QUESTION: 113

Which of the following statements concerning the taxation of estates and trusts is correct?

They are taxed on distributable net income that is retained.
They are taxed as if they were partnerships.
They are entitled to the standard deduction in determining tax.
They are taxed as if they were corporations.

Answer(s): A

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QUESTION: 114

All the following statements concerning filing the federal estate tax return are correct EXCEPT:

An automatic one-year extension for filing the estate tax return is granted when the decedent dies overseas.
The estate tax return must be filed within 9 months of death unless an extension is granted by the IRS.
An extension to file the estate tax return must be received and granted by the IRS before the time for filing the return expires.
For persons dying this year, an estate tax return must be filed for gross estates plus adjusted taxable gifts that exceed $1.5 million.

Answer(s): A

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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.

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

Answer(s): C

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QUESTION: 116

All the following statements concerning a federal estate tax deduction for a bequest or gift to a qualified charity are correct EXCEPT:

The amount of a charitable deduction may not exceed 50 percent of a decedent's adjusted gross estate.
An estate may deduct the value of the remainder interest in a charitable remainder trust.
A life insurance policy that was assigned to a charity as a gift less than 3 years prior to the insured's death qualifies for a charitable deduction.
The amount of a charitable deduction is reduced by any taxes and administrative expenses chargeable against the bequest.

Answer(s): A

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