Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

American College HS330 Exam - Topic 1 Question 66 Discussion

All the following statements concerning real property ownership by married couples as joint tenants with right of survivorship are correct EXCEPT:
D) In common-law states the total value of the property receives a stepped-up tax basis in the estate of the first spouse to die.
A) The deceased spouse's interest in the property qualifies for the marital deduction since it passes outright to the surviving spouse.
B) All benefits of ownership remain available to the surviving spouse without interruption during the administration of the deceased spouse's estate.
C) Jointly held property between spouses does not pass through the probate estate of the first spouse to die.

American College HS330 Exam - Topic 1 Question 66 Discussion

Actual exam question for American College's HS330 exam
Question #: 66
Topic #: 1
[All HS330 Questions]

All the following statements concerning real property ownership by married couples as joint tenants with right of survivorship are correct EXCEPT:

Show Suggested Answer Hide Answer
Suggested Answer: D

by Jani at Feb 26, 2023, 04:37 PM

Limited Time Offer

25%

Off

Get Premium HS330 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

0/2000 characters
Submit Cancel
Cheryl
8 months ago
I thought the stepped-up basis was only for inherited property, not joint tenants.
upvoted 0 times
...
Val
8 months ago
Wait, D? Really? That sounds off.
upvoted 0 times
...
Isidra
9 months ago
C is definitely right, no probate needed!
upvoted 0 times
...
Jill
9 months ago
I agree, B is correct too.
upvoted 0 times
...
Santos
9 months ago
A is true, the marital deduction applies.
upvoted 0 times
...
Elenora
9 months ago
I thought all the benefits would be available to the surviving spouse, but I can't recall if that applies during estate administration. Maybe B is the odd one out?
upvoted 0 times
...
Felix
9 months ago
I practiced a similar question about joint tenancy before, and I think C is definitely true because it avoids probate.
upvoted 0 times
...
Gaynell
9 months ago
I'm not entirely sure, but I feel like the stepped-up basis in D could be a tricky point since it might not apply in all cases.
upvoted 0 times
...
Dona
9 months ago
I remember studying that joint tenancy allows property to pass directly to the survivor, so I think A might be the one that's incorrect.
upvoted 0 times
...
Paris
9 months ago
This seems like a pretty straightforward question about Spring Boot. I'm pretty confident I can figure this out.
upvoted 0 times
...
Clorinda
9 months ago
Hmm, I'm a bit unsure about this one. The options seem pretty similar - note, state, activity, comment. I'll need to think it through carefully to determine the right answer.
upvoted 0 times
...
Laticia
10 months ago
I think we covered this! Pretty sure it's a domain UUID, but I've seen similar questions asking about object UUIDs too!
upvoted 0 times
...
Milly
1 year ago
Wait, is this a real estate exam or a game of 'Guess the Loophole'? D is the answer, but I'm also going to throw in a 'plot twist' just for fun.
upvoted 0 times
Chandra
1 year ago
Plot twist: The answer is actually D, but let's keep things interesting!
upvoted 0 times
...
Hui
1 year ago
D) In common-law states the total value of the properly receives a stepped-up tax basis in the estate of the first spouse to die.
upvoted 0 times
...
Patrick
1 year ago
C) Jointly held property between spouses does not pass through the probate estate of the first spouse to die.
upvoted 0 times
...
Darrel
1 year ago
B) All benefits of ownership remain available to the surviving spouse without interruption during the administration of the deceased spouse's estate.
upvoted 0 times
...
Hoa
1 year ago
A) The deceased spouse's interest in the properly qualifies for the marital deduction since it passes outright to the surviving spouse.
upvoted 0 times
...
...
Ryan
1 year ago
D has to be the right answer. I bet the person who wrote this question is a real estate troll, trying to trip us up with this 'exception' business.
upvoted 0 times
...
Pearly
1 year ago
Aha, got it! The correct answer is D. In common-law states, the property doesn't get the tax basis boost. Bummer, but at least the other perks of joint tenancy are still there.
upvoted 0 times
Ivette
1 year ago
Good to know! Thanks for clarifying that D is the exception when it comes to joint tenancy with right of survivorship.
upvoted 0 times
...
Zona
1 year ago
Yeah, it's a bummer about the tax basis, but at least the other benefits of joint tenancy are still in place.
upvoted 0 times
...
Hermila
1 year ago
That's right, D is incorrect. The property doesn't get a stepped-up tax basis in common-law states.
upvoted 0 times
...
...
Monte
1 year ago
Hmm, the correct answer must be D. I mean, who wouldn't want a stepped-up tax basis? That's like the holy grail of property ownership!
upvoted 0 times
Levi
1 year ago
User 4: I agree with the original comment, D seems like the best choice for a stepped-up tax basis.
upvoted 0 times
...
Maybelle
1 year ago
User 3: Actually, I think it's C. Jointly held property between spouses avoids probate.
upvoted 0 times
...
Craig
1 year ago
User 2: No, I believe it's B. All benefits of ownership remain available to the surviving spouse.
upvoted 0 times
...
Idella
1 year ago
User 1: I think the correct answer is A. The deceased spouse's interest qualifies for the marital deduction.
upvoted 0 times
...
Anjelica
1 year ago
Hmm, now that you mention it, D does make sense. It's definitely a key benefit of joint tenancy.
upvoted 0 times
...
Sina
1 year ago
I see where you're coming from, but I still think it's D. A stepped-up tax basis can be a huge advantage.
upvoted 0 times
...
Jacklyn
1 year ago
User 2: Yeah, a stepped-up tax basis would definitely be a huge benefit.
upvoted 0 times
...
Lajuana
1 year ago
No, I'm pretty sure it's C. Jointly held property between spouses avoids probate.
upvoted 0 times
...
Mabelle
1 year ago
User 1: I think you're right, D does sound like the best option.
upvoted 0 times
...
Tommy
1 year ago
I think the correct answer is actually A. The marital deduction applies to property passing to a surviving spouse.
upvoted 0 times
...
...
Arlene
1 year ago
I think the correct answer is D. In common-law states, the total value of the property does not receive a stepped-up tax basis in the estate of the first spouse to die. This seems counterintuitive, but that's the exception I guess.
upvoted 0 times
...
Jamal
1 year ago
But doesn't joint tenancy with right of survivorship avoid probate, so C must be the correct answer?
upvoted 0 times
...
Broderick
1 year ago
I disagree, I believe the answer is A.
upvoted 0 times
...
Jamal
1 year ago
I think the answer is D.
upvoted 0 times
...

Save Cancel