Prep and try our HS330 valid and latest training questions & answers

All the following statements concerning the gift and estate tax chartiable deduction are correct EXCEPT:

• A. If the donor retains an interest in property contributed to a qualified charity during lifetime, the value of the property may be included in the donor gross estate.
• B. It is possible for a charitable contribution made during the donor lifetime to generate both income and transfer tax deductions for the donor.
• C. An estate tax charitable deduction is allowed for the full value of property transferred to a qualified charity but only if the property is included in the donor gross estate.
• D. A donor is denied a charitable deduction for property that passes to a qualified charity as the result of a qualified disclaimer if the donor original transfer was to anoncharitable donee.

Which of the following statements concerning marital transfers to a non-U.S. citizen spouse is (are) correct?
1.A marital deduction is automatically available as long as property is transferred outright to the non-citizen spouse.
2.A marital deduction is automatically available if the transferor-decedent spouse is a U.S. citizen.

• A. 2 only
• B. Both 1 and 2
• C. Neither 1 nor2
• D. 1 only

Income earned but unpaid at the time of a decedent's death is deemed to be income in respect of a decedent (IRD). All the following statements concerning IRD are correct EXCEPT:

• A. The income may be included on both the estate tax return and the estate income tax return with a corresponding deduction.
• B. The income is taxable to the person or entity receiving it.
• C. The income must be reported on the decedent's final federal income tax return.
• D. IRD includes sales commissions earned prior to the decedent's death and paid to the estate according to the intestacy laws.

All the following statements concerning guardians for minors are correct EXCEPT:

• A. A special guardian can be appointed by the court to protect a minor's rights in a legal proceeding.
• B. A guardian has equitable title to the property he administers for the minor.
• C. A guardian named in a deceased parent's will is not necessarily binding on the court.
• D. A guardian of the person of a minor may not necessarily be the guardian of the minor's property.

Which of the following statements concerning property is (are) correct?
1.Personal property is all property that is not considered to be real property.
2.A mortgage on real property is treated as real property.

• A. 2 only
• B. Neither 1 nor 2
• C. Both 1 and 2
• D. 1 only