Name: American College HS330 Exam
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SKU: HS330
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Free American College HS330 Exam Actual Questions

The questions for HS330 were last updated On Apr. 16, 2024

Question #1

Tax benefits of making lifetime gifts in excess of the gift tax annual exclusion include all the following EXCEPT:

AThe gift tax paid on a gift made more than 3 years prior to the death of the donor avoids inclusion the donor's gross estate.

BAppreciation in the value of a gift of real property after the date of the gift increases the donor's federal estate tax liability.

CIncome taxes can be saved if a high-income donor gives income-producing property to a lowincome donee.

DGift taxes are payable at the same tax rate as estate taxes.

Reveal Solution

Correct Answer: B

Question #2

A father wants to accumulate funds for his 12-year-old son's college education. On the advice of his attorney, the father establishes an IRC Section 2503(c) trust and funds it with annual gifts. All the following statements concerning this arrangement are correct EXCEPT:

AThe trust must be irrevocable.

BThe father's annual gift tax exclusion must be reduced by any amount used to pay college tuition costs.

CAny accumulated income and all trust principal must be available for distribution to the son when he attains age 21.

DIn the event of the son's death prior to age 21, trust assets must either be payable to the son's estate or be subject to a general power of appointment held by the son.

Reveal Solution

Correct Answer: D

Question #3

Generally the courts will accept as the federal estate tax value of a closely held corporate business the price established by a buy-sell agreement if all the following conditions are met EXCEPT:

AThe agreement requires the payment of liquidated damages to the survivors if the executor fails to carry out its terms.

BThe agreement as to per-share value is fair, adequate, and made at arm's length.

CThe agreement requires a deceased share holder's executor to sell the stock at the price specified in the agreement.

DThe agreement requires a shareholder to first offer his stock to the corporation or other shareholders at the specified price if he wishes to sell it during his lifetime.

Reveal Solution

Correct Answer: A

Question #4

A woman is the income beneficiary of an irrevocable trust. All the following powers held by her will cause all the assets in the trust to be includible in her gross estate for federal estate tax purposes EXCEPT:

Athe testamentary power to direct the trustee to use trust assets to pay her estate taxes

Bthe power to direct the trustee to distribute trust corpus to her

Cthe testamentary special or limited power to direct the trustee to distribute trust assets to her children

Dthe testamentary power to direct the trustee to pay trust assets to her estate

Reveal Solution

Correct Answer: C

Question #5

A person dying without a will loses all the following rights EXCEPT the right to:

Aname the person to settle the estate

Bhave assets pass to heirs

Cgive properly to a charity

Dtake maximum advantage of the marital deduction

Reveal Solution

Correct Answer: B

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