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American College Exam HS330 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:

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Suggested Answer: D

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

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Milly
2 months 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.
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Chandra
1 months ago
Plot twist: The answer is actually D, but let's keep things interesting!
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Hui
1 months 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.
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Patrick
2 months ago
C) Jointly held property between spouses does not pass through the probate estate of the first spouse to die.
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Darrel
2 months ago
B) All benefits of ownership remain available to the surviving spouse without interruption during the administration of the deceased spouse's estate.
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Hoa
2 months ago
A) The deceased spouse's interest in the properly qualifies for the marital deduction since it passes outright to the surviving spouse.
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Ryan
2 months 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.
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Pearly
3 months 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.
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Ivette
1 months ago
Good to know! Thanks for clarifying that D is the exception when it comes to joint tenancy with right of survivorship.
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Zona
2 months ago
Yeah, it's a bummer about the tax basis, but at least the other benefits of joint tenancy are still in place.
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Hermila
2 months ago
That's right, D is incorrect. The property doesn't get a stepped-up tax basis in common-law states.
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Monte
3 months 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!
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Levi
24 days ago
User 4: I agree with the original comment, D seems like the best choice for a stepped-up tax basis.
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Maybelle
25 days ago
User 3: Actually, I think it's C. Jointly held property between spouses avoids probate.
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Craig
26 days ago
User 2: No, I believe it's B. All benefits of ownership remain available to the surviving spouse.
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Idella
1 months ago
User 1: I think the correct answer is A. The deceased spouse's interest qualifies for the marital deduction.
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Anjelica
2 months ago
Hmm, now that you mention it, D does make sense. It's definitely a key benefit of joint tenancy.
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Sina
2 months 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.
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Jacklyn
2 months ago
User 2: Yeah, a stepped-up tax basis would definitely be a huge benefit.
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Lajuana
3 months ago
No, I'm pretty sure it's C. Jointly held property between spouses avoids probate.
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Mabelle
3 months ago
User 1: I think you're right, D does sound like the best option.
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Tommy
3 months ago
I think the correct answer is actually A. The marital deduction applies to property passing to a surviving spouse.
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Arlene
3 months 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.
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Jamal
3 months ago
But doesn't joint tenancy with right of survivorship avoid probate, so C must be the correct answer?
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Broderick
3 months ago
I disagree, I believe the answer is A.
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Jamal
4 months ago
I think the answer is D.
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