QUESTION: 149

An individual who is a resident of State W is also the sole proprietor of a business located in State W. He owns real property located in State X that is used by the proprietorship. While on vacation in State Y, the individual meets an untimely death. Under the terms of his will, his entire estate is bequeathed to a resident of State Z. Which state will tax the real property used by the proprietorship?

State W
State Z
State Y
State X

Answer(s): D

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QUESTION: 150

All the following items of property will be included in a decedent's gross estate for federal estate tax purposes EXCEPT

the value of property subject to a general power of appointment that the decedent possessed at death
the value of a gratuitous lifetime transfer in which the decedent retained a reversionary interest on the date of death worth more than 5 percent of the value of the property and which thedonee must survive the decedent to possess
the value of all gratuitous lifetime transfers of property made within 3 years of death
the value of a gratuitous lifetime transfer in which the decedent retained the right for life to receive the income from the property

Answer(s): C

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QUESTION: 151

To determine whether a taxable gift has been made, the IRS focuses on all the following factors EXCEPT:

Was the transferred property real property or personal property?
Was the value of the gift property in excess of the annual per-donee exclusion?
Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property?
Was the property transferred for less than an adequate and full consideration in money or money's worth?

Answer(s): A

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QUESTION: 152

Which of the following is (are) a permissible deduction from a decedent's gross estate to determine the decedent's adjusted gross estate?
1. Expenses incurred for the benefit of individual heirs.
2. Expenses incurred in the collection of estate assets.

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

Answer(s): B

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QUESTION: 149

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QUESTION: 152

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