Question 1

Match each numbered entry with the most relevant lettered entry below.
-annuity

Accepted Answer

A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions 
A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions C

Question 2

Match each numbered entry with the most relevant lettered entry below.
-marital deduction

Accepted Answer

A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions 
A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions H

Question 3

Match each numbered entry with the most relevant lettered entry below.
-adjusted basis

Accepted Answer

A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions 
A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions J

Question 4

What is the distinction between an inter vivos gift and a testamentary gift?

Accepted Answer

An inter vivos gift is a gift

Question 5

Match each numbered entry with the most relevant lettered entry below.
-interest

Accepted Answer

A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions 
A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions

Question 6

Match each numbered entry with the most relevant lettered entry below.
-realize

Accepted Answer

A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions 
A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions

Question 7

List the tax consequences of the transfer of appreciated property incident to a divorce.

Accepted Answer

There is no deduction by the transferor.

Question 8

What are capital improvements?

Accepted Answer

Structural additions

Question 9

Joint and several liability exists when the main debtor is required to pay no more than his or her share of the entire debt.

Accepted Answer

A) True 
 B)False

Question 10

Match each numbered entry with the most relevant lettered entry below.
-transferee

Accepted Answer

A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions 
A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions

Question 11

Tax effecting a separation agreement means determining what taxes, if any, will be owed to the Internal Revenue Service if the agreement goes into effect.

Accepted Answer

A) True 
 B)False

Question 12

Match each numbered entry with the most relevant lettered entry below.
-innocent spouse

Accepted Answer

A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions 
A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions

Question 13

Same facts as question 7. The realized gain is:

Accepted Answer

A) $50,000 
B) $260,000 
C) $10,000 
A) $50,000 
B) $260,000 
C) $10,000

Question 14

When is a transfer incident to divorce?

Accepted Answer

When the transfer (a) occurs within one

Question 15

In a property division, the price that can be obtained for property by a willing buyer and willing seller is called:

Accepted Answer

A) realized gain 
B) fair market value 
C) adjusted bases 
D) appreciation 
E) a and d 
A) realized gain 
B) fair market value 
C) adjusted bases 
D) appreciation 
E) a and d

Question 16

Same facts as question 7. The adjusted basis of the house is:

Accepted Answer

A) $200,000 
B) $250,000 
C) $260,000 
A) $200,000 
B) $250,000 
C) $260,000

Question 17

Sam bought a house for $200,000. He spent $50,000 to add a room. He sold the house for $260,000.

Accepted Answer

A) his basis is $150,000 
B) the appreciation is $50,000 
C) the appreciation is $60,000 
A) his basis is $150,000 
B) the appreciation is $50,000 
C) the appreciation is $60,000

Question 18

Match each numbered entry with the most relevant lettered entry below.
-cost basis

Accepted Answer

A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions 
A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions

Question 19

Match each numbered entry with the most relevant lettered entry below.
-appreciation

Accepted Answer

A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions 
A) recipient 
B) increase in value 
C) fixed sum payable periodically 
D) no compulsion to sell 
E) initial capital investment
F)to receive an actual benefit or loss
G)a legal share or right in something
H)lifetime and testamentary transfers
I)relief from tax obligation
J)after allowable deductions

Question 20

What is meant by joint and several liability?

Accepted Answer

Legally responsible together and individ

Match each numbered entry with the most relevant lettered entry below. -annuity

Match each numbered entry with the most relevant lettered entry below. -marital deduction

Match each numbered entry with the most relevant lettered entry below. -adjusted basis

What is the distinction between an inter vivos gift and a testamentary gift?

Match each numbered entry with the most relevant lettered entry below. -interest

Match each numbered entry with the most relevant lettered entry below. -realize

List the tax consequences of the transfer of appreciated property incident to a divorce.

What are capital improvements?

Joint and several liability exists when the main debtor is required to pay no more than his or her share of the entire debt.

Match each numbered entry with the most relevant lettered entry below. -transferee

Tax effecting a separation agreement means determining what taxes, if any, will be owed to the Internal Revenue Service if the agreement goes into effect.

Match each numbered entry with the most relevant lettered entry below. -innocent spouse

Same facts as question 7. The realized gain is:

When is a transfer incident to divorce?

In a property division, the price that can be obtained for property by a willing buyer and willing seller is called:

Same facts as question 7. The adjusted basis of the house is:

Sam bought a house for $200,000. He spent $50,000 to add a room. He sold the house for $260,000.

Match each numbered entry with the most relevant lettered entry below. -cost basis

Match each numbered entry with the most relevant lettered entry below. -appreciation

What is meant by joint and several liability?

Introduction to Family Law and Practice

Ethics in a Family Law Practice

Compiling a Family History

Premarital, Postnuptial, and Cohabitation Agreements

Marriage

Annulment

Divorce Grounds and Procedure

Spousal Support, Property Division, and the Separation Agreement

Child Custody

Child Support

Legal Rights of Women

Illegitimacy and Paternity

The Legal Status of Children

Adoption

The New Science of Motherhood

Torts and Family Law

Filters

Exam 11: Tax Consequences of Separation and Divorce

Match each numbered entry with the most relevant lettered entry below. -annuity

Match each numbered entry with the most relevant lettered entry below. -marital deduction

Match each numbered entry with the most relevant lettered entry below. -adjusted basis

What is the distinction between an inter vivos gift and a testamentary gift?

Match each numbered entry with the most relevant lettered entry below. -interest

Match each numbered entry with the most relevant lettered entry below. -realize

List the tax consequences of the transfer of appreciated property incident to a divorce.

What are capital improvements?

Joint and several liability exists when the main debtor is required to pay no more than his or her share of the entire debt.

Match each numbered entry with the most relevant lettered entry below. -transferee

Tax effecting a separation agreement means determining what taxes, if any, will be owed to the Internal Revenue Service if the agreement goes into effect.

Match each numbered entry with the most relevant lettered entry below. -innocent spouse

Same facts as question 7. The realized gain is:

When is a transfer incident to divorce?

In a property division, the price that can be obtained for property by a willing buyer and willing seller is called:

Same facts as question 7. The adjusted basis of the house is:

Sam bought a house for $200,000. He spent $50,000 to add a room. He sold the house for $260,000.

Match each numbered entry with the most relevant lettered entry below. -cost basis

Match each numbered entry with the most relevant lettered entry below. -appreciation

What is meant by joint and several liability?

Introduction to Family Law and Practice

Ethics in a Family Law Practice

Compiling a Family History

Premarital, Postnuptial, and Cohabitation Agreements

Marriage

Annulment

Divorce Grounds and Procedure

Spousal Support, Property Division, and the Separation Agreement

Child Custody

Child Support

Legal Rights of Women

Illegitimacy and Paternity

The Legal Status of Children

Adoption

The New Science of Motherhood

Torts and Family Law

Filters