American College HS330 Exam Dumps

All the following trust provisions avoid causing the inclusion to an irrevocable life insurance trust in an insured's gross estate EXCEPT:

Aa trustee's power to pay estate expenses

Ba trustee's power to loan assets to the estate at the trustee's discretion

Ca trustee's power to purchase assets from the estate at the trustee's discretion

Da trust beneficiary's power to withdraw contributions to the trust

Question 2

Which of the following statements concerning a grantor-retained annuity trust (GRAT) is correct?

AThe grantor retains control of the trust property until revocation or death.

BIf the grantor dies before the retained interest term ends, the estate tax benefits are reduced.

CThe transfer of property to the trust becomes a completed gift for gift tax purposes only at the termination of the grantor's retained interest term.

DThe trust is used as a device for shifting income tax on the current trust income to the remainder person(s).

Question 3

Which of the following statements concerning the taxation of estates and trusts is (are) correct?

l. They are taxed similarly to partnership entities.

II. They are taxed on distributable net income (DNI) that is retained.

Aonly

BII only

CBoth l and lI

DNeither I nor II

Question 4

A married man died this year leaving a gross estate of $2,700,000. Some additional facts

concerning his estate are:

Administration expenses and debts $300,000

Marital deduction 800,000

Applicable credit amount (2005) 555800

Applicable exclusion amount (2005) 1,500,000

State death taxes payable 17,700

Under the Unified Rate Schedule for computing estate taxes if the amount with respect to which the tentative tax to be computed is over $1,000,000 but not over $1,250,000, the tentative tax is $345,800, plus 41 percent of the excess of such amount over $1,000,000. If the amount is over $1,250,000 but not over $1,500,000, the tentative tax is then $448,300, plus 43 percent of the excess of such amount over $1,250,000. If the amount is over $1,500,000 but not over $2,000,000 the tentative tax is then $555,800 plus 45% of the excess of such amount over $1,500,000. Based on these facts, the net federal tax payable is

B$37,035

C$42,865

D$47,065

Question 5

Alan, a widower, is a retired executive with substantial assets. He wishes to provide for the financial security of his two grandchildren since their father, Alan's son, has always managed money poorly. This year Alan would like each grandchild to receive a substantial gift. Which of the following statements concerning the generation-skipping transfer tax (GSTT) on these gifts is (are) correct?

1I. Federal estate or gift tax will not be imposed if the gift is otherwise subject to the GSTT.

2. Assuming no prior gifts, Alan can gift a cumulative total of (not including the annual exclusion) $1.5 million to his grandchildren without the imposition of the GSTT.

Al only

BII only

CBoth l and ll

DNeither l nor ll

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