QUESTION: 201

A man recently died with only probate assets. Under the terms of his will, he left his entire probate estate outright to his wife. The following are relevant facts about the estate:
* Gross estate $2,000,000
* Estate administration expenses 50,000
* Debts of decedent 200,000
* Allowable funeral expenses 5,000

The amount of the allowable marital deduction is

$1,750,000
$1,745,000
$1,795,000
$1,800,000

Answer(s): B

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QUESTION: 202

Which of the following factors is (are) used to make a choice between having an entity-purchase or cross-purchase partnership buy-sell agreement?
1. The cost basis of the partners' business interests.
2. The amount of the partners? Individual personal net worths.

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

Answer(s): B

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QUESTION: 203

All the following will be brought back into the donor's gross estate for federal estate tax purposes EXCEPT

a gratuitous transfer of real property to a revocable intervivos trust
a gratuitous transfer of real property with a reserved right to use and enjoy it for life
the gift taxes paid last year on a gratuitous transfer of real property
an outright, gratuitous transfer of real property in contemplation of death

Answer(s): D

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QUESTION: 204

Which of the following statements concerning property is correct?

A tree growing on land is tangible personal property.
A mortgage on real estate is real property.
Any property that is not real property is personal property.
A bond issue secured solelyby a corporation assets is tangible personal property.

Answer(s): C

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QUESTION: 201

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