please answer completely and correctly all questions thanks FIN, 4400: ESTATE PL
ID: 2540779 • Letter: P
Question
please answer completely and correctly all questions thanks
FIN, 4400: ESTATE PLANNING MIDTERM EXAMINATION, Spring 201 estate? is a deduction from the gross estate in calculating the adjuated gros a. Federal etate tax charitable deduction b. Funeral costs. c. Federal estate tax marital deduction. d. Gift tax paid on prior taxable gifts. h f the folring io dedetion from the dijteh grns entste ie estate? a. Deductible casualty losses. b. Deductible funeral costs e Federal estate tax charitable deduction d. Attorney fees associated with maintaining estate assets 22. What amount of a decedent's taxable estate is effectively estate tax free in 2018 if the maximum applicable credit amount is utilized? a $4,425,800. b. $5,600,000 c. $11,200,000 23. IRS Form 706, United States Estate Tax Return, was filed for an estate in the current year. The goss estate tax was $350,00. All of the following items are credited against the tentative estate tax to determine the net estate tax payable, except a. Applicable credit amount b. Prior gift taxes paid. c. Marital deduction d. Credit for estate tax on prior transfers 24. Of the following property ownership or titling, which may be entered into by spouses only? a Tenancy in common b. Tenancy by the entirety Joint tenancy with right of survivorship (UTWROS) d. Sole ownership or fee simple 25, Unless an entension of time to file is granted, an estate tax return, IRS Form 706 (United States Estate and Generation-Skipping Transfer Tax Return) is generally due: a 3 months after the date of the decedent's death. b. 6 months after the date of the decedent's death. 9 months after the date of the decedent's death. d. 12 months after the date of the decedent's death 5 of 11Explanation / Answer
20. b. Funeral Cost
Deductions allowed from gross estate to calculate adjusted gross estate are Funeral expenses, Last medical expenses, Debts of the decedents, Losses during the estate admin, State Death Tax Deduction, etc
21. c. Federal estate tax charitable deduction
Deductions allowed from adjusted gross estate to calculate taxable estate are The Charitable Deduction and The Unlimited Martial Deduction
22. c. 11,200,000
In 2018, exemption amount is increased to 11,200,000
23. c. Marital Deduction
There is no credit for a marital deduction. Instead the marital deduction is deductible in arriving at the taxable estate. The estate tax is then computed on the taxable estate.
24. b. Tenancy by Entirety
It is Tenancy by Entirety as it is applicable in the case of married couples
25. c. 9 months after the date of decedent's death.
Form 706 must be filed within nine months after the date of a decedent's death, unless an extension to file the return is granted.
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