Free HS330 Exam Questions - American College HS330 Exam
Fundamentals of Estate Planning testTotal Questions: 400
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American College HS330 Questions
Believing that his death was imminent, a widower gave his son some real estate two years ago and filed a timely gift tax return. The widower died on January 1st of this year. The additional facts are:
Widower's basis in the real estate $400,000
Value of the real estate when gifted 1,000,000
Value of the real estate on date of death 2,000,000
Amount of gift tax paid by widower 345,800
Assuming the widower made no additional gifts to his son, all the following statements concerning this situation are correct EXCEPT:
All the following statements concerning filing the federal estate tax return are correct EXCEPT:
Generally all the following statements concerning life insurance arrangements for partnership buy-sell agreements are correct EXCEPT:
All the following statements concerning irrevocable trusts are correct EXCEPT:
All the following statements concerning wills are correct EXCEPT: