QUESTION: 129

All the following statements concerning an estate for a term of years are correct EXCEPT:

The tenant has the right to possess the property during the term of his interest.
An interest may extend beyond the lifetime of the grantor.
The tenant may transfer the property at the end of the term of his interest.
It is an interest in property established for a specific duration.

Answer(s): C

QUESTION: 130

All the following statements concerning real property ownership by married couples as joint tenants with right of survivorship are correct EXCEPT:

The deceased spouse's interest in the property qualifies for the marital deduction since it passes outright to the surviving spouse.
In common-law states the total value of the property receives a stepped-up tax basis in the estate of the first spouse to die.
Jointly held property between spouses does not pass through the probate estate of the first spouse to die.
All benefits of ownership remain available to the surviving spouse without interruption during the administration of the deceased spouse's estate.

Answer(s): B

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QUESTION: 131

All the following statements concerning qualification of property for the federal estate tax marital deduction are correct EXCEPT:

The property interest passing to the surviving spouse must be includible in the decedent's gross estate.
The property received by a surviving spouse after a successful will contest fails to qualify.
The property interest must be includible in the surviving spouse's estate at death unless consumed or given away.
The surviving spouse must receive the property as the beneficial owner rather than as a trustee for someone else.

Answer(s): B

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A widower dies leaving a net probate estate of $300,000. At the time of his death, his descendants are as follows:

A son, Joe, who has no children;
A deceased daughter, Mary, whose two children, Irene and Sally, survive; and A daughter, Anne, who has one child, Harry

Assuming that the widower's will provides for the distribution of his assets in equal shares to his children, per stirpes, which of the following correctly states the amounts each descendant will receive?

$60,000 to Joe, $60,000 to Irene, $60,000 to Sally, $60,000 to Anne, and $60,000 to Harry
$75,000 to Joe, $75,000 to Irene, $75,000 to Sally, and $75,000 to Anne
$100,000 to Joe, $50,000 to Irene, $50,000 to Sally, and $100,000 to Anne
$100,000 to Joe, $50,000 to Irene, $50,000 to Sally, $50,000 to Anne, and $50,000 to Harry

Answer(s): C

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QUESTION: 129

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QUESTION: 132

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