QUESTION: 173

Which of the following types of real property ownership will be deemed to be a tenancy in common?

Two brothers own equal amounts of all the common stock in a corporation, the only asset of which is real property.
Two brothers own equal undivided interests in a piece of real property, with each brother being able to divest himself of his interest by sale, gift, or will.
Two brothers own equal fractional interests in a piece of real property and at the death of one of the brothers the survivor will own the entire piece of property.
Two brothers are equal partners in a general partnership that owns a piece of real property used in the partnership business.

Answer(s): B

Which of the following statements concerning estates and trusts is (are) correct? 1. Both estates and trusts come into being by operation of law. 2. The personal representative of an estate and the trustee has similar fiduciary responsibilities.

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

Answer(s): D

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QUESTION: 175

A wife makes outright gifts of $76,000 to her son this year, and her husband agrees to split the gifts with her. Which of the following correctly states the amount of the taxable gifts?

Wife $27,000, husband $27,000
Wife $37,000, husband $37,000
Wife $17,000, husband $37,000
Wife $54,000, husband 0

Answer(s): A

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QUESTION: 176

The following are facts concerning a decedent's estate:
* Taxable estate $1,700,000
* Pre-1977 taxable gifts 200,000
* Post-1976 adjusted taxable gifts 50,000
* Post-1976 gifts made to a qualified charity 100,000 The tentative tax base of this estate is

$1,750,000
$1,850,000
$1,900,000
$1,700,000

Answer(s): A

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QUESTION: 176

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