QUESTION: 177

Which of the following statements concerning the obligation of the personal representative of a decedent to file a federal estate tax return is (are) correct?
1. A return must be filed by a decedent's estate if the gross estate plus adjusted taxable gifts equals the applicable exclusion amount or more, even though no federal estate tax is due.
2. Unless extensions are granted, the return must be filed and the tax paid within 9 months of the decedent's death.

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

Answer(s): B

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QUESTION: 178

Mr. Barlow died early this year. Under the terms of his will he left all his real estate and tangible personal property to his son. All the remainder of his probate estate was left to his wife, Mrs.
Barlow. The following is a list of Mr. Barlow's probate assets and their fair market values at the time of his death:
* Commercial real estate $200,000
* Furniture and fixtures 100,000
* Listed common stock 150,000
* Notes receivable 250,000

In addition, Mrs. Barlow owned a $400,000 life insurance policy on Mr. Barlow's life with Mr. Barlow's estate designated as beneficiary. Based on this information, what is the amount of property in Mr. Barlow's estate qualifying for the federal estate tax marital deduction?

$800,000
$400,000
$1,100,000
$150,000

Answer(s): A

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QUESTION: 179

All the following powers held by the grantor of an irrevocable trust will cause the trust assets to be brought back into the estate of the grantor EXCEPT the power to

terminate the trust
designate who shall enjoy the trust income
add principal to the trust
change the trust remainder persons

Answer(s): C

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QUESTION: 180

Which of the following provisions is (are) generally common to all buy-sell agreements?
1. Provisions specifying how the purchase price is to be funded.
2. Statement indicating the purpose of the agreement.

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

Answer(s): D

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QUESTION: 177

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QUESTION: 179

QUESTION: 180

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