Question 1

The United States Gift Tax Return

Accepted Answer

A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768 
A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768 H

Question 2

Which is NOT a reason that many people die without a valid will?

Accepted Answer

A) Inheritance tax 
B) Estate tax 
C) Gift tax 
D) Income tax 
A) Inheritance tax 
B) Estate tax 
C) Gift tax 
D) Income tax A

Question 3

Every transferor is allowed a lifetime exemption from the generation-skipping transfer tax.

Accepted Answer

A) True 
 B)False  True

Question 4

A testator's estate is entitled to the marital deduction if:

Accepted Answer

A) There is a surviving spouse and the decedent leaves all or a portion of the estate to him or her. 
B) There is a surviving heir other than the spouse,and the decedent leaves all or a portion of the estate to the surviving heir. 
C) There is no surviving spouse,but had there been,the decedent would have left all or a portion of the estate to him or her. 
D) The marital deduction is not allowed because it has been repealed. 
A) There is a surviving spouse and the decedent leaves all or a portion of the estate to him or her. 
B) There is a surviving heir other than the spouse,and the decedent leaves all or a portion of the estate to the surviving heir. 
C) There is no surviving spouse,but had there been,the decedent would have left all or a portion of the estate to him or her. 
D) The marital deduction is not allowed because it has been repealed.

Question 5

The Application for Extension of Time to File a Return and/or Pay United States Estate Taxes

Accepted Answer

A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768 
A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768

Question 6

A law that replaced the unified credit with an applicable credit amount

Accepted Answer

A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768 
A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768

Question 7

The United States Individual Income Tax Return

Accepted Answer

A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768 
A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768

Question 8

Any state in which a decedent held property may impose estate tax on the decedent's estate.

Accepted Answer

A) True 
 B)False

Question 9

A joint federal tax return can be filed for the decedent ONLY if:

Accepted Answer

A) The surviving spouse agrees to file a joint return. 
B) The surviving spouse remarried before the close of the year. 
C) The surviving spouse lives in a different state. 
D) The decedent was employed prior to his or her death. 
A) The surviving spouse agrees to file a joint return. 
B) The surviving spouse remarried before the close of the year. 
C) The surviving spouse lives in a different state. 
D) The decedent was employed prior to his or her death.

Question 10

All states have adopted the Uniform Transfers to Minors Act.

Accepted Answer

A) True 
 B)False

Question 11

Tax levied on wages,rents,pensions,annuities,royalties,alimony,and dividends

Accepted Answer

A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768 
A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768

Question 12

After a decedent's death,his or her estate is a new legal entity.

Accepted Answer

A) True 
 B)False

Question 13

Tax levied on an estate for the transfer of property upon death

Accepted Answer

A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768 
A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768

Question 14

Bob and Mary have a son,Steven,and a granddaughter,Kelly.If Bob made a transfer of interest in property to Kelly,who would be the skip person?

Accepted Answer

A) Kelly 
B) Bob 
C) Mary 
D) Steven 
A) Kelly 
B) Bob 
C) Mary 
D) Steven

Question 15

The federal unified gift and estate tax rate is a progressive and cumulative tax.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following states imposes an inheritance tax on successors?

Accepted Answer

A) Kentucky 
B) Minnesota 
C) South Carolina 
D) Wyoming 
A) Kentucky 
B) Minnesota 
C) South Carolina 
D) Wyoming

Question 17

Which CANNOT be subtracted from the gross estate to determine the taxable estate?

Accepted Answer

A) The lessening of the value of estate assets 
B) Charitable deductions 
C) Certain expenses,liens,and encumbrances 
D) Marital deduction 
A) The lessening of the value of estate assets 
B) Charitable deductions 
C) Certain expenses,liens,and encumbrances 
D) Marital deduction

Question 18

The gross estate is the taxable estate.

Accepted Answer

A) True 
 B)False

Question 19

The Application for Automatic Extension of Time to File a United States Individual Income Tax Return

Accepted Answer

A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768 
A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768

Question 20

A law that allows any kind of real or personal property to be transferred to a custodianship as a gift to a minor

Accepted Answer

A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768 
A)  estate tax 
B)  income tax 
C)  gift tax 
D)  1997 Taxpayer Relief Act 
E)  Uniform Transfers to Minors Act 
F) Form 1040
G) Form 4868
H) Form 709
I) Form 706
J) Form 4768

The United States Gift Tax Return

Which is NOT a reason that many people die without a valid will?

Every transferor is allowed a lifetime exemption from the generation-skipping transfer tax.

A testator's estate is entitled to the marital deduction if:

The Application for Extension of Time to File a Return and/or Pay United States Estate Taxes

A law that replaced the unified credit with an applicable credit amount

The United States Individual Income Tax Return

Any state in which a decedent held property may impose estate tax on the decedent's estate.

A joint federal tax return can be filed for the decedent ONLY if:

All states have adopted the Uniform Transfers to Minors Act.

Tax levied on wages,rents,pensions,annuities,royalties,alimony,and dividends

After a decedent's death,his or her estate is a new legal entity.

Tax levied on an estate for the transfer of property upon death

Bob and Mary have a son,Steven,and a granddaughter,Kelly.If Bob made a transfer of interest in property to Kelly,who would be the skip person?

The federal unified gift and estate tax rate is a progressive and cumulative tax.

Which of the following states imposes an inheritance tax on successors?

Which CANNOT be subtracted from the gross estate to determine the taxable estate?

The gross estate is the taxable estate.

The Application for Automatic Extension of Time to File a United States Individual Income Tax Return

A law that allows any kind of real or personal property to be transferred to a custodianship as a gift to a minor

The Estate Plan and the Purpose and Need for a Will

The Concept of Property Related to Wills,trusts,and Estate Administration

The Participants and the Proper Court

The Law of Succession: Death Testate or Intestate

Wills Validity Requirements, modification, revocation, and Contests

Preparation to Draft a Will Checklists and the Conference With the Client

Final Draft and Execution of a Valid Will

Introduction to Trusts

Classification of Trusts, the Living Trust, and Other Special Trusts

Estate Planning

Long-Term Care

Personal Representatives: Types, pre-Probate Duties, and Appointment

Probate and Estate Administration

Informal Probate Administration

Ethical Principles Relevant to Practicing Paralegals and Legal Assistants

Filters

Exam 15: Tax Considerations in the Administration of Estates

The United States Gift Tax Return

Which is NOT a reason that many people die without a valid will?

Every transferor is allowed a lifetime exemption from the generation-skipping transfer tax.

A testator's estate is entitled to the marital deduction if:

The Application for Extension of Time to File a Return and/or Pay United States Estate Taxes

A law that replaced the unified credit with an applicable credit amount

The United States Individual Income Tax Return

Any state in which a decedent held property may impose estate tax on the decedent's estate.

A joint federal tax return can be filed for the decedent ONLY if:

All states have adopted the Uniform Transfers to Minors Act.

Tax levied on wages,rents,pensions,annuities,royalties,alimony,and dividends

After a decedent's death,his or her estate is a new legal entity.

Tax levied on an estate for the transfer of property upon death

Bob and Mary have a son,Steven,and a granddaughter,Kelly.If Bob made a transfer of interest in property to Kelly,who would be the skip person?

The federal unified gift and estate tax rate is a progressive and cumulative tax.

Which of the following states imposes an inheritance tax on successors?

Which CANNOT be subtracted from the gross estate to determine the taxable estate?

The gross estate is the taxable estate.

The Application for Automatic Extension of Time to File a United States Individual Income Tax Return

A law that allows any kind of real or personal property to be transferred to a custodianship as a gift to a minor

The Estate Plan and the Purpose and Need for a Will

The Concept of Property Related to Wills,trusts,and Estate Administration

The Participants and the Proper Court

The Law of Succession: Death Testate or Intestate

Wills Validity Requirements, modification, revocation, and Contests

Preparation to Draft a Will Checklists and the Conference With the Client

Final Draft and Execution of a Valid Will

Introduction to Trusts

Classification of Trusts, the Living Trust, and Other Special Trusts

Estate Planning

Long-Term Care

Personal Representatives: Types, pre-Probate Duties, and Appointment

Probate and Estate Administration

Informal Probate Administration

Ethical Principles Relevant to Practicing Paralegals and Legal Assistants

Filters