HS330 無料問題集「American College Fundamentals of Estate Planning test」
The owner of a successful business wishes to sell it to his employee-son so that he can retire. The business is worth substantially more than the owner's basis. The owner and the employee-son have agreed to an installment sale. Which of the following statements concerning this sale is (are) correct?
1.The present value of any unpaid installments remaining at the owner's death is includible in his estate.
2.Installment payments are received free of income tax until the seller recovers his basis.
1.The present value of any unpaid installments remaining at the owner's death is includible in his estate.
2.Installment payments are received free of income tax until the seller recovers his basis.
正解：A
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Harry, Barry, and Carrie incorporated their business, HBC and received 150 shares of stock each. They entered into a cross-purchase buy-sell agreement at this time. The agreement binds their estates to sell their shares of stock to the surviving shareholders. Each shareholder also agrees to purchase one-half of the shares held by the estate of the deceased shareholder. Assume Barry dies sometime later. Which of the following statements concerning this arrangement is (are) correct?
1.When the agreement is carried out, HBC will have 300 shares of stock outstanding.
2.Barry's estate will have additional liquidity to meet expenses and distribution requirements.
1.When the agreement is carried out, HBC will have 300 shares of stock outstanding.
2.Barry's estate will have additional liquidity to meet expenses and distribution requirements.
正解：B
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Which of the following statements concerning a general power of appointment is (are) correct?
1.A general power of appointment is a power over property so broad that it approaches actual ownership or control over the property subject to the power.
2.The property subject to a general power of appointment will be includible in the gross estate of the holder of the power if held until death.
1.A general power of appointment is a power over property so broad that it approaches actual ownership or control over the property subject to the power.
2.The property subject to a general power of appointment will be includible in the gross estate of the holder of the power if held until death.
正解：D
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Which of the following statements concerning the methods of valuing a closely held business for federal estate tax purposes is (are) correct?
1.The capitalization-of-adjusted-earnings method uses a capitalization rate that varies inversely with the degree of risk and rate of return.
2.The adjusted-book value method involves adjusting the asset components of a business to an approximate fair market value for each component.
1.The capitalization-of-adjusted-earnings method uses a capitalization rate that varies inversely with the degree of risk and rate of return.
2.The adjusted-book value method involves adjusting the asset components of a business to an approximate fair market value for each component.
正解：D
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Which of the following statements concerning the inclusion in a decedent-employee's gross estate of a lump-sum distribution from a qualified retirement plan to a beneficiary other than the employee's estate is (are) correct?
1.Lump-sum distributions of payments attributable to the employer's contributions are excluded from the gross estate.
2.Lump-sum distributions of payments attributable to the decedent-employee's contributions are excluded from the gross estate.
1.Lump-sum distributions of payments attributable to the employer's contributions are excluded from the gross estate.
2.Lump-sum distributions of payments attributable to the decedent-employee's contributions are excluded from the gross estate.
正解：C
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On January 1, 2004 a father gave his daughter a $200,000 straight (ordinary) life insurance policy on his life. Premiums are paid annually. The pertinent facts about the policy are:
*Date of issue: July 1, 1992
*Premium paid on July 1, 2003 $3,200
*Terminal reserve on July 1, 2003 20,000
*Terminal reserve on July 1, 2004 24,000
What is the value of the policy for federal gift tax purposes?
*Date of issue: July 1, 1992
*Premium paid on July 1, 2003 $3,200
*Terminal reserve on July 1, 2003 20,000
*Terminal reserve on July 1, 2004 24,000
What is the value of the policy for federal gift tax purposes?
正解：C
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