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

Note: Premium Questions for HS330 were last updated On Apr. 30, 2024 (see below)

Question #1

All the following statements concerning a federal estate tax deduction for a bequest or gift to a qualified charity are correct EXCEPT:

AA life insurance policy that was assigned to a charity as a gift less than 3 years prior to the insured's death qualifies for a charitable deduction.

BThe amount of a charitable deduction is reduced by any taxes and administrative expenses chargeable against the bequest.

CAn estate may deduct the value of the remainder interest in a charitable remainder trust.

DThe amount of a charitable deduction may not exceed 50 percent of a decedent's adjusted gross estate.

Reveal Solution

Correct Answer: D

Question #2

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

Question #3

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 #4

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 #5

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

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