QUESTION: 109

A father bought stock for $100,000 and gave it to his son when it was worth $300,000. The father paid no gift tax on the transfer. When the son sold the property 2 years after the gift, his income tax basis was

$300,000
$200,000
$100,000
0

Answer(s): C

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QUESTION: 110

Transactions involving a taxable gift include which of the following?
1. A father bought real estate, paid the entire $180,000 purchase price, and titled it jointly with his son with right of survivorship.
2. A father deposited $50,000 in a bank account titled jointly with his daughter with right of survivorship and died before any funds were withdrawn from the account.

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

Answer(s): A

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QUESTION: 111

Which of the following statements concerning the inclusion in a decedent-employee's gross estate of a lump-sum distribution from a qualified retirement plan to a beneficiary other than the employee's estate is (are) correct?
1. Lump-sum distributions of payments attributable to the employer's contributions are excluded from the gross estate.
2. Lump-sum distributions of payments attributable to the decedent-employee's contributions are excluded from the gross estate.

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

Answer(s): D

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QUESTION: 112

All the following are steps in calculating a decedent's maximum estate tax marital deduction EXCEPT:

Subtract the allowable expenses and debts to determine the adjusted gross estate.
Subtract the applicable exclusion amount available in the year of the decedent's death.
Compute the decedent's gross estate.
Determine the net amount of property in the gross estate that passes to the surviving spouse in a manner qualifying for the marital deduction.

Answer(s): B

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QUESTION: 109

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QUESTION: 112

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