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Free HS330 Exam Braindumps (page: 47)

Page 46 of 101
PDF with 400 Questions

All the following items are allowed as a deduction from a decedent's gross estate to determine the decedent's adjusted gross estate EXCEPT:

  1. Payments of estate debts.
  2. Expenses incurred in the presentation of probate assets.
  3. Costs of distributing probate assets to estate beneficiaries.
  4. Expenses incurred for the benefit of individual heirs.

Answer(s): D



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?

  1. State X
  2. State W
  3. State Z
  4. State Y

Answer(s): A



All the following statements concerning a complex trust are correct EXCEPT:

  1. Beneficiaries must receive all distributable net income in the year received by the trust.
  2. The trustee may make distributions of principal to trust beneficiaries.
  3. A complex trust may make gifts to charity.
  4. Beneficiaries are taxed on their share of distributable net income when received by them.

Answer(s): A



Which of the following statements concerning pooled-income funds is (are) correct?
1. A pooled income fund is similar to a mutual fund maintained by a qualified charity.
2. It is an irrevocable arrangement in which the remainder interest passes to charity.

  1. Neither 1 nor 2
  2. 1 only
  3. Both 1 and 2
  4. 2 only

Answer(s): C






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