tax marital deduction?

$825,000
$500,000
$400,000
$600,000

Answer(s): D

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QUESTION: 91

The executor of an estate has a choice of waiving the executor's fee. Factors that should be considered by the executor in making this choice include all the following EXCEPT

the estate tax bracket of the estate
the income tax brackets of the other beneficiaries
whether the executor is otherwise a beneficiary of the estate
the income tax bracket of the executor

Answer(s): B

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QUESTION: 92

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

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

Answer(s): C

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QUESTION: 89

QUESTION: 90

QUESTION: 91

QUESTION: 92

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