QUESTION: 141

Important factors in assessing liquidity needs in estate planning include which of the following?
1. The types of assets that comprise the estate
2. The date of drafting the will

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

Answer(s): D

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Income earned but unpaid at the time of a decedent's death is deemed to be income in respect of a decedent (IRD). Which of the following statements concerning IRD is (are) correct?
1. The income is taxable to the person or entity receiving it.
2. The present value of the income is includible in the decedent's gross estate.

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

Answer(s): D

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QUESTION: 143

Which of the following types of partial interests in property may be allowed a charitable deduction for estate tax purposes?
1. A remainder interest in the donor vacation home
2. A testamentary gift of a percentage of a decedent entire interest in property held in trust

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

Answer(s): C

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QUESTION: 144

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

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.
The deceased spouse's interest in the property qualifies for the marital deduction since it passes outright to the surviving spouse.
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): A

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QUESTION: 141

QUESTION: 142

QUESTION: 143

QUESTION: 144

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