{"id":73180,"date":"2024-02-12T03:23:48","date_gmt":"2024-02-12T03:23:48","guid":{"rendered":"https:\/\/www.dumpsbase.com\/freedumps\/?p=73180"},"modified":"2024-02-03T03:26:54","modified_gmt":"2024-02-03T03:26:54","slug":"fundamentals-of-estate-planning-test-preparation-new-hs-330-dumps-to-enhance-your-understanding-skills","status":"publish","type":"post","link":"https:\/\/www.dumpsbase.com\/freedumps\/fundamentals-of-estate-planning-test-preparation-new-hs-330-dumps-to-enhance-your-understanding-skills.html","title":{"rendered":"Fundamentals of Estate Planning Test Preparation: New HS-330 Dumps To Enhance Your Understanding Skills"},"content":{"rendered":"\n<p>The Fundamentals of Estate Planning HS-330 exam course is designed to equip you with the necessary knowledge and skills to navigate the complex world of estate planning. This course aims to demonstrate your ability to:<\/p>\n<ul>\n<li>Recognize the various steps involved in estate planning and probate processes<\/li>\n<li>Explain and define the fundamental documents used in estate planning<\/li>\n<li>Compare and distinguish between the most prevalent forms of property titling<\/li>\n<li>Apply and comprehend the basics of the gift tax system<\/li>\n<li>Identify and categorize different types of trust arrangements<\/li>\n<li>Apply and understand the fundamentals of the generation-skipping transfer tax system<\/li>\n<li>Compare and contrast advanced strategies for charitable planning<\/li>\n<li>Apply and understand the fundamentals of the estate tax<\/li>\n<li>Showcase the benefits of utilizing life insurance in estate planning<\/li>\n<\/ul>\n<p>To pass the HS-330 exam, it is essential to have access to the new HS-330 dumps of DumpsBase for exam preparation. The team of DumpsBase specializes in delivering you with all the very best feasible final results employing HS-330 dumps, imparting vital abilities and relevant understanding. Using the American College HS-330 exam dumps, you could pass the Fundamentals of Estate Planning exam on your first attempt and get top-notch education on HS-330 exam questions and answers. By using the American College HS-330 exam dumps, you can successfully pass your Fundamentals of Estate Planning certification exam.<\/p>\n<p><!-- notionvc: ccf2c8dd-90ca-4bb7-b0fd-44251c17158c --><\/p>\n<h2>Fundamentals of Estate Planning Test <em><span style=\"background-color: #ffff00;\">HS-330 Free Dumps<\/span><\/em><\/h2>\n<script>\n\t  window.fbAsyncInit = function() {\n\t    FB.init({\n\t      appId            : '622169541470367',\n\t      autoLogAppEvents : true,\n\t      xfbml            : true,\n\t      version          : 'v3.1'\n\t    });\n\t  };\n\t\n\t  (function(d, s, id){\n\t     var js, fjs = d.getElementsByTagName(s)[0];\n\t     if (d.getElementById(id)) {return;}\n\t     js = d.createElement(s); js.id = id;\n\t     js.src = \"https:\/\/connect.facebook.net\/en_US\/sdk.js\";\n\t     fjs.parentNode.insertBefore(js, fjs);\n\t   }(document, 'script', 'facebook-jssdk'));\n\t<\/script><script type=\"text\/javascript\" >\ndocument.addEventListener(\"DOMContentLoaded\", function(event) { \nif(!window.jQuery) alert(\"The important jQuery library is not properly loaded in your site. Your WordPress theme is probably missing the essential wp_head() call. You can switch to another theme and you will see that the plugin works fine and this notice disappears. If you are still not sure what to do you can contact us for help.\");\n});\n<\/script>  \n  \n<div  id=\"watupro_quiz\" class=\"quiz-area single-page-quiz\">\n<p id=\"submittingExam8176\" style=\"display:none;text-align:center;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/plugins\/watupro\/img\/loading.gif\" width=\"16\" height=\"16\"><\/p>\n\n<div class=\"watupro-exam-description\" id=\"description-quiz-8176\"><\/div>\n\n<form action=\"\" method=\"post\" class=\"quiz-form\" id=\"quiz-8176\"  enctype=\"multipart\/form-data\" >\n<div class='watu-question ' id='question-1' style=';'><div id='questionWrap-1'  class='   watupro-question-id-309563'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>1. <\/span>Which of the following is an example of a taxable gift for federal gift tax purposes?<\/div><input type='hidden' name='question_id[]' id='qID_1' value='309563' \/><input type='hidden' id='answerType309563' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309563[]' id='answer-id-1212856' class='answer   answerof-309563 ' value='1212856'   \/><label for='answer-id-1212856' id='answer-label-1212856' class=' answer'><span>A father gives his 19-year-old daughter a note promising to give her his Rolls Royce when she reaches the age of 21.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309563[]' id='answer-id-1212857' class='answer   answerof-309563 ' value='1212857'   \/><label for='answer-id-1212857' id='answer-label-1212857' class=' answer'><span>Instead of parents paying an outside executive $60,000, a son runs their business for 8 months without charging a fee.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309563[]' id='answer-id-1212858' class='answer   answerof-309563 ' value='1212858'   \/><label for='answer-id-1212858' id='answer-label-1212858' class=' answer'><span>The parents of a married son permit their son and his family to use a summer cottage that rents for $3,000 per month on a rent-free basis.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309563[]' id='answer-id-1212859' class='answer   answerof-309563 ' value='1212859'   \/><label for='answer-id-1212859' id='answer-label-1212859' class=' answer'><span>A father cancels a $50,000 note his daughter gave him when he made a loan to her 2 years ago.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-2' style=';'><div id='questionWrap-2'  class='   watupro-question-id-309564'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>2. <\/span>The following are facts concerning a decedent\u2019s estate: <br \/>\r<br>Taxable estate $1.700, 000 <br \/>\r<br>Pre-1977 taxable gifts 200, 000 <br \/>\r<br>Post-1976 adjusted taxable gifts 50, 000 <br \/>\r<br>Post-1976 gifts made to a qualified charity 100, 000 <br \/>\r<br>The tentative tax base of this estate is<\/div><input type='hidden' name='question_id[]' id='qID_2' value='309564' \/><input type='hidden' id='answerType309564' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309564[]' id='answer-id-1212860' class='answer   answerof-309564 ' value='1212860'   \/><label for='answer-id-1212860' id='answer-label-1212860' class=' answer'><span>$1,700,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309564[]' id='answer-id-1212861' class='answer   answerof-309564 ' value='1212861'   \/><label for='answer-id-1212861' id='answer-label-1212861' class=' answer'><span>$1,750,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309564[]' id='answer-id-1212862' class='answer   answerof-309564 ' value='1212862'   \/><label for='answer-id-1212862' id='answer-label-1212862' class=' answer'><span>$1,850,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309564[]' id='answer-id-1212863' class='answer   answerof-309564 ' value='1212863'   \/><label for='answer-id-1212863' id='answer-label-1212863' class=' answer'><span>$1,900,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-3' style=';'><div id='questionWrap-3'  class='   watupro-question-id-309565'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>3. <\/span>An executor elects to value the assets of the estate at the alternative valuation date 6 months after death. <br \/>\r<br>Which of the following statements concerning the estate tax value of assets included in this estate is correct?<\/div><input type='hidden' name='question_id[]' id='qID_3' value='309565' \/><input type='hidden' id='answerType309565' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309565[]' id='answer-id-1212864' class='answer   answerof-309565 ' value='1212864'   \/><label for='answer-id-1212864' id='answer-label-1212864' class=' answer'><span>An annuity included in the gross estate that diminishes with the mere passage of time is includible at the date of death value.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309565[]' id='answer-id-1212865' class='answer   answerof-309565 ' value='1212865'   \/><label for='answer-id-1212865' id='answer-label-1212865' class=' answer'><span>Property sold before the alternate valuation date is valued at the alternate valuation date.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309565[]' id='answer-id-1212866' class='answer   answerof-309565 ' value='1212866'   \/><label for='answer-id-1212866' id='answer-label-1212866' class=' answer'><span>Property that has increased in value since the date of death may be valued at the date of death if the executor so elects.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309565[]' id='answer-id-1212867' class='answer   answerof-309565 ' value='1212867'   \/><label for='answer-id-1212867' id='answer-label-1212867' class=' answer'><span>Property distributed under the will before the alternate valuation date is valued at the date of \r\ndeath.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-4' style=';'><div id='questionWrap-4'  class='   watupro-question-id-309566'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>4. <\/span>The interest rate for loans from the Federal Land Sank is 8 percent. <br \/>\r<br>For federal estate tax purposes, the farm method valuation formula would result in a current use value for the farm of<\/div><input type='hidden' name='question_id[]' id='qID_4' value='309566' \/><input type='hidden' id='answerType309566' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309566[]' id='answer-id-1212868' class='answer   answerof-309566 ' value='1212868'   \/><label for='answer-id-1212868' id='answer-label-1212868' class=' answer'><span>$500,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309566[]' id='answer-id-1212869' class='answer   answerof-309566 ' value='1212869'   \/><label for='answer-id-1212869' id='answer-label-1212869' class=' answer'><span>$600,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309566[]' id='answer-id-1212870' class='answer   answerof-309566 ' value='1212870'   \/><label for='answer-id-1212870' id='answer-label-1212870' class=' answer'><span>$700,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309566[]' id='answer-id-1212871' class='answer   answerof-309566 ' value='1212871'   \/><label for='answer-id-1212871' id='answer-label-1212871' class=' answer'><span>$820,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-5' style=';'><div id='questionWrap-5'  class='   watupro-question-id-309567'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>5. <\/span>Which of the following types of real properly ownership will be deemed to be a tenancy in common?<\/div><input type='hidden' name='question_id[]' id='qID_5' value='309567' \/><input type='hidden' id='answerType309567' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309567[]' id='answer-id-1212872' class='answer   answerof-309567 ' value='1212872'   \/><label for='answer-id-1212872' id='answer-label-1212872' class=' answer'><span>Two brothers own equal amounts of all the common stock in a corporation, the only asset of which is real property.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309567[]' id='answer-id-1212873' class='answer   answerof-309567 ' value='1212873'   \/><label for='answer-id-1212873' id='answer-label-1212873' class=' answer'><span>Two brothers own equal undivided interests in a piece of real properly, with each brother being able to divest himseIf of his interest by sale, gift, or will.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309567[]' id='answer-id-1212874' class='answer   answerof-309567 ' value='1212874'   \/><label for='answer-id-1212874' id='answer-label-1212874' class=' answer'><span>Two brothers are equal partners in a general partnership that owns a piece of real property used in the partnership business.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309567[]' id='answer-id-1212875' class='answer   answerof-309567 ' value='1212875'   \/><label for='answer-id-1212875' id='answer-label-1212875' class=' answer'><span>Two brothers own equal fractional interests in a piece of real property and at the death of one of the brothers the survivor will own the entire piece of property.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-6' style=';'><div id='questionWrap-6'  class='   watupro-question-id-309568'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>6. <\/span>Which of the following statements concerning property ownership by a married couple residing in a community-property state is correct?<\/div><input type='hidden' name='question_id[]' id='qID_6' value='309568' \/><input type='hidden' id='answerType309568' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309568[]' id='answer-id-1212876' class='answer   answerof-309568 ' value='1212876'   \/><label for='answer-id-1212876' id='answer-label-1212876' class=' answer'><span>All property owned by the couple is community property.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309568[]' id='answer-id-1212877' class='answer   answerof-309568 ' value='1212877'   \/><label for='answer-id-1212877' id='answer-label-1212877' class=' answer'><span>Community property loses its identity when a couple moves from a community-property state to a common-law state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309568[]' id='answer-id-1212878' class='answer   answerof-309568 ' value='1212878'   \/><label for='answer-id-1212878' id='answer-label-1212878' class=' answer'><span>Property inherited by one spouse during a marriage becomes community property<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309568[]' id='answer-id-1212879' class='answer   answerof-309568 ' value='1212879'   \/><label for='answer-id-1212879' id='answer-label-1212879' class=' answer'><span>Income earned by one spouse becomes community property.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-7' style=';'><div id='questionWrap-7'  class='   watupro-question-id-309569'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>7. <\/span>Which of the following statements concerning a simple trust is correct?<\/div><input type='hidden' name='question_id[]' id='qID_7' value='309569' \/><input type='hidden' id='answerType309569' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309569[]' id='answer-id-1212880' class='answer   answerof-309569 ' value='1212880'   \/><label for='answer-id-1212880' id='answer-label-1212880' class=' answer'><span>Income and principal may be distributed to a qualified charily.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309569[]' id='answer-id-1212881' class='answer   answerof-309569 ' value='1212881'   \/><label for='answer-id-1212881' id='answer-label-1212881' class=' answer'><span>It receives a special tax deduction for income distributed to its beneficiaries.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309569[]' id='answer-id-1212882' class='answer   answerof-309569 ' value='1212882'   \/><label for='answer-id-1212882' id='answer-label-1212882' class=' answer'><span>Income is accumulated at the discretion of the trustee.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309569[]' id='answer-id-1212883' class='answer   answerof-309569 ' value='1212883'   \/><label for='answer-id-1212883' id='answer-label-1212883' class=' answer'><span>It limits the number of permissible beneficiaries.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-8' style=';'><div id='questionWrap-8'  class='   watupro-question-id-309570'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>8. <\/span>On the advice of their attorney and accountant, Betsy and John have decided to make substantial transfers. They would like to pass most of their considerable wealth to their grandchildren. <br \/>\r<br>Which of the following statements concerning gifts made to their grandchildren is correct?<\/div><input type='hidden' name='question_id[]' id='qID_8' value='309570' \/><input type='hidden' id='answerType309570' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309570[]' id='answer-id-1212884' class='answer   answerof-309570 ' value='1212884'   \/><label for='answer-id-1212884' id='answer-label-1212884' class=' answer'><span>The GSTT annual exclusion may be utilized by Betsy and John for each grandchild during life time and at death.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309570[]' id='answer-id-1212885' class='answer   answerof-309570 ' value='1212885'   \/><label for='answer-id-1212885' id='answer-label-1212885' class=' answer'><span>The value of Betsy and John\u2019s GSTT exemption amounts are slightly increased when used at death rather than during life time.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309570[]' id='answer-id-1212886' class='answer   answerof-309570 ' value='1212886'   \/><label for='answer-id-1212886' id='answer-label-1212886' class=' answer'><span>The GSTT annual exclusion is unavailable for years in which Betsy and John make tuition gifts for the grandchildren.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309570[]' id='answer-id-1212887' class='answer   answerof-309570 ' value='1212887'   \/><label for='answer-id-1212887' id='answer-label-1212887' class=' answer'><span>Betsy and John may elect to split any GSTT transfers to the grandchildren.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-9' style=';'><div id='questionWrap-9'  class='   watupro-question-id-309571'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>9. <\/span>The decedent, D, died this year. <br \/>\r<br>The facts concerning D estate are: <br \/>\r<br>Gross estate $3,400,000 <br \/>\r<br>Marital deduction 0 <br \/>\r<br>Charitable deduction 600,000 <br \/>\r<br>Funeral &amp; administration expenses 00,000 <br \/>\r<br>Gifts made after 1976 170,000 <br \/>\r<br>State death taxes payable 192,000 <br \/>\r<br>What is D taxable estate?<\/div><input type='hidden' name='question_id[]' id='qID_9' value='309571' \/><input type='hidden' id='answerType309571' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309571[]' id='answer-id-1212888' class='answer   answerof-309571 ' value='1212888'   \/><label for='answer-id-1212888' id='answer-label-1212888' class=' answer'><span>$2,138,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309571[]' id='answer-id-1212889' class='answer   answerof-309571 ' value='1212889'   \/><label for='answer-id-1212889' id='answer-label-1212889' class=' answer'><span>$2,358,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309571[]' id='answer-id-1212890' class='answer   answerof-309571 ' value='1212890'   \/><label for='answer-id-1212890' id='answer-label-1212890' class=' answer'><span>$2,528,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309571[]' id='answer-id-1212891' class='answer   answerof-309571 ' value='1212891'   \/><label for='answer-id-1212891' id='answer-label-1212891' class=' answer'><span>$2,720,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-10' style=';'><div id='questionWrap-10'  class='   watupro-question-id-309572'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>10. <\/span>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 <br \/>\r<br>Premium paid on July 1, 2003 $3200 <br \/>\r<br>Terminal reserve on July 1, 2003 20,000 <br \/>\r<br>Terminal reserve on July 1, 2004 24,000 <br \/>\r<br>What is the value of the policy for federal gift tax purposes?<\/div><input type='hidden' name='question_id[]' id='qID_10' value='309572' \/><input type='hidden' id='answerType309572' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309572[]' id='answer-id-1212892' class='answer   answerof-309572 ' value='1212892'   \/><label for='answer-id-1212892' id='answer-label-1212892' class=' answer'><span>$ 21,600<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309572[]' id='answer-id-1212893' class='answer   answerof-309572 ' value='1212893'   \/><label for='answer-id-1212893' id='answer-label-1212893' class=' answer'><span>$23,200<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309572[]' id='answer-id-1212894' class='answer   answerof-309572 ' value='1212894'   \/><label for='answer-id-1212894' id='answer-label-1212894' class=' answer'><span>$23,600<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309572[]' id='answer-id-1212895' class='answer   answerof-309572 ' value='1212895'   \/><label for='answer-id-1212895' id='answer-label-1212895' class=' answer'><span>$200,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-11' style=';'><div id='questionWrap-11'  class='   watupro-question-id-309573'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>11. <\/span>A married man has two adult sons. His entire estate is in excess of $1,500,000 and consists entirely of probate assets. He wants to make certain that if he predeceases his wife she will receive all estate income as long as she lives, and the assets remaining at her death will pass equally to their two sons. He wants to pass all assets to this wife and sons as free of federal estate taxes as possible. <br \/>\r<br>To best accomplish these objectives, the man should include which of the following estate plans in his will?<\/div><input type='hidden' name='question_id[]' id='qID_11' value='309573' \/><input type='hidden' id='answerType309573' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309573[]' id='answer-id-1212896' class='answer   answerof-309573 ' value='1212896'   \/><label for='answer-id-1212896' id='answer-label-1212896' class=' answer'><span>Establish a QTIP trust for haIf his estate and bequeath the remainder to his wife<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309573[]' id='answer-id-1212897' class='answer   answerof-309573 ' value='1212897'   \/><label for='answer-id-1212897' id='answer-label-1212897' class=' answer'><span>Establish a marital deduction trust with a general power of appointment for haIf his estate and place the remainder in a QTIP trust<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309573[]' id='answer-id-1212898' class='answer   answerof-309573 ' value='1212898'   \/><label for='answer-id-1212898' id='answer-label-1212898' class=' answer'><span>Establish a bypass trust equal to the applicable exclusion amount and place the remainder of his estate in a QTIP trust<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309573[]' id='answer-id-1212899' class='answer   answerof-309573 ' value='1212899'   \/><label for='answer-id-1212899' id='answer-label-1212899' class=' answer'><span>Establish a QTIP trust for his entire estate<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-12' style=';'><div id='questionWrap-12'  class='   watupro-question-id-309574'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>12. <\/span>Among the assets in a decedent\u2019s gross estate is stock in a closely held corporation that was left to a <br \/>\r<br>nephew. The interest passing to the nephew is required to bear the burden of all estate taxes and <br \/>\r<br>expenses. <br \/>\r<br>The relevant facts about this estate are: <br \/>\r<br>Adjusted gross estate $1,200,000 <br \/>\r<br>Fair market value of stock in the <br \/>\r<br>closely held corporation 500,000 <br \/>\r<br>Administration and funeral expenses 25,000 <br \/>\r<br>State inheritance taxes 40,000 <br \/>\r<br>Federal estate taxes 160,000 <br \/>\r<br>What amount of closely held corporate stock may be redeemed under IRC Section 303 so that the redemption will be treated as a sale or exchange rather than a dividend distribution?<\/div><input type='hidden' name='question_id[]' id='qID_12' value='309574' \/><input type='hidden' id='answerType309574' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309574[]' id='answer-id-1212900' class='answer   answerof-309574 ' value='1212900'   \/><label for='answer-id-1212900' id='answer-label-1212900' class=' answer'><span>0<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309574[]' id='answer-id-1212901' class='answer   answerof-309574 ' value='1212901'   \/><label for='answer-id-1212901' id='answer-label-1212901' class=' answer'><span>$ 65,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309574[]' id='answer-id-1212902' class='answer   answerof-309574 ' value='1212902'   \/><label for='answer-id-1212902' id='answer-label-1212902' class=' answer'><span>$225,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309574[]' id='answer-id-1212903' class='answer   answerof-309574 ' value='1212903'   \/><label for='answer-id-1212903' id='answer-label-1212903' class=' answer'><span>$500,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-13' style=';'><div id='questionWrap-13'  class='   watupro-question-id-309575'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>13. <\/span>A married man died this year leaving a gross estate of $3,200,000. <br \/>\r<br>Additional facts concerning his estate are: <br \/>\r<br>Administration expenses and debts $ 250,000 <br \/>\r<br>Marital deduction 1,200,000 <br \/>\r<br>Applicable credit amount (2005) 555,800 <br \/>\r<br>Applicable exclusion amount (2005) 1,500,000 <br \/>\r<br>State death taxes payable 20,400 <br \/>\r<br>Under the Unified Rate Schedule for computing estate taxes if the amount with respect to which the tentative tax to be computed is over$1,000,000 but not over $1,250,000, the tentative tax is $345,800, plus 41 percent of the excess of such amount over $1,000,000. If the amount is over $1,250,000 but not over $1,500,000, the tentative tax is then $448,300, plus 43 percent of the excess of such amount over $1,250,000. If the amount is over $1,500,000 but not over $2,000,000, the tentative tax is then $555,800 plus 45% of the excess of such amount over $1,500,000. <br \/>\r<br>Based on these facts, the net federal estate tax payable is<\/div><input type='hidden' name='question_id[]' id='qID_13' value='309575' \/><input type='hidden' id='answerType309575' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309575[]' id='answer-id-1212904' class='answer   answerof-309575 ' value='1212904'   \/><label for='answer-id-1212904' id='answer-label-1212904' class=' answer'><span>0<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309575[]' id='answer-id-1212905' class='answer   answerof-309575 ' value='1212905'   \/><label for='answer-id-1212905' id='answer-label-1212905' class=' answer'><span>$103,320<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309575[]' id='answer-id-1212906' class='answer   answerof-309575 ' value='1212906'   \/><label for='answer-id-1212906' id='answer-label-1212906' class=' answer'><span>$123,720<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309575[]' id='answer-id-1212907' class='answer   answerof-309575 ' value='1212907'   \/><label for='answer-id-1212907' id='answer-label-1212907' class=' answer'><span>$128,280<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-14' style=';'><div id='questionWrap-14'  class='   watupro-question-id-309576'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>14. <\/span>Which of the following statements concerning both estates and complex trusts is correct?<\/div><input type='hidden' name='question_id[]' id='qID_14' value='309576' \/><input type='hidden' id='answerType309576' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309576[]' id='answer-id-1212908' class='answer   answerof-309576 ' value='1212908'   \/><label for='answer-id-1212908' id='answer-label-1212908' class=' answer'><span>Both must have more than one beneficiary.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309576[]' id='answer-id-1212909' class='answer   answerof-309576 ' value='1212909'   \/><label for='answer-id-1212909' id='answer-label-1212909' class=' answer'><span>Both come into being by operation of law.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309576[]' id='answer-id-1212910' class='answer   answerof-309576 ' value='1212910'   \/><label for='answer-id-1212910' id='answer-label-1212910' class=' answer'><span>Both are monitored by the courts.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309576[]' id='answer-id-1212911' class='answer   answerof-309576 ' value='1212911'   \/><label for='answer-id-1212911' id='answer-label-1212911' class=' answer'><span>Both are required to file income tax returns.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-15' style=';'><div id='questionWrap-15'  class='   watupro-question-id-309577'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>15. <\/span>A widow made the following cash gifts during the current year: <br \/>\r<br>Donee Amount of Gift <br \/>\r<br>A qualified charity $40000 <br \/>\r<br>A close friend 30,000 <br \/>\r<br>Her sister 5,000 <br \/>\r<br>Her daughter 15,000 <br \/>\r<br>Her brother 10,000 <br \/>\r<br>The total amount of the taxable gifts made this year was<\/div><input type='hidden' name='question_id[]' id='qID_15' value='309577' \/><input type='hidden' id='answerType309577' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309577[]' id='answer-id-1212912' class='answer   answerof-309577 ' value='1212912'   \/><label for='answer-id-1212912' id='answer-label-1212912' class=' answer'><span>$23,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309577[]' id='answer-id-1212913' class='answer   answerof-309577 ' value='1212913'   \/><label for='answer-id-1212913' id='answer-label-1212913' class=' answer'><span>$45,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309577[]' id='answer-id-1212914' class='answer   answerof-309577 ' value='1212914'   \/><label for='answer-id-1212914' id='answer-label-1212914' class=' answer'><span>$52,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309577[]' id='answer-id-1212915' class='answer   answerof-309577 ' value='1212915'   \/><label for='answer-id-1212915' id='answer-label-1212915' class=' answer'><span>$95,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-16' style=';'><div id='questionWrap-16'  class='   watupro-question-id-309578'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>16. <\/span>A man is planning to establish and fund a 20-year irrevocable trust for the benefit of his two sons, aged 19 and 22, and plans to give the trustee power to sprinkle trust income. <br \/>\r<br>From the standpoint of providing federal income, gift, and estate tax savings, which of the following would be the best choice of trustee?<\/div><input type='hidden' name='question_id[]' id='qID_16' value='309578' \/><input type='hidden' id='answerType309578' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309578[]' id='answer-id-1212916' class='answer   answerof-309578 ' value='1212916'   \/><label for='answer-id-1212916' id='answer-label-1212916' class=' answer'><span>The grantor of the trust<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309578[]' id='answer-id-1212917' class='answer   answerof-309578 ' value='1212917'   \/><label for='answer-id-1212917' id='answer-label-1212917' class=' answer'><span>The grantor\u2019s 70-year-old father<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309578[]' id='answer-id-1212918' class='answer   answerof-309578 ' value='1212918'   \/><label for='answer-id-1212918' id='answer-label-1212918' class=' answer'><span>The grantor\u2019s 22-year-old son<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309578[]' id='answer-id-1212919' class='answer   answerof-309578 ' value='1212919'   \/><label for='answer-id-1212919' id='answer-label-1212919' class=' answer'><span>A bank or trust company<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-17' style=';'><div id='questionWrap-17'  class='   watupro-question-id-309579'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>17. <\/span>A man died in February of this year. Last year, when he learned that he had a terminal illness, he immediately made the following gifts and filed the required gift tax return: <br \/>\r<br>Fair Market Value <br \/>\r<br>Gift of listed stock to a <br \/>\r<br>qualified charity $100,000 <br \/>\r<br>Gift of listed bonds to his wife 200,000 <br \/>\r<br>Gift of a boat to his son 10,000 <br \/>\r<br>Gift of a sports car to his daughter 10,000 <br \/>\r<br>What amount must be brought back to the man\u2019s estate as an adjusted taxable gift in the calculation of his federal estate taxes?<\/div><input type='hidden' name='question_id[]' id='qID_17' value='309579' \/><input type='hidden' id='answerType309579' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309579[]' id='answer-id-1212920' class='answer   answerof-309579 ' value='1212920'   \/><label for='answer-id-1212920' id='answer-label-1212920' class=' answer'><span>0<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309579[]' id='answer-id-1212921' class='answer   answerof-309579 ' value='1212921'   \/><label for='answer-id-1212921' id='answer-label-1212921' class=' answer'><span>$ 90,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309579[]' id='answer-id-1212922' class='answer   answerof-309579 ' value='1212922'   \/><label for='answer-id-1212922' id='answer-label-1212922' class=' answer'><span>$280,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309579[]' id='answer-id-1212923' class='answer   answerof-309579 ' value='1212923'   \/><label for='answer-id-1212923' id='answer-label-1212923' class=' answer'><span>$320,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-18' style=';'><div id='questionWrap-18'  class='   watupro-question-id-309580'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>18. <\/span>A widower dies leaving a net probate estate of $300,000. <br \/>\r<br>At the time of his death, his descendants are as follows: <br \/>\r<br>A son, Joe, who has no children; <br \/>\r<br>A deceased daughter, Mary, whose two children, Irene and Sally, survive; and A daughter, Anne, who has one child, Harry <br \/>\r<br>Assuming that the widower\u2019s will provides for the distribution of his assets in equal shares to his children, per stripes, which of the following correctly states the amounts each descendant will receive?<\/div><input type='hidden' name='question_id[]' id='qID_18' value='309580' \/><input type='hidden' id='answerType309580' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309580[]' id='answer-id-1212924' class='answer   answerof-309580 ' value='1212924'   \/><label for='answer-id-1212924' id='answer-label-1212924' class=' answer'><span>$100,000 to Joe, $50,000 to Irene, $50,000 to Sally, and $100,000 to Anne<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309580[]' id='answer-id-1212925' class='answer   answerof-309580 ' value='1212925'   \/><label for='answer-id-1212925' id='answer-label-1212925' class=' answer'><span>$100,000 to Joe, $50,000 to Irene, $50,000 to Sally, $50,000 to Anne, and $50,000 to Harry<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309580[]' id='answer-id-1212926' class='answer   answerof-309580 ' value='1212926'   \/><label for='answer-id-1212926' id='answer-label-1212926' class=' answer'><span>$ 75,000 to Joe, $75,000 to Irene, $75,000 to Sally, and $75,000 to Anne<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309580[]' id='answer-id-1212927' class='answer   answerof-309580 ' value='1212927'   \/><label for='answer-id-1212927' id='answer-label-1212927' class=' answer'><span>$ 60,000 to Joe, $60,000 to Irene, $60,000 to Sally, $60,000 to Anne, and $60,000 to Harry<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-19' style=';'><div id='questionWrap-19'  class='   watupro-question-id-309581'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>19. <\/span>Which of the following areas of consideration present common ethical issues for the estate planner?<\/div><input type='hidden' name='question_id[]' id='qID_19' value='309581' \/><input type='hidden' id='answerType309581' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309581[]' id='answer-id-1212928' class='answer   answerof-309581 ' value='1212928'   \/><label for='answer-id-1212928' id='answer-label-1212928' class=' answer'><span>Contracts<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309581[]' id='answer-id-1212929' class='answer   answerof-309581 ' value='1212929'   \/><label for='answer-id-1212929' id='answer-label-1212929' class=' answer'><span>Compatibility<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309581[]' id='answer-id-1212930' class='answer   answerof-309581 ' value='1212930'   \/><label for='answer-id-1212930' id='answer-label-1212930' class=' answer'><span>Consistency<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309581[]' id='answer-id-1212931' class='answer   answerof-309581 ' value='1212931'   \/><label for='answer-id-1212931' id='answer-label-1212931' class=' answer'><span>Compensation<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-20' style=';'><div id='questionWrap-20'  class='   watupro-question-id-309582'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>20. <\/span>A father deeded a house as a gift to his daughter in 1990 but retained the right to live in it until his death. He died this year, while still living in the house. The following are relevant facts: The father bought the property in 1980 for $140,000. The fair market value of the property when the gift was made in 1990 was $170,000. The father filed a timely gift tax return but paid no gift tax because of the applicable credit amount. The fair market value of the property at the father\u2019s death was $200,000. The daughter sold the property 3 months after her father\u2019s death for $200,000. <br \/>\r<br>She had a gain of<\/div><input type='hidden' name='question_id[]' id='qID_20' value='309582' \/><input type='hidden' id='answerType309582' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309582[]' id='answer-id-1212932' class='answer   answerof-309582 ' value='1212932'   \/><label for='answer-id-1212932' id='answer-label-1212932' class=' answer'><span>0<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309582[]' id='answer-id-1212933' class='answer   answerof-309582 ' value='1212933'   \/><label for='answer-id-1212933' id='answer-label-1212933' class=' answer'><span>$130,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309582[]' id='answer-id-1212934' class='answer   answerof-309582 ' value='1212934'   \/><label for='answer-id-1212934' id='answer-label-1212934' class=' answer'><span>$160,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309582[]' id='answer-id-1212935' class='answer   answerof-309582 ' value='1212935'   \/><label for='answer-id-1212935' id='answer-label-1212935' class=' answer'><span>$200,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-21' style=';'><div id='questionWrap-21'  class='   watupro-question-id-309583'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>21. <\/span>The Decedent, T, died this year. <br \/>\r<br>The facts concerning T estate are: <br \/>\r<br>Gross estate $2,700,000 <br \/>\r<br>Marital deduction 900,000 <br \/>\r<br>Charitable deduction 110,000 <br \/>\r<br>Gifts made after 1976 130,000 <br \/>\r<br>State death taxes payable 165,000 <br \/>\r<br>What is T taxable estate?<\/div><input type='hidden' name='question_id[]' id='qID_21' value='309583' \/><input type='hidden' id='answerType309583' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309583[]' id='answer-id-1212936' class='answer   answerof-309583 ' value='1212936'   \/><label for='answer-id-1212936' id='answer-label-1212936' class=' answer'><span>$1,285,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309583[]' id='answer-id-1212937' class='answer   answerof-309583 ' value='1212937'   \/><label for='answer-id-1212937' id='answer-label-1212937' class=' answer'><span>$1,395,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309583[]' id='answer-id-1212938' class='answer   answerof-309583 ' value='1212938'   \/><label for='answer-id-1212938' id='answer-label-1212938' class=' answer'><span>$1,525,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309583[]' id='answer-id-1212939' class='answer   answerof-309583 ' value='1212939'   \/><label for='answer-id-1212939' id='answer-label-1212939' class=' answer'><span>$1,655,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-22' style=';'><div id='questionWrap-22'  class='   watupro-question-id-309584'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>22. <\/span>When the owner of a closely held business dies, the payment of a portion of the federal estate tax may be deferred for a period of several years if the estate otherwise qualifies under the provisions of IPC Section 6166. <br \/>\r<br>Which of the following statements concerning this deferral of federal estate tax is correct?<\/div><input type='hidden' name='question_id[]' id='qID_22' value='309584' \/><input type='hidden' id='answerType309584' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309584[]' id='answer-id-1212940' class='answer   answerof-309584 ' value='1212940'   \/><label for='answer-id-1212940' id='answer-label-1212940' class=' answer'><span>The interest rate on the deferred tax is determined by the prime rate in effect on the date of death.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309584[]' id='answer-id-1212941' class='answer   answerof-309584 ' value='1212941'   \/><label for='answer-id-1212941' id='answer-label-1212941' class=' answer'><span>The interest on the unpaid estate tax is payable over the first 10 years, after which the tax plus interest on the balance is payable in equal installments for the last 5 years.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309584[]' id='answer-id-1212942' class='answer   answerof-309584 ' value='1212942'   \/><label for='answer-id-1212942' id='answer-label-1212942' class=' answer'><span>To qualify for the tax deferral, the closely held business must represent more than 50 percent of the value of the decedent\u2019s adjusted gross estate.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309584[]' id='answer-id-1212943' class='answer   answerof-309584 ' value='1212943'   \/><label for='answer-id-1212943' id='answer-label-1212943' class=' answer'><span>Under certain circumstances, the estate will forfeit its right to tax deferral, and all the remaining unpaid estate tax will become due and payable immediately.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-23' style=';'><div id='questionWrap-23'  class='   watupro-question-id-309585'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>23. <\/span>Which of the following statements concerning property is correct?<\/div><input type='hidden' name='question_id[]' id='qID_23' value='309585' \/><input type='hidden' id='answerType309585' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309585[]' id='answer-id-1212944' class='answer   answerof-309585 ' value='1212944'   \/><label for='answer-id-1212944' id='answer-label-1212944' class=' answer'><span>A mortgage on real estate is real property.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309585[]' id='answer-id-1212945' class='answer   answerof-309585 ' value='1212945'   \/><label for='answer-id-1212945' id='answer-label-1212945' class=' answer'><span>A tree growing on land is tangible personal property.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309585[]' id='answer-id-1212946' class='answer   answerof-309585 ' value='1212946'   \/><label for='answer-id-1212946' id='answer-label-1212946' class=' answer'><span>Any property that is not real property is personal property.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309585[]' id='answer-id-1212947' class='answer   answerof-309585 ' value='1212947'   \/><label for='answer-id-1212947' id='answer-label-1212947' class=' answer'><span>A bond issue secured solely by a corporation asset is tangible personal property.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-24' style=';'><div id='questionWrap-24'  class='   watupro-question-id-309586'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>24. <\/span>A$40,000 bank account. Mr. and Mrs. Allen own the account jointly with the right of survivorship even though Mrs. Allen made all the deposits. <br \/>\r<br>What amount of the family property will be included in Mr. Allen\u2019s gross estate for federal estate tax purposes?<\/div><input type='hidden' name='question_id[]' id='qID_24' value='309586' \/><input type='hidden' id='answerType309586' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309586[]' id='answer-id-1212948' class='answer   answerof-309586 ' value='1212948'   \/><label for='answer-id-1212948' id='answer-label-1212948' class=' answer'><span>$220,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309586[]' id='answer-id-1212949' class='answer   answerof-309586 ' value='1212949'   \/><label for='answer-id-1212949' id='answer-label-1212949' class=' answer'><span>$400,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309586[]' id='answer-id-1212950' class='answer   answerof-309586 ' value='1212950'   \/><label for='answer-id-1212950' id='answer-label-1212950' class=' answer'><span>$500,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309586[]' id='answer-id-1212951' class='answer   answerof-309586 ' value='1212951'   \/><label for='answer-id-1212951' id='answer-label-1212951' class=' answer'><span>$520,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-25' style=';'><div id='questionWrap-25'  class='   watupro-question-id-309587'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>25. <\/span>Under the terms of his will, a man left his residuary estate to a testamentary trust for the benefit of his wife. <br \/>\r<br>Which of the following powers with respect to the trust will cause the entire trust principal to be includible in the gross estate of the widow for federal estate tax purposes?<\/div><input type='hidden' name='question_id[]' id='qID_25' value='309587' \/><input type='hidden' id='answerType309587' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309587[]' id='answer-id-1212952' class='answer   answerof-309587 ' value='1212952'   \/><label for='answer-id-1212952' id='answer-label-1212952' class=' answer'><span>The power of the widow each year to direct the trustee to pay her the greater of 5 percent of the trust principal or $5,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309587[]' id='answer-id-1212953' class='answer   answerof-309587 ' value='1212953'   \/><label for='answer-id-1212953' id='answer-label-1212953' class=' answer'><span>The power of the trustee in its sole discretion to distribute trust assets to the widow for any reason satisfactory to the trustee<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309587[]' id='answer-id-1212954' class='answer   answerof-309587 ' value='1212954'   \/><label for='answer-id-1212954' id='answer-label-1212954' class=' answer'><span>The power of the widow to direct the trustee to use trust assets to pay her personal debts<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309587[]' id='answer-id-1212955' class='answer   answerof-309587 ' value='1212955'   \/><label for='answer-id-1212955' id='answer-label-1212955' class=' answer'><span>The testamentary limited or special power of the widow to direct the trustee to distribute trust assets to her heirs.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-26' style=';'><div id='questionWrap-26'  class='   watupro-question-id-309588'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>26. <\/span>Mr. Barlow died early this year. Under the terms of his will he left all his real estate and tangible personal property to his son. All the remainder of his probate estate was left to his wife, Mrs. Barlow. The following is a list of Mr. <br \/>\r<br>Barlow\u2019s probate assets and their fair market values at the time of his death: <br \/>\r<br>Commercial real estate $200,000 <br \/>\r<br>Furniture and fixtures 100,000 <br \/>\r<br>Listed common stock 150,000 <br \/>\r<br>Notes receivable 250,000 <br \/>\r<br>In addition, Mrs. Barlow owned a $400,000 life insurance policy on Mr. Barlow\u2019s life with Mr. Barlow\u2019s estate designated as beneficiary. Based on this information, what is the amount of property in Mr. Barlow\u2019s estate qualifying for the federal estate tax marital deduction?<\/div><input type='hidden' name='question_id[]' id='qID_26' value='309588' \/><input type='hidden' id='answerType309588' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309588[]' id='answer-id-1212956' class='answer   answerof-309588 ' value='1212956'   \/><label for='answer-id-1212956' id='answer-label-1212956' class=' answer'><span>$150,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309588[]' id='answer-id-1212957' class='answer   answerof-309588 ' value='1212957'   \/><label for='answer-id-1212957' id='answer-label-1212957' class=' answer'><span>$400,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309588[]' id='answer-id-1212958' class='answer   answerof-309588 ' value='1212958'   \/><label for='answer-id-1212958' id='answer-label-1212958' class=' answer'><span>$800,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309588[]' id='answer-id-1212959' class='answer   answerof-309588 ' value='1212959'   \/><label for='answer-id-1212959' id='answer-label-1212959' class=' answer'><span>$1,100,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-27' style=';'><div id='questionWrap-27'  class='   watupro-question-id-309589'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>27. <\/span>A married man died intestate, in addition to his wife, he was survived by two minor children and both his parents. <br \/>\r<br>Which of the following statements describes the typical intestate distribution in this situation?<\/div><input type='hidden' name='question_id[]' id='qID_27' value='309589' \/><input type='hidden' id='answerType309589' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309589[]' id='answer-id-1212960' class='answer   answerof-309589 ' value='1212960'   \/><label for='answer-id-1212960' id='answer-label-1212960' class=' answer'><span>The widow receives at least one-third of the estate and the children divide the remainder of the estate equally.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309589[]' id='answer-id-1212961' class='answer   answerof-309589 ' value='1212961'   \/><label for='answer-id-1212961' id='answer-label-1212961' class=' answer'><span>The widow receives one-third of the estate and the remainder is divided equally among the two children and the parents of the decedent.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309589[]' id='answer-id-1212962' class='answer   answerof-309589 ' value='1212962'   \/><label for='answer-id-1212962' id='answer-label-1212962' class=' answer'><span>The widow receives the entire probate estate as trustee for the benefit of the two minor children.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309589[]' id='answer-id-1212963' class='answer   answerof-309589 ' value='1212963'   \/><label for='answer-id-1212963' id='answer-label-1212963' class=' answer'><span>The widow receives haIf the estate and the remaining halt is divided equally between the decedent\u2019s parents.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-28' style=';'><div id='questionWrap-28'  class='   watupro-question-id-309590'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>28. <\/span>It a grantor establishes an irrevocable trust; the income of the trust will be taxed to the grantor if it is used to pay premiums for life insurance on the life of<\/div><input type='hidden' name='question_id[]' id='qID_28' value='309590' \/><input type='hidden' id='answerType309590' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309590[]' id='answer-id-1212964' class='answer   answerof-309590 ' value='1212964'   \/><label for='answer-id-1212964' id='answer-label-1212964' class=' answer'><span>a child of the grantor<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309590[]' id='answer-id-1212965' class='answer   answerof-309590 ' value='1212965'   \/><label for='answer-id-1212965' id='answer-label-1212965' class=' answer'><span>the spouse of the grantor<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309590[]' id='answer-id-1212966' class='answer   answerof-309590 ' value='1212966'   \/><label for='answer-id-1212966' id='answer-label-1212966' class=' answer'><span>a grandchild of the grantor<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309590[]' id='answer-id-1212967' class='answer   answerof-309590 ' value='1212967'   \/><label for='answer-id-1212967' id='answer-label-1212967' class=' answer'><span>the father of the grantor<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-29' style=';'><div id='questionWrap-29'  class='   watupro-question-id-309591'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>29. <\/span>Which of the following statements concerning ownership of property under a tenancy by the entirety is correct?<\/div><input type='hidden' name='question_id[]' id='qID_29' value='309591' \/><input type='hidden' id='answerType309591' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309591[]' id='answer-id-1212968' class='answer   answerof-309591 ' value='1212968'   \/><label for='answer-id-1212968' id='answer-label-1212968' class=' answer'><span>One tenant can freely transfer his or her property interest to a third person.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309591[]' id='answer-id-1212969' class='answer   answerof-309591 ' value='1212969'   \/><label for='answer-id-1212969' id='answer-label-1212969' class=' answer'><span>It is a form of property ownership available only to married persons.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309591[]' id='answer-id-1212970' class='answer   answerof-309591 ' value='1212970'   \/><label for='answer-id-1212970' id='answer-label-1212970' class=' answer'><span>The property will be in the probate estate of the first joint tenant to die.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309591[]' id='answer-id-1212971' class='answer   answerof-309591 ' value='1212971'   \/><label for='answer-id-1212971' id='answer-label-1212971' class=' answer'><span>It is a form of property ownership that applies only to personal property.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-30' style=';'><div id='questionWrap-30'  class='   watupro-question-id-309592'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>30. <\/span>Which of the following statements concerning state death taxes is correct?<\/div><input type='hidden' name='question_id[]' id='qID_30' value='309592' \/><input type='hidden' id='answerType309592' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309592[]' id='answer-id-1212972' class='answer   answerof-309592 ' value='1212972'   \/><label for='answer-id-1212972' id='answer-label-1212972' class=' answer'><span>A deduction for the full amount of state death taxes paid by a decedent estate is allowed on a decedent federal estate tax return.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309592[]' id='answer-id-1212973' class='answer   answerof-309592 ' value='1212973'   \/><label for='answer-id-1212973' id='answer-label-1212973' class=' answer'><span>A state estate tax is imposed on the right of heirs to receive property from the deceased.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309592[]' id='answer-id-1212974' class='answer   answerof-309592 ' value='1212974'   \/><label for='answer-id-1212974' id='answer-label-1212974' class=' answer'><span>A state inheritance tax is imposed on the right of the deceased to leave property to heirs.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309592[]' id='answer-id-1212975' class='answer   answerof-309592 ' value='1212975'   \/><label for='answer-id-1212975' id='answer-label-1212975' class=' answer'><span>State estate and inheritance taxes are generally imposed at the same rate regardless of the relationship of the deceased to the beneficiary.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-31' style=';'><div id='questionWrap-31'  class='   watupro-question-id-309593'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>31. <\/span>Which of the following statements concerning revocable trusts is correct?<\/div><input type='hidden' name='question_id[]' id='qID_31' value='309593' \/><input type='hidden' id='answerType309593' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309593[]' id='answer-id-1212976' class='answer   answerof-309593 ' value='1212976'   \/><label for='answer-id-1212976' id='answer-label-1212976' class=' answer'><span>The transfer of properly to a revocable trust is typically motivated by non tax reasons.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309593[]' id='answer-id-1212977' class='answer   answerof-309593 ' value='1212977'   \/><label for='answer-id-1212977' id='answer-label-1212977' class=' answer'><span>A transfer of property to a revocable trust is treated as a completed gift.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309593[]' id='answer-id-1212978' class='answer   answerof-309593 ' value='1212978'   \/><label for='answer-id-1212978' id='answer-label-1212978' class=' answer'><span>A transfer of income-producing properly to a revocable trust will result in favorable income tax treatment for the grantor.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309593[]' id='answer-id-1212979' class='answer   answerof-309593 ' value='1212979'   \/><label for='answer-id-1212979' id='answer-label-1212979' class=' answer'><span>Property of a revocable trust will be included in the grantor\u2019s probate property.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-32' style=';'><div id='questionWrap-32'  class='   watupro-question-id-309594'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>32. <\/span>A man recently died with only probate assets. Under the terms of his will, he left his entire probate estate out right to his wife. <br \/>\r<br>The following are relevant facts concerning the estate: <br \/>\r<br>Gross estate $2,400,000 <br \/>\r<br>Estate administration expenses 85,000 <br \/>\r<br>Debts of decedent 100,000 <br \/>\r<br>Allowable funeral expenses 10,000 <br \/>\r<br>The amount of the allowable marital deduction is<\/div><input type='hidden' name='question_id[]' id='qID_32' value='309594' \/><input type='hidden' id='answerType309594' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309594[]' id='answer-id-1212980' class='answer   answerof-309594 ' value='1212980'   \/><label for='answer-id-1212980' id='answer-label-1212980' class=' answer'><span>$2,205,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309594[]' id='answer-id-1212981' class='answer   answerof-309594 ' value='1212981'   \/><label for='answer-id-1212981' id='answer-label-1212981' class=' answer'><span>$2,215,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309594[]' id='answer-id-1212982' class='answer   answerof-309594 ' value='1212982'   \/><label for='answer-id-1212982' id='answer-label-1212982' class=' answer'><span>$2,305,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309594[]' id='answer-id-1212983' class='answer   answerof-309594 ' value='1212983'   \/><label for='answer-id-1212983' id='answer-label-1212983' class=' answer'><span>$2,315,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-33' style=';'><div id='questionWrap-33'  class='   watupro-question-id-309595'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>33. <\/span>A wife makes outright gifts of $40,000 to her son this year, and her husband agrees to split the gifts with her. <br \/>\r<br>Which of the following correctly states the amount of the taxable gifts?<\/div><input type='hidden' name='question_id[]' id='qID_33' value='309595' \/><input type='hidden' id='answerType309595' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309595[]' id='answer-id-1212984' class='answer   answerof-309595 ' value='1212984'   \/><label for='answer-id-1212984' id='answer-label-1212984' class=' answer'><span>Wife 0, husband $18,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309595[]' id='answer-id-1212985' class='answer   answerof-309595 ' value='1212985'   \/><label for='answer-id-1212985' id='answer-label-1212985' class=' answer'><span>Wife $9,000, husband $9,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309595[]' id='answer-id-1212986' class='answer   answerof-309595 ' value='1212986'   \/><label for='answer-id-1212986' id='answer-label-1212986' class=' answer'><span>Wife$19,000, husband$19,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309595[]' id='answer-id-1212987' class='answer   answerof-309595 ' value='1212987'   \/><label for='answer-id-1212987' id='answer-label-1212987' class=' answer'><span>Wife $18,000, husband 0<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-34' style=';'><div id='questionWrap-34'  class='   watupro-question-id-309596'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>34. <\/span>A woman is the income beneficiary of an irrevocable trust. <br \/>\r<br>Which of the following powers given to her will cause all the assets in the trust to be includible in her gross estate for federal estate tax purposes?<\/div><input type='hidden' name='question_id[]' id='qID_34' value='309596' \/><input type='hidden' id='answerType309596' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309596[]' id='answer-id-1212988' class='answer   answerof-309596 ' value='1212988'   \/><label for='answer-id-1212988' id='answer-label-1212988' class=' answer'><span>The testamentary power to direct the trustee to use trust assets to pay her estate taxes<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309596[]' id='answer-id-1212989' class='answer   answerof-309596 ' value='1212989'   \/><label for='answer-id-1212989' id='answer-label-1212989' class=' answer'><span>The power to direct the trustee to pay trust assets to her limited in amount to an ascertainable standard relating to her health and education<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309596[]' id='answer-id-1212990' class='answer   answerof-309596 ' value='1212990'   \/><label for='answer-id-1212990' id='answer-label-1212990' class=' answer'><span>The power each year to direct the trustee to pay her an amount of trust assets not exceeding the greater of $5,000 or 5 percent of the assets held by the trust<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309596[]' id='answer-id-1212991' class='answer   answerof-309596 ' value='1212991'   \/><label for='answer-id-1212991' id='answer-label-1212991' class=' answer'><span>The testamentary special or limited power to direct the trustee to distribute trust assets to her children<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-35' style=';'><div id='questionWrap-35'  class='   watupro-question-id-309597'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>35. <\/span>A single man with substantial assets and income is supporting his 80-year-old partially senile mother with monthly cash gifts. He is trying to find a practical way to support his mother while at the same time saving federal gift and income taxes without giving up ultimate control of any assets. <br \/>\r<br>Which of the following courses of action will best accomplish these objectives?<\/div><input type='hidden' name='question_id[]' id='qID_35' value='309597' \/><input type='hidden' id='answerType309597' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309597[]' id='answer-id-1212992' class='answer   answerof-309597 ' value='1212992'   \/><label for='answer-id-1212992' id='answer-label-1212992' class=' answer'><span>Make her an interest free loan with a principal amount large enough to produce sufficient income for her support when invested in corporate bonds<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309597[]' id='answer-id-1212993' class='answer   answerof-309597 ' value='1212993'   \/><label for='answer-id-1212993' id='answer-label-1212993' class=' answer'><span>Make her annual gifts of enough interest income from the tax free municipal bonds in his portfolio so that she will be able to support herseIf<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309597[]' id='answer-id-1212994' class='answer   answerof-309597 ' value='1212994'   \/><label for='answer-id-1212994' id='answer-label-1212994' class=' answer'><span>Make her a gift of enough corporate bonds from his port folio so that she will be able to support \r\nherseIf from the interest payments<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309597[]' id='answer-id-1212995' class='answer   answerof-309597 ' value='1212995'   \/><label for='answer-id-1212995' id='answer-label-1212995' class=' answer'><span>Purchase corporate bonds that pay interest in an amount sufficient for her to support erseIf and assign the interest payments to her<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-36' style=';'><div id='questionWrap-36'  class='   watupro-question-id-309598'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>36. <\/span>An individual who is a resident of State W is also the sole proprietor of a business located in State W. He owns real property located in State X that is used by the proprietorship. While on vacation in State Y, the individual meets an untimely death. Under the terms of his will, his entire estate is bequeathed to a resident of State Z. <br \/>\r<br>Which state will tax the real property used by the proprietorship?<\/div><input type='hidden' name='question_id[]' id='qID_36' value='309598' \/><input type='hidden' id='answerType309598' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309598[]' id='answer-id-1212996' class='answer   answerof-309598 ' value='1212996'   \/><label for='answer-id-1212996' id='answer-label-1212996' class=' answer'><span>State W<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309598[]' id='answer-id-1212997' class='answer   answerof-309598 ' value='1212997'   \/><label for='answer-id-1212997' id='answer-label-1212997' class=' answer'><span>State X<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309598[]' id='answer-id-1212998' class='answer   answerof-309598 ' value='1212998'   \/><label for='answer-id-1212998' id='answer-label-1212998' class=' answer'><span>State Y<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309598[]' id='answer-id-1212999' class='answer   answerof-309598 ' value='1212999'   \/><label for='answer-id-1212999' id='answer-label-1212999' class=' answer'><span>State Z<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-37' style=';'><div id='questionWrap-37'  class='   watupro-question-id-309599'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>37. <\/span>Which of the following life insurance settlement options will qualify for the federal estate tax marital deduction? <br \/>\r<br>l. Proceeds left to the surviving spouse under the interest option, with interest payable to the surviving spouse who has the unrestricted right to withdraw proceeds and with any proceeds not withdrawn payable equally to her children per stripes <br \/>\r<br>ll. Proceeds left to the surviving spouse under an installment option, with any installments remaining at her death to be commuted and paid to her estate<\/div><input type='hidden' name='question_id[]' id='qID_37' value='309599' \/><input type='hidden' id='answerType309599' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309599[]' id='answer-id-1213000' class='answer   answerof-309599 ' value='1213000'   \/><label for='answer-id-1213000' id='answer-label-1213000' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309599[]' id='answer-id-1213001' class='answer   answerof-309599 ' value='1213001'   \/><label for='answer-id-1213001' id='answer-label-1213001' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309599[]' id='answer-id-1213002' class='answer   answerof-309599 ' value='1213002'   \/><label for='answer-id-1213002' id='answer-label-1213002' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309599[]' id='answer-id-1213003' class='answer   answerof-309599 ' value='1213003'   \/><label for='answer-id-1213003' id='answer-label-1213003' class=' answer'><span>Neither l nor ll<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-38' style=';'><div id='questionWrap-38'  class='   watupro-question-id-309600'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>38. <\/span>Which of the following statements concerning a power of appointment is (are) correct? <br \/>\r<br>l. A power of appointment can be designed to restrict the donee\u2019s right to appoint the property in favor of a specific class of recipients. <br \/>\r<br>ll. A power of appointment can be designed to restrict the time period during which the donee may exercise the power.<\/div><input type='hidden' name='question_id[]' id='qID_38' value='309600' \/><input type='hidden' id='answerType309600' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309600[]' id='answer-id-1213004' class='answer   answerof-309600 ' value='1213004'   \/><label for='answer-id-1213004' id='answer-label-1213004' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309600[]' id='answer-id-1213005' class='answer   answerof-309600 ' value='1213005'   \/><label for='answer-id-1213005' id='answer-label-1213005' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309600[]' id='answer-id-1213006' class='answer   answerof-309600 ' value='1213006'   \/><label for='answer-id-1213006' id='answer-label-1213006' class=' answer'><span>Both l and II<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309600[]' id='answer-id-1213007' class='answer   answerof-309600 ' value='1213007'   \/><label for='answer-id-1213007' id='answer-label-1213007' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-39' style=';'><div id='questionWrap-39'  class='   watupro-question-id-309601'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>39. <\/span>Which of the following statements concerning ante nuptial agreements is (are) correct? <br \/>\r<br>l. They are frequently used to protect the interests of children of former marriages. <br \/>\r<br>II. They can legally deprive a surviving spouse of his or her elective share of a deceased spouse\u2019s estate.<\/div><input type='hidden' name='question_id[]' id='qID_39' value='309601' \/><input type='hidden' id='answerType309601' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309601[]' id='answer-id-1213008' class='answer   answerof-309601 ' value='1213008'   \/><label for='answer-id-1213008' id='answer-label-1213008' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309601[]' id='answer-id-1213009' class='answer   answerof-309601 ' value='1213009'   \/><label for='answer-id-1213009' id='answer-label-1213009' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309601[]' id='answer-id-1213010' class='answer   answerof-309601 ' value='1213010'   \/><label for='answer-id-1213010' id='answer-label-1213010' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309601[]' id='answer-id-1213011' class='answer   answerof-309601 ' value='1213011'   \/><label for='answer-id-1213011' id='answer-label-1213011' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-40' style=';'><div id='questionWrap-40'  class='   watupro-question-id-309602'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>40. <\/span>Which of the following statements concerning the joint tenancy with right of survivorship form of real property ownership is (are) correct? <br \/>\r<br>l. The property is part of the probate estate of the first tenant to die. <br \/>\r<br>ll. An owner can sell his interest in the property at any time without destroying the form of ownership.<\/div><input type='hidden' name='question_id[]' id='qID_40' value='309602' \/><input type='hidden' id='answerType309602' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309602[]' id='answer-id-1213012' class='answer   answerof-309602 ' value='1213012'   \/><label for='answer-id-1213012' id='answer-label-1213012' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309602[]' id='answer-id-1213013' class='answer   answerof-309602 ' value='1213013'   \/><label for='answer-id-1213013' id='answer-label-1213013' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309602[]' id='answer-id-1213014' class='answer   answerof-309602 ' value='1213014'   \/><label for='answer-id-1213014' id='answer-label-1213014' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309602[]' id='answer-id-1213015' class='answer   answerof-309602 ' value='1213015'   \/><label for='answer-id-1213015' id='answer-label-1213015' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-41' style=';'><div id='questionWrap-41'  class='   watupro-question-id-309603'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>41. <\/span>A number of states have passed statutes governing \u201cliving wills.\u201d <br \/>\r<br>Which of the following statements concerning a living will is (are) correct? <br \/>\r<br>l. A living will is an alternative to an inter vivos trust under certain circumstances. <br \/>\r<br>ll. A living will is an oral will made by the testator during a final illness when it is impossible to write one.<\/div><input type='hidden' name='question_id[]' id='qID_41' value='309603' \/><input type='hidden' id='answerType309603' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309603[]' id='answer-id-1213016' class='answer   answerof-309603 ' value='1213016'   \/><label for='answer-id-1213016' id='answer-label-1213016' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309603[]' id='answer-id-1213017' class='answer   answerof-309603 ' value='1213017'   \/><label for='answer-id-1213017' id='answer-label-1213017' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309603[]' id='answer-id-1213018' class='answer   answerof-309603 ' value='1213018'   \/><label for='answer-id-1213018' id='answer-label-1213018' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309603[]' id='answer-id-1213019' class='answer   answerof-309603 ' value='1213019'   \/><label for='answer-id-1213019' id='answer-label-1213019' class=' answer'><span>Neither I nor Il<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-42' style=';'><div id='questionWrap-42'  class='   watupro-question-id-309604'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>42. <\/span>Which of the following actions on the part of a trustee is (are) a breach of his duties? <br \/>\r<br>I. Placing substantial amounts of cash from the sale of securities in a no interest bearing checking account for a period of years <br \/>\r<br>II. Investing all trust assets in securities that favor income beneficiaries to the detriment of remainder persons<\/div><input type='hidden' name='question_id[]' id='qID_42' value='309604' \/><input type='hidden' id='answerType309604' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309604[]' id='answer-id-1213020' class='answer   answerof-309604 ' value='1213020'   \/><label for='answer-id-1213020' id='answer-label-1213020' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309604[]' id='answer-id-1213021' class='answer   answerof-309604 ' value='1213021'   \/><label for='answer-id-1213021' id='answer-label-1213021' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309604[]' id='answer-id-1213022' class='answer   answerof-309604 ' value='1213022'   \/><label for='answer-id-1213022' id='answer-label-1213022' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309604[]' id='answer-id-1213023' class='answer   answerof-309604 ' value='1213023'   \/><label for='answer-id-1213023' id='answer-label-1213023' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-43' style=';'><div id='questionWrap-43'  class='   watupro-question-id-309605'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>43. <\/span>Which of the following are ways of passing property from a deceased spouse to a surviving spouse so that the properly will qualify for the federal estate tax marital deduction? <br \/>\r<br>I. When the surviving spouse receives the property by electing to take against the deceased spouse\u2019s will <br \/>\r<br>ll. When the surviving spouse receives the property as a consequence of the qualified disclaimer of another beneficiary<\/div><input type='hidden' name='question_id[]' id='qID_43' value='309605' \/><input type='hidden' id='answerType309605' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309605[]' id='answer-id-1213024' class='answer   answerof-309605 ' value='1213024'   \/><label for='answer-id-1213024' id='answer-label-1213024' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309605[]' id='answer-id-1213025' class='answer   answerof-309605 ' value='1213025'   \/><label for='answer-id-1213025' id='answer-label-1213025' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309605[]' id='answer-id-1213026' class='answer   answerof-309605 ' value='1213026'   \/><label for='answer-id-1213026' id='answer-label-1213026' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309605[]' id='answer-id-1213027' class='answer   answerof-309605 ' value='1213027'   \/><label for='answer-id-1213027' id='answer-label-1213027' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-44' style=';'><div id='questionWrap-44'  class='   watupro-question-id-309606'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>44. <\/span>Which of the following statements concerning wills is (are) correct? <br \/>\r<br>l. A will should be reviewed periodically to assure that the property owner\u2019s most recent intentions are honored at death. <br \/>\r<br>ll. Once signed, a will\u2019s provisions may not be changed without the consent of all the beneficiaries under the will.<\/div><input type='hidden' name='question_id[]' id='qID_44' value='309606' \/><input type='hidden' id='answerType309606' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309606[]' id='answer-id-1213028' class='answer   answerof-309606 ' value='1213028'   \/><label for='answer-id-1213028' id='answer-label-1213028' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309606[]' id='answer-id-1213029' class='answer   answerof-309606 ' value='1213029'   \/><label for='answer-id-1213029' id='answer-label-1213029' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309606[]' id='answer-id-1213030' class='answer   answerof-309606 ' value='1213030'   \/><label for='answer-id-1213030' id='answer-label-1213030' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309606[]' id='answer-id-1213031' class='answer   answerof-309606 ' value='1213031'   \/><label for='answer-id-1213031' id='answer-label-1213031' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-45' style=';'><div id='questionWrap-45'  class='   watupro-question-id-309607'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>45. <\/span>Which of the following statements concerning the generation-skipping transfer tax (GSTT) is (are) correct? <br \/>\r<br>I. An annual exclusion against GSTT will shelter gifts by a grandparent to a trust benefiting multiple grandchildren. <br \/>\r<br>II. Tuition payments made directly by a grandparent to a university for a grandchild\u2019s education are exempt from GSTT.<\/div><input type='hidden' name='question_id[]' id='qID_45' value='309607' \/><input type='hidden' id='answerType309607' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309607[]' id='answer-id-1213032' class='answer   answerof-309607 ' value='1213032'   \/><label for='answer-id-1213032' id='answer-label-1213032' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309607[]' id='answer-id-1213033' class='answer   answerof-309607 ' value='1213033'   \/><label for='answer-id-1213033' id='answer-label-1213033' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309607[]' id='answer-id-1213034' class='answer   answerof-309607 ' value='1213034'   \/><label for='answer-id-1213034' id='answer-label-1213034' class=' answer'><span>Both land ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309607[]' id='answer-id-1213035' class='answer   answerof-309607 ' value='1213035'   \/><label for='answer-id-1213035' id='answer-label-1213035' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-46' style=';'><div id='questionWrap-46'  class='   watupro-question-id-309608'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>46. <\/span>In which of the following situations will the grantor be taxed on income from trust property. <br \/>\r<br>l. The grantor of a trust gives one of the trust beneficiaries the right to add or delete beneficiaries. <br \/>\r<br>ll. An adverse party to the grantor holds the power to determine the timing to trust distributions to the beneficiaries.<\/div><input type='hidden' name='question_id[]' id='qID_46' value='309608' \/><input type='hidden' id='answerType309608' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309608[]' id='answer-id-1213036' class='answer   answerof-309608 ' value='1213036'   \/><label for='answer-id-1213036' id='answer-label-1213036' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309608[]' id='answer-id-1213037' class='answer   answerof-309608 ' value='1213037'   \/><label for='answer-id-1213037' id='answer-label-1213037' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309608[]' id='answer-id-1213038' class='answer   answerof-309608 ' value='1213038'   \/><label for='answer-id-1213038' id='answer-label-1213038' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309608[]' id='answer-id-1213039' class='answer   answerof-309608 ' value='1213039'   \/><label for='answer-id-1213039' id='answer-label-1213039' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-47' style=';'><div id='questionWrap-47'  class='   watupro-question-id-309609'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>47. <\/span>Which of the following statements concerning a grantor-retained annuity trust (GRAT) is (are) correct? <br \/>\r<br>l. The grantor is taxed on trust income during the retained term. <br \/>\r<br>II. The grantor makes an irrevocable transfer to the remainder person(s) when the trust is created.<\/div><input type='hidden' name='question_id[]' id='qID_47' value='309609' \/><input type='hidden' id='answerType309609' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309609[]' id='answer-id-1213040' class='answer   answerof-309609 ' value='1213040'   \/><label for='answer-id-1213040' id='answer-label-1213040' class=' answer'><span>I only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309609[]' id='answer-id-1213041' class='answer   answerof-309609 ' value='1213041'   \/><label for='answer-id-1213041' id='answer-label-1213041' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309609[]' id='answer-id-1213042' class='answer   answerof-309609 ' value='1213042'   \/><label for='answer-id-1213042' id='answer-label-1213042' class=' answer'><span>Both I and lI<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309609[]' id='answer-id-1213043' class='answer   answerof-309609 ' value='1213043'   \/><label for='answer-id-1213043' id='answer-label-1213043' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-48' style=';'><div id='questionWrap-48'  class='   watupro-question-id-309610'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>48. <\/span>Alan, a widower, is a retired executive with substantial assets. He wishes to provide for the financial security of his two grandchildren since their father, Alan\u2019s son, has always managed money poorly. This year Alan would like each grandchild to receive a substantial gift. <br \/>\r<br>Which of the following statements concerning the generation-skipping transfer tax (GSTT) on these gifts is (are) correct? <br \/>\r<br>I. Federal estate or gift tax will not be imposed if the gift is otherwise subject to the GSTT. <br \/>\r<br>II. Assuming no prior gifts, Alan can gift a cumulative total of (not including the annual exclusion) $1.5 million to his grandchildren without the imposition of the GSTT.<\/div><input type='hidden' name='question_id[]' id='qID_48' value='309610' \/><input type='hidden' id='answerType309610' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309610[]' id='answer-id-1213044' class='answer   answerof-309610 ' value='1213044'   \/><label for='answer-id-1213044' id='answer-label-1213044' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309610[]' id='answer-id-1213045' class='answer   answerof-309610 ' value='1213045'   \/><label for='answer-id-1213045' id='answer-label-1213045' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309610[]' id='answer-id-1213046' class='answer   answerof-309610 ' value='1213046'   \/><label for='answer-id-1213046' id='answer-label-1213046' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309610[]' id='answer-id-1213047' class='answer   answerof-309610 ' value='1213047'   \/><label for='answer-id-1213047' id='answer-label-1213047' class=' answer'><span>Neither l nor ll<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-49' style=';'><div id='questionWrap-49'  class='   watupro-question-id-309611'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>49. <\/span>Which of the following statements concerning filing the federal estate tax return is (are) correct? <br \/>\r<br>l. The estate tax return must be filed within 9 months of death unless an extension is granted by the IRS. <br \/>\r<br>ll. For persons dying this year. an estate tax return must be filed for gross estates plus adjusted taxable gifts that exceed $1.5 million.<\/div><input type='hidden' name='question_id[]' id='qID_49' value='309611' \/><input type='hidden' id='answerType309611' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309611[]' id='answer-id-1213048' class='answer   answerof-309611 ' value='1213048'   \/><label for='answer-id-1213048' id='answer-label-1213048' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309611[]' id='answer-id-1213049' class='answer   answerof-309611 ' value='1213049'   \/><label for='answer-id-1213049' id='answer-label-1213049' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309611[]' id='answer-id-1213050' class='answer   answerof-309611 ' value='1213050'   \/><label for='answer-id-1213050' id='answer-label-1213050' class=' answer'><span>Both l and II<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309611[]' id='answer-id-1213051' class='answer   answerof-309611 ' value='1213051'   \/><label for='answer-id-1213051' id='answer-label-1213051' class=' answer'><span>Neither l nor ll<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-50' style=';'><div id='questionWrap-50'  class='   watupro-question-id-309612'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>50. <\/span>Which of the following statements concerning the gift or estate tax charitable deduction is (are) correct? <br \/>\r<br>l. 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 a no charitable donee. <br \/>\r<br>ll. A decedent-spouse estate may obtain both marital and charitable deductions for interests contributed to a charitable remainder trust when the surviving spouse is the only no charitable income beneficiary for life.<\/div><input type='hidden' name='question_id[]' id='qID_50' value='309612' \/><input type='hidden' id='answerType309612' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309612[]' id='answer-id-1213052' class='answer   answerof-309612 ' value='1213052'   \/><label for='answer-id-1213052' id='answer-label-1213052' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309612[]' id='answer-id-1213053' class='answer   answerof-309612 ' value='1213053'   \/><label for='answer-id-1213053' id='answer-label-1213053' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309612[]' id='answer-id-1213054' class='answer   answerof-309612 ' value='1213054'   \/><label for='answer-id-1213054' id='answer-label-1213054' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309612[]' id='answer-id-1213055' class='answer   answerof-309612 ' value='1213055'   \/><label for='answer-id-1213055' id='answer-label-1213055' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-51' style=';'><div id='questionWrap-51'  class='   watupro-question-id-309613'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>51. <\/span>Which of the following statements concerning pooled-income funds are correct? <br \/>\r<br>l. The fund contains commingled donations from many sources. <br \/>\r<br>ll. A decedent donation purchases units in the fund which generate income that is paid at least annually to a charity.<\/div><input type='hidden' name='question_id[]' id='qID_51' value='309613' \/><input type='hidden' id='answerType309613' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309613[]' id='answer-id-1213056' class='answer   answerof-309613 ' value='1213056'   \/><label for='answer-id-1213056' id='answer-label-1213056' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309613[]' id='answer-id-1213057' class='answer   answerof-309613 ' value='1213057'   \/><label for='answer-id-1213057' id='answer-label-1213057' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309613[]' id='answer-id-1213058' class='answer   answerof-309613 ' value='1213058'   \/><label for='answer-id-1213058' id='answer-label-1213058' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309613[]' id='answer-id-1213059' class='answer   answerof-309613 ' value='1213059'   \/><label for='answer-id-1213059' id='answer-label-1213059' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-52' style=';'><div id='questionWrap-52'  class='   watupro-question-id-309614'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>52. <\/span>Which of the following factors is (are) used to make a choice between having an entity-purchase or cross-purchase partnership buy-sell agreement? <br \/>\r<br>I. The cost basis of the partner\u2019s business interests. <br \/>\r<br>ll. The amount of the partner\u2019s individual personal net worth\u2019s<\/div><input type='hidden' name='question_id[]' id='qID_52' value='309614' \/><input type='hidden' id='answerType309614' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309614[]' id='answer-id-1213060' class='answer   answerof-309614 ' value='1213060'   \/><label for='answer-id-1213060' id='answer-label-1213060' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309614[]' id='answer-id-1213061' class='answer   answerof-309614 ' value='1213061'   \/><label for='answer-id-1213061' id='answer-label-1213061' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309614[]' id='answer-id-1213062' class='answer   answerof-309614 ' value='1213062'   \/><label for='answer-id-1213062' id='answer-label-1213062' class=' answer'><span>Both l and II<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309614[]' id='answer-id-1213063' class='answer   answerof-309614 ' value='1213063'   \/><label for='answer-id-1213063' id='answer-label-1213063' class=' answer'><span>Neither l nor lI<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-53' style=';'><div id='questionWrap-53'  class='   watupro-question-id-309615'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>53. <\/span>Which of the following transfers will be successful in removing property from a grantor\u2019s gross estate? <br \/>\r<br>l. A grantor\u2019s transfer of property to a revocable trust if the grantor lives three years after the transfer. <br \/>\r<br>ll. A grantor\u2019s transfer of a personal residence to a qualified personal residence trust if the grantor survives the retained interest term.<\/div><input type='hidden' name='question_id[]' id='qID_53' value='309615' \/><input type='hidden' id='answerType309615' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309615[]' id='answer-id-1213064' class='answer   answerof-309615 ' value='1213064'   \/><label for='answer-id-1213064' id='answer-label-1213064' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309615[]' id='answer-id-1213065' class='answer   answerof-309615 ' value='1213065'   \/><label for='answer-id-1213065' id='answer-label-1213065' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309615[]' id='answer-id-1213066' class='answer   answerof-309615 ' value='1213066'   \/><label for='answer-id-1213066' id='answer-label-1213066' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309615[]' id='answer-id-1213067' class='answer   answerof-309615 ' value='1213067'   \/><label for='answer-id-1213067' id='answer-label-1213067' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-54' style=';'><div id='questionWrap-54'  class='   watupro-question-id-309616'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>54. <\/span>Which of the following statements concerning marital transfers to a non-U.S. citizen spouse is (are) correct? <br \/>\r<br>l. A marital deduction is automatically available as long as property is transferred outright to the non-citizen spouse. <br \/>\r<br>Il. A marital deduction is automatically available if the transferor-decedent spouse is a U. S. citizen.<\/div><input type='hidden' name='question_id[]' id='qID_54' value='309616' \/><input type='hidden' id='answerType309616' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309616[]' id='answer-id-1213068' class='answer   answerof-309616 ' value='1213068'   \/><label for='answer-id-1213068' id='answer-label-1213068' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309616[]' id='answer-id-1213069' class='answer   answerof-309616 ' value='1213069'   \/><label for='answer-id-1213069' id='answer-label-1213069' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309616[]' id='answer-id-1213070' class='answer   answerof-309616 ' value='1213070'   \/><label for='answer-id-1213070' id='answer-label-1213070' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309616[]' id='answer-id-1213071' class='answer   answerof-309616 ' value='1213071'   \/><label for='answer-id-1213071' id='answer-label-1213071' class=' answer'><span>Neither l nor ll<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-55' style=';'><div id='questionWrap-55'  class='   watupro-question-id-309617'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>55. <\/span>Which of the following statements concerning the inclusion in a decedent-employee\u2019s gross estate of a lump-sum distribution from a qualified retirement plan to a beneficiary other than the employee\u2019s estate is (are) correct? <br \/>\r<br>l. Lump-sum distributions of payments attributable to the employer\u2019s contributions are excluded from the gross estate. <br \/>\r<br>ll. Lump-sum distributions of payments attributable to the decedent-employee\u2019s contributions are excluded from the gross estate.<\/div><input type='hidden' name='question_id[]' id='qID_55' value='309617' \/><input type='hidden' id='answerType309617' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309617[]' id='answer-id-1213072' class='answer   answerof-309617 ' value='1213072'   \/><label for='answer-id-1213072' id='answer-label-1213072' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309617[]' id='answer-id-1213073' class='answer   answerof-309617 ' value='1213073'   \/><label for='answer-id-1213073' id='answer-label-1213073' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309617[]' id='answer-id-1213074' class='answer   answerof-309617 ' value='1213074'   \/><label for='answer-id-1213074' id='answer-label-1213074' class=' answer'><span>Both l and II<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309617[]' id='answer-id-1213075' class='answer   answerof-309617 ' value='1213075'   \/><label for='answer-id-1213075' id='answer-label-1213075' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-56' style=';'><div id='questionWrap-56'  class='   watupro-question-id-309618'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>56. <\/span>John plans to transfer his life insurance policy to an irrevocable trust for the benefit of his 19-yearold daughter, Jane. <br \/>\r<br>Which of the following conditions will enable the gift to qualify for the annual exclusion? <br \/>\r<br>l. Jane is the irrevocable beneficiary of the life insurance trust but cannot withdraw from the trust until the death benefits are paid. <br \/>\r<br>ll. Jane is given \u201cCrummey\u201d demand powers permitting the withdrawal at her discretion of the annual additions to the trust.<\/div><input type='hidden' name='question_id[]' id='qID_56' value='309618' \/><input type='hidden' id='answerType309618' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309618[]' id='answer-id-1213076' class='answer   answerof-309618 ' value='1213076'   \/><label for='answer-id-1213076' id='answer-label-1213076' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309618[]' id='answer-id-1213077' class='answer   answerof-309618 ' value='1213077'   \/><label for='answer-id-1213077' id='answer-label-1213077' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309618[]' id='answer-id-1213078' class='answer   answerof-309618 ' value='1213078'   \/><label for='answer-id-1213078' id='answer-label-1213078' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309618[]' id='answer-id-1213079' class='answer   answerof-309618 ' value='1213079'   \/><label for='answer-id-1213079' id='answer-label-1213079' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-57' style=';'><div id='questionWrap-57'  class='   watupro-question-id-309619'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>57. <\/span>Which of the following statements concerning the taxation of estates and trusts is (are) correct? <br \/>\r<br>l. They are taxed similarly to partnership entities. <br \/>\r<br>II. They are taxed on distributable net income (DNI) that is retained.<\/div><input type='hidden' name='question_id[]' id='qID_57' value='309619' \/><input type='hidden' id='answerType309619' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309619[]' id='answer-id-1213080' class='answer   answerof-309619 ' value='1213080'   \/><label for='answer-id-1213080' id='answer-label-1213080' class=' answer'><span>only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309619[]' id='answer-id-1213081' class='answer   answerof-309619 ' value='1213081'   \/><label for='answer-id-1213081' id='answer-label-1213081' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309619[]' id='answer-id-1213082' class='answer   answerof-309619 ' value='1213082'   \/><label for='answer-id-1213082' id='answer-label-1213082' class=' answer'><span>Both l and lI<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309619[]' id='answer-id-1213083' class='answer   answerof-309619 ' value='1213083'   \/><label for='answer-id-1213083' id='answer-label-1213083' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-58' style=';'><div id='questionWrap-58'  class='   watupro-question-id-309620'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>58. <\/span>Which of the following statements concerning pooled-income funds is (are) correct? <br \/>\r<br>L. A pooled income fund is similar to a mutual fund maintained by a qualified charity. <br \/>\r<br>ll. It is an irrevocable arrangement in which the remainder interest passes to charity.<\/div><input type='hidden' name='question_id[]' id='qID_58' value='309620' \/><input type='hidden' id='answerType309620' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309620[]' id='answer-id-1213084' class='answer   answerof-309620 ' value='1213084'   \/><label for='answer-id-1213084' id='answer-label-1213084' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309620[]' id='answer-id-1213085' class='answer   answerof-309620 ' value='1213085'   \/><label for='answer-id-1213085' id='answer-label-1213085' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309620[]' id='answer-id-1213086' class='answer   answerof-309620 ' value='1213086'   \/><label for='answer-id-1213086' id='answer-label-1213086' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309620[]' id='answer-id-1213087' class='answer   answerof-309620 ' value='1213087'   \/><label for='answer-id-1213087' id='answer-label-1213087' class=' answer'><span>Neither l nor ll<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-59' style=';'><div id='questionWrap-59'  class='   watupro-question-id-309621'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>59. <\/span>Which of the following statements concerning ownership of property in the form of a joint tenancy with right of survivorship is (are) correct? <br \/>\r<br>I. Either real or personal property may be owned as a joint tenancy with right of survivorship. <br \/>\r<br>Il. Nonqualified joint tenants with right of survivorship may have unequal separate shares of the property.<\/div><input type='hidden' name='question_id[]' id='qID_59' value='309621' \/><input type='hidden' id='answerType309621' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309621[]' id='answer-id-1213088' class='answer   answerof-309621 ' value='1213088'   \/><label for='answer-id-1213088' id='answer-label-1213088' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309621[]' id='answer-id-1213089' class='answer   answerof-309621 ' value='1213089'   \/><label for='answer-id-1213089' id='answer-label-1213089' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309621[]' id='answer-id-1213090' class='answer   answerof-309621 ' value='1213090'   \/><label for='answer-id-1213090' id='answer-label-1213090' class=' answer'><span>Both I and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309621[]' id='answer-id-1213091' class='answer   answerof-309621 ' value='1213091'   \/><label for='answer-id-1213091' id='answer-label-1213091' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-60' style=';'><div id='questionWrap-60'  class='   watupro-question-id-309622'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>60. <\/span>Which of the following statements concerning the methods of valuing a closely held business for federal estate tax purposes is (are) correct? <br \/>\r<br>l. The capitalization-of-adjusted-earnings method uses a capitalization rate that varies inversely with the degree of risk and rate of return. <br \/>\r<br>II. The adjusted-book value method involves adjusting the asset components of a business to an approximate fair market value for each component.<\/div><input type='hidden' name='question_id[]' id='qID_60' value='309622' \/><input type='hidden' id='answerType309622' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309622[]' id='answer-id-1213092' class='answer   answerof-309622 ' value='1213092'   \/><label for='answer-id-1213092' id='answer-label-1213092' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309622[]' id='answer-id-1213093' class='answer   answerof-309622 ' value='1213093'   \/><label for='answer-id-1213093' id='answer-label-1213093' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309622[]' id='answer-id-1213094' class='answer   answerof-309622 ' value='1213094'   \/><label for='answer-id-1213094' id='answer-label-1213094' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309622[]' id='answer-id-1213095' class='answer   answerof-309622 ' value='1213095'   \/><label for='answer-id-1213095' id='answer-label-1213095' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-61' style=';'><div id='questionWrap-61'  class='   watupro-question-id-309623'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>61. <\/span>Which of the following statements concerning guardians is (are) correct? <br \/>\r<br>l. A guardian is appointed by a court. <br \/>\r<br>Il. A guardian holds equitable title to the property he administers for his or her ward.<\/div><input type='hidden' name='question_id[]' id='qID_61' value='309623' \/><input type='hidden' id='answerType309623' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309623[]' id='answer-id-1213096' class='answer   answerof-309623 ' value='1213096'   \/><label for='answer-id-1213096' id='answer-label-1213096' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309623[]' id='answer-id-1213097' class='answer   answerof-309623 ' value='1213097'   \/><label for='answer-id-1213097' id='answer-label-1213097' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309623[]' id='answer-id-1213098' class='answer   answerof-309623 ' value='1213098'   \/><label for='answer-id-1213098' id='answer-label-1213098' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309623[]' id='answer-id-1213099' class='answer   answerof-309623 ' value='1213099'   \/><label for='answer-id-1213099' id='answer-label-1213099' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-62' style=';'><div id='questionWrap-62'  class='   watupro-question-id-309624'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>62. <\/span>Which of the following types of partial interests in property may be allowed a charitable deduction for estate tax purposes? <br \/>\r<br>l. A remainder interest in the donor vacation home <br \/>\r<br>ll. A testamentary gift of a percentage of a decedent entire interest in property held in trust<\/div><input type='hidden' name='question_id[]' id='qID_62' value='309624' \/><input type='hidden' id='answerType309624' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309624[]' id='answer-id-1213100' class='answer   answerof-309624 ' value='1213100'   \/><label for='answer-id-1213100' id='answer-label-1213100' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309624[]' id='answer-id-1213101' class='answer   answerof-309624 ' value='1213101'   \/><label for='answer-id-1213101' id='answer-label-1213101' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309624[]' id='answer-id-1213102' class='answer   answerof-309624 ' value='1213102'   \/><label for='answer-id-1213102' id='answer-label-1213102' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309624[]' id='answer-id-1213103' class='answer   answerof-309624 ' value='1213103'   \/><label for='answer-id-1213103' id='answer-label-1213103' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-63' style=';'><div id='questionWrap-63'  class='   watupro-question-id-309625'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>63. <\/span>A married man is the sole owner of a small business with an estate tax value of $500,000. In addition, he and his wife own an office building as joint tenants with right of survivorship which they purchased five years ago. The building has an estate tax value of $1, 50, 0000. They are considering dissolving the joint tenancy and retitling the building in the name of the husband as sole owner. <br \/>\r<br>Which of the following statements concerning this action is (are) correct? <br \/>\r<br>l. If the husband dies first, it would be easier to qualify his estate for a Section 303 redemption of his business interest. <br \/>\r<br>ll. If the husband dies first; the probate costs of his estate could be increased.<\/div><input type='hidden' name='question_id[]' id='qID_63' value='309625' \/><input type='hidden' id='answerType309625' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309625[]' id='answer-id-1213104' class='answer   answerof-309625 ' value='1213104'   \/><label for='answer-id-1213104' id='answer-label-1213104' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309625[]' id='answer-id-1213105' class='answer   answerof-309625 ' value='1213105'   \/><label for='answer-id-1213105' id='answer-label-1213105' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309625[]' id='answer-id-1213106' class='answer   answerof-309625 ' value='1213106'   \/><label for='answer-id-1213106' id='answer-label-1213106' class=' answer'><span>Both l and II<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309625[]' id='answer-id-1213107' class='answer   answerof-309625 ' value='1213107'   \/><label for='answer-id-1213107' id='answer-label-1213107' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-64' style=';'><div id='questionWrap-64'  class='   watupro-question-id-309626'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>64. <\/span>Which of the following statements concerning certain types of property interests is (are) correct? <br \/>\r<br>I. The person or entity who has title to the property is the legal owner of the property. <br \/>\r<br>II. The person who has the right to all income earned on the property is the beneficial or equitable owner of the property.<\/div><input type='hidden' name='question_id[]' id='qID_64' value='309626' \/><input type='hidden' id='answerType309626' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309626[]' id='answer-id-1213108' class='answer   answerof-309626 ' value='1213108'   \/><label for='answer-id-1213108' id='answer-label-1213108' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309626[]' id='answer-id-1213109' class='answer   answerof-309626 ' value='1213109'   \/><label for='answer-id-1213109' id='answer-label-1213109' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309626[]' id='answer-id-1213110' class='answer   answerof-309626 ' value='1213110'   \/><label for='answer-id-1213110' id='answer-label-1213110' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309626[]' id='answer-id-1213111' class='answer   answerof-309626 ' value='1213111'   \/><label for='answer-id-1213111' id='answer-label-1213111' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-65' style=';'><div id='questionWrap-65'  class='   watupro-question-id-309627'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>65. <\/span>The failure of an individual to have a will can result in which of the following? <br \/>\r<br>l. The state will determine the disposition of the individual\u2019s probate estate. <br \/>\r<br>ll. The decedent\u2019s preference for a personal representative, guardian, and other fiduciary\u2019 roles may be ignored.<\/div><input type='hidden' name='question_id[]' id='qID_65' value='309627' \/><input type='hidden' id='answerType309627' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309627[]' id='answer-id-1213112' class='answer   answerof-309627 ' value='1213112'   \/><label for='answer-id-1213112' id='answer-label-1213112' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309627[]' id='answer-id-1213113' class='answer   answerof-309627 ' value='1213113'   \/><label for='answer-id-1213113' id='answer-label-1213113' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309627[]' id='answer-id-1213114' class='answer   answerof-309627 ' value='1213114'   \/><label for='answer-id-1213114' id='answer-label-1213114' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309627[]' id='answer-id-1213115' class='answer   answerof-309627 ' value='1213115'   \/><label for='answer-id-1213115' id='answer-label-1213115' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-66' style=';'><div id='questionWrap-66'  class='   watupro-question-id-309628'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>66. <\/span>Losses resulting from which of the following occurrences constitutes a permissible deduction from a decedent\u2019s gross estate to determine the adjusted gross estate? <br \/>\r<br>l. Unreimbursed losses of estate assets due to theft. <br \/>\r<br>Il. Unreimbursed losses of estate assets due to a storm.<\/div><input type='hidden' name='question_id[]' id='qID_66' value='309628' \/><input type='hidden' id='answerType309628' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309628[]' id='answer-id-1213116' class='answer   answerof-309628 ' value='1213116'   \/><label for='answer-id-1213116' id='answer-label-1213116' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309628[]' id='answer-id-1213117' class='answer   answerof-309628 ' value='1213117'   \/><label for='answer-id-1213117' id='answer-label-1213117' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309628[]' id='answer-id-1213118' class='answer   answerof-309628 ' value='1213118'   \/><label for='answer-id-1213118' id='answer-label-1213118' class=' answer'><span>Both l and II<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309628[]' id='answer-id-1213119' class='answer   answerof-309628 ' value='1213119'   \/><label for='answer-id-1213119' id='answer-label-1213119' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-67' style=';'><div id='questionWrap-67'  class='   watupro-question-id-309629'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>67. <\/span>Transactions involving a taxable gift include which of the following? <br \/>\r<br>I. A father bought real estate, paid the entire $180,000 purchase price, and titled it jointly with his son with right of survivorship. <br \/>\r<br>ll. A father deposited $50,000 in a bank account titled jointly with his daughter with right of survivorship and died before any funds were withdrawn from the account.<\/div><input type='hidden' name='question_id[]' id='qID_67' value='309629' \/><input type='hidden' id='answerType309629' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309629[]' id='answer-id-1213120' class='answer   answerof-309629 ' value='1213120'   \/><label for='answer-id-1213120' id='answer-label-1213120' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309629[]' id='answer-id-1213121' class='answer   answerof-309629 ' value='1213121'   \/><label for='answer-id-1213121' id='answer-label-1213121' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309629[]' id='answer-id-1213122' class='answer   answerof-309629 ' value='1213122'   \/><label for='answer-id-1213122' id='answer-label-1213122' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309629[]' id='answer-id-1213123' class='answer   answerof-309629 ' value='1213123'   \/><label for='answer-id-1213123' id='answer-label-1213123' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-68' style=';'><div id='questionWrap-68'  class='   watupro-question-id-309630'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>68. <\/span>A man established and funded an irrevocable trust and named a bank as trustee. All income from the trust is to be paid to his four grandchildren. <br \/>\r<br>Which of the following powers retained by the grantor of the trust will cause all or a portion of the trust assets to be includible in his gross estate for federal estate tax purposes? <br \/>\r<br>l. The power to add principal to the trust <br \/>\r<br>II. The power to vary the amounts of trust income paid to each grandchild<\/div><input type='hidden' name='question_id[]' id='qID_68' value='309630' \/><input type='hidden' id='answerType309630' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309630[]' id='answer-id-1213124' class='answer   answerof-309630 ' value='1213124'   \/><label for='answer-id-1213124' id='answer-label-1213124' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309630[]' id='answer-id-1213125' class='answer   answerof-309630 ' value='1213125'   \/><label for='answer-id-1213125' id='answer-label-1213125' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309630[]' id='answer-id-1213126' class='answer   answerof-309630 ' value='1213126'   \/><label for='answer-id-1213126' id='answer-label-1213126' class=' answer'><span>Both l and II<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309630[]' id='answer-id-1213127' class='answer   answerof-309630 ' value='1213127'   \/><label for='answer-id-1213127' id='answer-label-1213127' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-69' style=';'><div id='questionWrap-69'  class='   watupro-question-id-309631'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>69. <\/span>Which of the following statements concerning federal gift, estate, and income taxes is (are) correct <br \/>\r<br>I. A taxable gift of income-producing property automatically transfers income tax liability to the donee. <br \/>\r<br>II. The value of gifts made within 3 years of death cannot be brought back into the donor\u2019s gross estate.<\/div><input type='hidden' name='question_id[]' id='qID_69' value='309631' \/><input type='hidden' id='answerType309631' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309631[]' id='answer-id-1213128' class='answer   answerof-309631 ' value='1213128'   \/><label for='answer-id-1213128' id='answer-label-1213128' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309631[]' id='answer-id-1213129' class='answer   answerof-309631 ' value='1213129'   \/><label for='answer-id-1213129' id='answer-label-1213129' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309631[]' id='answer-id-1213130' class='answer   answerof-309631 ' value='1213130'   \/><label for='answer-id-1213130' id='answer-label-1213130' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309631[]' id='answer-id-1213131' class='answer   answerof-309631 ' value='1213131'   \/><label for='answer-id-1213131' id='answer-label-1213131' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-70' style=';'><div id='questionWrap-70'  class='   watupro-question-id-309632'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>70. <\/span>Which of the following provisions is (are) generally common to all buy-sell agreements? <br \/>\r<br>l. Provisions specifying how the purchase price is to be funded. <br \/>\r<br>II. Statement indicating the purpose of the agreement.<\/div><input type='hidden' name='question_id[]' id='qID_70' value='309632' \/><input type='hidden' id='answerType309632' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309632[]' id='answer-id-1213132' class='answer   answerof-309632 ' value='1213132'   \/><label for='answer-id-1213132' id='answer-label-1213132' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309632[]' id='answer-id-1213133' class='answer   answerof-309632 ' value='1213133'   \/><label for='answer-id-1213133' id='answer-label-1213133' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309632[]' id='answer-id-1213134' class='answer   answerof-309632 ' value='1213134'   \/><label for='answer-id-1213134' id='answer-label-1213134' class=' answer'><span>Both l and lI<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309632[]' id='answer-id-1213135' class='answer   answerof-309632 ' value='1213135'   \/><label for='answer-id-1213135' id='answer-label-1213135' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-71' style=';'><div id='questionWrap-71'  class='   watupro-question-id-309633'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>71. <\/span>A wife owns a $100,000 life insurance policy on her husband\u2019s life. She has named her son the revocable beneficiary. <br \/>\r<br>Which of the following statements concerning the life insurance is (are) correct? <br \/>\r<br>l. At the husband\u2019s death, the interpolated terminal reserve of the policy is a gift to the son. <br \/>\r<br>II. The annual increase in the cash value is a gift to the son.<\/div><input type='hidden' name='question_id[]' id='qID_71' value='309633' \/><input type='hidden' id='answerType309633' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309633[]' id='answer-id-1213136' class='answer   answerof-309633 ' value='1213136'   \/><label for='answer-id-1213136' id='answer-label-1213136' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309633[]' id='answer-id-1213137' class='answer   answerof-309633 ' value='1213137'   \/><label for='answer-id-1213137' id='answer-label-1213137' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309633[]' id='answer-id-1213138' class='answer   answerof-309633 ' value='1213138'   \/><label for='answer-id-1213138' id='answer-label-1213138' class=' answer'><span>Both l and II<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309633[]' id='answer-id-1213139' class='answer   answerof-309633 ' value='1213139'   \/><label for='answer-id-1213139' id='answer-label-1213139' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-72' style=';'><div id='questionWrap-72'  class='   watupro-question-id-309634'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>72. <\/span>A father plans to create a trust for the benefit of his 22-year-old son and wishes to take advantage of the gift tax annual exclusion. He has named a bank as trustee. <br \/>\r<br>Which of the following trust provisions would cause the gifts to be ineligible to qualify for the gift tax annual exclusion? <br \/>\r<br>l. The trust income is to be paid to the son or accumulated at the discretion of the trustee. <br \/>\r<br>II. The income is to be accumulated until the son reaches age 32 when all accumulated income and principal are to be distributed to him.<\/div><input type='hidden' name='question_id[]' id='qID_72' value='309634' \/><input type='hidden' id='answerType309634' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309634[]' id='answer-id-1213140' class='answer   answerof-309634 ' value='1213140'   \/><label for='answer-id-1213140' id='answer-label-1213140' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309634[]' id='answer-id-1213141' class='answer   answerof-309634 ' value='1213141'   \/><label for='answer-id-1213141' id='answer-label-1213141' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309634[]' id='answer-id-1213142' class='answer   answerof-309634 ' value='1213142'   \/><label for='answer-id-1213142' id='answer-label-1213142' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309634[]' id='answer-id-1213143' class='answer   answerof-309634 ' value='1213143'   \/><label for='answer-id-1213143' id='answer-label-1213143' class=' answer'><span>Neither I nor II<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-73' style=';'><div id='questionWrap-73'  class='   watupro-question-id-309635'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>73. <\/span>Which of the following statements concerning the federal income taxation of estates is (are) correct? <br \/>\r<br>I. An estate is entitled to a personal exemption of $300 and a standard deduction. <br \/>\r<br>ll. An estate is entitled to a tax deduction for amounts of income distributed.<\/div><input type='hidden' name='question_id[]' id='qID_73' value='309635' \/><input type='hidden' id='answerType309635' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309635[]' id='answer-id-1213144' class='answer   answerof-309635 ' value='1213144'   \/><label for='answer-id-1213144' id='answer-label-1213144' class=' answer'><span>l only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309635[]' id='answer-id-1213145' class='answer   answerof-309635 ' value='1213145'   \/><label for='answer-id-1213145' id='answer-label-1213145' class=' answer'><span>II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309635[]' id='answer-id-1213146' class='answer   answerof-309635 ' value='1213146'   \/><label for='answer-id-1213146' id='answer-label-1213146' class=' answer'><span>Both l and ll<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309635[]' id='answer-id-1213147' class='answer   answerof-309635 ' value='1213147'   \/><label for='answer-id-1213147' id='answer-label-1213147' class=' answer'><span>Neither l nor ll<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-74' style=';'><div id='questionWrap-74'  class='   watupro-question-id-309636'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>74. <\/span>All the following factors are important in assessing liquidity needs in estate planning EXCEPT the<\/div><input type='hidden' name='question_id[]' id='qID_74' value='309636' \/><input type='hidden' id='answerType309636' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309636[]' id='answer-id-1213148' class='answer   answerof-309636 ' value='1213148'   \/><label for='answer-id-1213148' id='answer-label-1213148' class=' answer'><span>marital status of the testator<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309636[]' id='answer-id-1213149' class='answer   answerof-309636 ' value='1213149'   \/><label for='answer-id-1213149' id='answer-label-1213149' class=' answer'><span>projected estate tax liability<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309636[]' id='answer-id-1213150' class='answer   answerof-309636 ' value='1213150'   \/><label for='answer-id-1213150' id='answer-label-1213150' class=' answer'><span>types of assets that comprise the estate<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309636[]' id='answer-id-1213151' class='answer   answerof-309636 ' value='1213151'   \/><label for='answer-id-1213151' id='answer-label-1213151' class=' answer'><span>ages of the residuary estate beneficiaries<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-75' style=';'><div id='questionWrap-75'  class='   watupro-question-id-309637'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>75. <\/span>All the following statements concerning a federal estate tax deduction for a bequest or gift to a qualified charily are correct EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_75' value='309637' \/><input type='hidden' id='answerType309637' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309637[]' id='answer-id-1213152' class='answer   answerof-309637 ' value='1213152'   \/><label for='answer-id-1213152' id='answer-label-1213152' class=' answer'><span>A life insurance policy that was assigned to a charity as a gift less than 3 years prior to the insured\u2019s death qualifies for a charitable deduction.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309637[]' id='answer-id-1213153' class='answer   answerof-309637 ' value='1213153'   \/><label for='answer-id-1213153' id='answer-label-1213153' class=' answer'><span>The amount of a charitable deduction is reduced by any taxes and administrative expenses chargeable against the bequest.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309637[]' id='answer-id-1213154' class='answer   answerof-309637 ' value='1213154'   \/><label for='answer-id-1213154' id='answer-label-1213154' class=' answer'><span>An estate may deduct the value of the remainder interest in a charitable remainder trust.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309637[]' id='answer-id-1213155' class='answer   answerof-309637 ' value='1213155'   \/><label for='answer-id-1213155' id='answer-label-1213155' class=' answer'><span>The amount of a charitable deduction may not exceed 50 percent of a decedent\u2019s adjusted gross \r\nestate.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-76' style=';'><div id='questionWrap-76'  class='   watupro-question-id-309638'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>76. <\/span>All the following statements concerning an entity-purchase buy-sell agreement for a partnership are correct EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_76' value='309638' \/><input type='hidden' id='answerType309638' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309638[]' id='answer-id-1213156' class='answer   answerof-309638 ' value='1213156'   \/><label for='answer-id-1213156' id='answer-label-1213156' class=' answer'><span>The partnership makes payments to the decedent-partner\u2019s estate to liquidate the partnership interest held by the estate.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309638[]' id='answer-id-1213157' class='answer   answerof-309638 ' value='1213157'   \/><label for='answer-id-1213157' id='answer-label-1213157' class=' answer'><span>Both the partners and the partnership are parties to the agreement that provides for business continuation.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309638[]' id='answer-id-1213158' class='answer   answerof-309638 ' value='1213158'   \/><label for='answer-id-1213158' id='answer-label-1213158' class=' answer'><span>It is the surviving partners who purchase the decedent\u2019s business interest so that the partnership can afford to pay the decedent\u2019s estate.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309638[]' id='answer-id-1213159' class='answer   answerof-309638 ' value='1213159'   \/><label for='answer-id-1213159' id='answer-label-1213159' class=' answer'><span>The partnership in effect, liquidates the interest held by the decedent-partner\u2019s estate.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-77' style=';'><div id='questionWrap-77'  class='   watupro-question-id-309639'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>77. <\/span>To determine whether a taxable gift has been made, the IRS focuses on all the following factors <br \/>\r<br>EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_77' value='309639' \/><input type='hidden' id='answerType309639' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309639[]' id='answer-id-1213160' class='answer   answerof-309639 ' value='1213160'   \/><label for='answer-id-1213160' id='answer-label-1213160' class=' answer'><span>Was the transferred property real property or personal property?<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309639[]' id='answer-id-1213161' class='answer   answerof-309639 ' value='1213161'   \/><label for='answer-id-1213161' id='answer-label-1213161' class=' answer'><span>Was the value of the gift property in excess of the annual per-donee exclusion?<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309639[]' id='answer-id-1213162' class='answer   answerof-309639 ' value='1213162'   \/><label for='answer-id-1213162' id='answer-label-1213162' class=' answer'><span>Did the donor absolutely, irrevocably, and currently divest himseIf of dominion and control? over the property?<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309639[]' id='answer-id-1213163' class='answer   answerof-309639 ' value='1213163'   \/><label for='answer-id-1213163' id='answer-label-1213163' class=' answer'><span>Was the property transferred for less than an adequate and full consideration in money or money\u2019s worth?<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-78' style=';'><div id='questionWrap-78'  class='   watupro-question-id-309640'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>78. <\/span>Ignoring the annual per-donee exclusion, all the following transfers are gifts for federal gift tax purposes EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_78' value='309640' \/><input type='hidden' id='answerType309640' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309640[]' id='answer-id-1213164' class='answer   answerof-309640 ' value='1213164'   \/><label for='answer-id-1213164' id='answer-label-1213164' class=' answer'><span>A creditor cancels the promissory note of a friend who recently became unemployed.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309640[]' id='answer-id-1213165' class='answer   answerof-309640 ' value='1213165'   \/><label for='answer-id-1213165' id='answer-label-1213165' class=' answer'><span>A grandmother reimburses her grandson for his college tuition costs.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309640[]' id='answer-id-1213166' class='answer   answerof-309640 ' value='1213166'   \/><label for='answer-id-1213166' id='answer-label-1213166' class=' answer'><span>A father lends his daughter a large sum of money interest free for a period of 2 years.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309640[]' id='answer-id-1213167' class='answer   answerof-309640 ' value='1213167'   \/><label for='answer-id-1213167' id='answer-label-1213167' class=' answer'><span>An individual gratuitously performs valuable services for the benefit of a close friend.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-79' style=';'><div id='questionWrap-79'  class='   watupro-question-id-309641'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>79. <\/span>All the following statements concerning property ownership by a married couple residing in a community-property state are correct EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_79' value='309641' \/><input type='hidden' id='answerType309641' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309641[]' id='answer-id-1213168' class='answer   answerof-309641 ' value='1213168'   \/><label for='answer-id-1213168' id='answer-label-1213168' class=' answer'><span>All property that is not separate property is community property.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309641[]' id='answer-id-1213169' class='answer   answerof-309641 ' value='1213169'   \/><label for='answer-id-1213169' id='answer-label-1213169' class=' answer'><span>Community property loses its identity when a community-property couple moves to a common-law state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309641[]' id='answer-id-1213170' class='answer   answerof-309641 ' value='1213170'   \/><label for='answer-id-1213170' id='answer-label-1213170' class=' answer'><span>Property inherited during the marriage is the separate property of the spouse who inherited it.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309641[]' id='answer-id-1213171' class='answer   answerof-309641 ' value='1213171'   \/><label for='answer-id-1213171' id='answer-label-1213171' class=' answer'><span>Income earned by one spouse becomes community property.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-80' style=';'><div id='questionWrap-80'  class='   watupro-question-id-309642'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>80. <\/span>All the following powers held by the grantor of an irrevocable trust will cause the trust assets to be brought back into the estate of the grantor EXCEPT the power to:<\/div><input type='hidden' name='question_id[]' id='qID_80' value='309642' \/><input type='hidden' id='answerType309642' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309642[]' id='answer-id-1213172' class='answer   answerof-309642 ' value='1213172'   \/><label for='answer-id-1213172' id='answer-label-1213172' class=' answer'><span>terminate the trust<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309642[]' id='answer-id-1213173' class='answer   answerof-309642 ' value='1213173'   \/><label for='answer-id-1213173' id='answer-label-1213173' class=' answer'><span>change the trust remainder persons<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309642[]' id='answer-id-1213174' class='answer   answerof-309642 ' value='1213174'   \/><label for='answer-id-1213174' id='answer-label-1213174' class=' answer'><span>add principal to the trust<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309642[]' id='answer-id-1213175' class='answer   answerof-309642 ' value='1213175'   \/><label for='answer-id-1213175' id='answer-label-1213175' class=' answer'><span>designate who shall enjoy the trust income<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-81' style=';'><div id='questionWrap-81'  class='   watupro-question-id-309643'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>81. <\/span>A father wants to accumulate funds for his 12-year-old son\u2019s 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:<\/div><input type='hidden' name='question_id[]' id='qID_81' value='309643' \/><input type='hidden' id='answerType309643' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309643[]' id='answer-id-1213176' class='answer   answerof-309643 ' value='1213176'   \/><label for='answer-id-1213176' id='answer-label-1213176' class=' answer'><span>The trust must be irrevocable.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309643[]' id='answer-id-1213177' class='answer   answerof-309643 ' value='1213177'   \/><label for='answer-id-1213177' id='answer-label-1213177' class=' answer'><span>The father\u2019s annual gift tax exclusion must be reduced by any amount used to pay college tuition costs.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309643[]' id='answer-id-1213178' class='answer   answerof-309643 ' value='1213178'   \/><label for='answer-id-1213178' id='answer-label-1213178' class=' answer'><span>Any accumulated income and all trust principal must be available for distribution to the son when he attains age 21.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309643[]' id='answer-id-1213179' class='answer   answerof-309643 ' value='1213179'   \/><label for='answer-id-1213179' id='answer-label-1213179' class=' answer'><span>In the event of the son\u2019s death prior to age 21, trust assets must either be payable to the son\u2019s estate or be subject to a general power of appointment held by the son.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-82' style=';'><div id='questionWrap-82'  class='   watupro-question-id-309644'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>82. <\/span>Believing that his death was imminent, a widower gave his son some real estate two years ago, and <br \/>\r<br>filed a timely gift tax return. The widower died on January 1st of this year. <br \/>\r<br>Additional facts are: <br \/>\r<br>Widower\u2019s basis in the real estate $150,000 <br \/>\r<br>Value of real estate when gifted 400,000 <br \/>\r<br>Value of real estate on date of death 800,000 <br \/>\r<br>Amount of gift tax paid by widower 121,600 <br \/>\r<br>Assuming the widower made no additional gifts to his son, all the following statements concerning this situation are correct EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_82' value='309644' \/><input type='hidden' id='answerType309644' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309644[]' id='answer-id-1213180' class='answer   answerof-309644 ' value='1213180'   \/><label for='answer-id-1213180' id='answer-label-1213180' class=' answer'><span>The gift of the real estate is included in the calculation of the widower\u2019s federal estate tax as an adjusted taxable gift.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309644[]' id='answer-id-1213181' class='answer   answerof-309644 ' value='1213181'   \/><label for='answer-id-1213181' id='answer-label-1213181' class=' answer'><span>The son\u2019s income tax basis in the real estate is $800,000.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309644[]' id='answer-id-1213182' class='answer   answerof-309644 ' value='1213182'   \/><label for='answer-id-1213182' id='answer-label-1213182' class=' answer'><span>The gift tax paid is brought back into the widower\u2019s gross estate at $121,600.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309644[]' id='answer-id-1213183' class='answer   answerof-309644 ' value='1213183'   \/><label for='answer-id-1213183' id='answer-label-1213183' class=' answer'><span>The widower recognized no gain for income tax purposes at the time the gift was made.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-83' style=';'><div id='questionWrap-83'  class='   watupro-question-id-309645'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>83. <\/span>All the following statements concerning the ownership of real property as joint tenants with right of survivorship are correct EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_83' value='309645' \/><input type='hidden' id='answerType309645' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309645[]' id='answer-id-1213184' class='answer   answerof-309645 ' value='1213184'   \/><label for='answer-id-1213184' id='answer-label-1213184' class=' answer'><span>If the joint tenants are brother and sister, no portion of the value of the property will be in the sister\u2019s estate if she dies first provided her executor proves that the brother contributed all the funds.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309645[]' id='answer-id-1213185' class='answer   answerof-309645 ' value='1213185'   \/><label for='answer-id-1213185' id='answer-label-1213185' class=' answer'><span>If three sisters inherited property as joint tenants with right of survivorship, the entire value of the property will be in the estate of the first sister to die.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309645[]' id='answer-id-1213186' class='answer   answerof-309645 ' value='1213186'   \/><label for='answer-id-1213186' id='answer-label-1213186' class=' answer'><span>If the joint tenants are husband and wife, because this is a qualified joint interest, one haIf the value of the property will be in the estate of the first spouse to die regardless of which spouse contributed to the purchase price.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309645[]' id='answer-id-1213187' class='answer   answerof-309645 ' value='1213187'   \/><label for='answer-id-1213187' id='answer-label-1213187' class=' answer'><span>If the joint tenants are two brothers and each contributed one haIf the property\u2019s purchases price, only one haIf the property\u2019s value will be in the estate of the first brother to die if his executor proves that the other brother contributed haIf of the purchase price.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-84' style=';'><div id='questionWrap-84'  class='   watupro-question-id-309646'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>84. <\/span>All the following statements concerning transfers at death under a will are correct EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_84' value='309646' \/><input type='hidden' id='answerType309646' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309646[]' id='answer-id-1213188' class='answer   answerof-309646 ' value='1213188'   \/><label for='answer-id-1213188' id='answer-label-1213188' class=' answer'><span>The most appropriate way to sever a joint tenancy with right of survivorship is for the joint tenant-decedent to make a specific bequest of the property under a will.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309646[]' id='answer-id-1213189' class='answer   answerof-309646 ' value='1213189'   \/><label for='answer-id-1213189' id='answer-label-1213189' class=' answer'><span>If during life time a decedent disposed of property that was the subject of a specific bequest, ad emption occurs.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309646[]' id='answer-id-1213190' class='answer   answerof-309646 ' value='1213190'   \/><label for='answer-id-1213190' id='answer-label-1213190' class=' answer'><span>It is common for a will to contain a clause that exempts the executor from posting bond.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309646[]' id='answer-id-1213191' class='answer   answerof-309646 ' value='1213191'   \/><label for='answer-id-1213191' id='answer-label-1213191' class=' answer'><span>Specific bequests of a decedent\u2019s property are satisfied prior to distribution of the decedents residuary estate.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-85' style=';'><div id='questionWrap-85'  class='   watupro-question-id-309647'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>85. <\/span>Income earned but unpaid at the time of a decedent\u2019s death is deemed to be income in respect of a decedent (IRD). All the following statements concerning IRD are correct EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_85' value='309647' \/><input type='hidden' id='answerType309647' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309647[]' id='answer-id-1213192' class='answer   answerof-309647 ' value='1213192'   \/><label for='answer-id-1213192' id='answer-label-1213192' class=' answer'><span>The income must be reported on the decedent\u2019s final federal income tax return.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309647[]' id='answer-id-1213193' class='answer   answerof-309647 ' value='1213193'   \/><label for='answer-id-1213193' id='answer-label-1213193' class=' answer'><span>The income is taxable to the person or entity receiving it.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309647[]' id='answer-id-1213194' class='answer   answerof-309647 ' value='1213194'   \/><label for='answer-id-1213194' id='answer-label-1213194' class=' answer'><span>The income may be included on both the estate tax return and the estate income tax return with a corresponding deduction.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309647[]' id='answer-id-1213195' class='answer   answerof-309647 ' value='1213195'   \/><label for='answer-id-1213195' id='answer-label-1213195' class=' answer'><span>IRD includes sales commissions earned prior to the decedent\u2019s death and paid to the estate according to the intestacy laws.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-86' style=';'><div id='questionWrap-86'  class='   watupro-question-id-309648'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>86. <\/span>All the following statements concerning the generation-skipping transfer tax (GSTT) are correct <br \/>\r<br>EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_86' value='309648' \/><input type='hidden' id='answerType309648' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309648[]' id='answer-id-1213196' class='answer   answerof-309648 ' value='1213196'   \/><label for='answer-id-1213196' id='answer-label-1213196' class=' answer'><span>Tuition payments made by a grandparent directly to a university for a grandchild\u2019s education are exempt from GST<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309648[]' id='answer-id-1213197' class='answer   answerof-309648 ' value='1213197'   \/><label for='answer-id-1213197' id='answer-label-1213197' class=' answer'><span>Direct skip gifts by a grandparent of up to $11,000 can be made to each grandchild without GSTT liability due to an annual exclusion.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309648[]' id='answer-id-1213198' class='answer   answerof-309648 ' value='1213198'   \/><label for='answer-id-1213198' id='answer-label-1213198' class=' answer'><span>Each individual has an aggregate $1.5 million exemption against GST<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309648[]' id='answer-id-1213199' class='answer   answerof-309648 ' value='1213199'   \/><label for='answer-id-1213199' id='answer-label-1213199' class=' answer'><span>The liability for GSTT falls upon the donee regardless of the type of transfer.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-87' style=';'><div id='questionWrap-87'  class='   watupro-question-id-309649'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>87. <\/span>All the following are steps in calculating a decedent\u2019s maximum estate tax marital deduction EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_87' value='309649' \/><input type='hidden' id='answerType309649' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309649[]' id='answer-id-1213200' class='answer   answerof-309649 ' value='1213200'   \/><label for='answer-id-1213200' id='answer-label-1213200' class=' answer'><span>Compute the decedent\u2019s gross estate.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309649[]' id='answer-id-1213201' class='answer   answerof-309649 ' value='1213201'   \/><label for='answer-id-1213201' id='answer-label-1213201' class=' answer'><span>Subtract the allowable expenses and debts to determine the adjusted gross estate.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309649[]' id='answer-id-1213202' class='answer   answerof-309649 ' value='1213202'   \/><label for='answer-id-1213202' id='answer-label-1213202' class=' answer'><span>Determine the net amount of property in the gross estate that passes to the surviving spouse in a manner qualifying for the marital deduction.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309649[]' id='answer-id-1213203' class='answer   answerof-309649 ' value='1213203'   \/><label for='answer-id-1213203' id='answer-label-1213203' class=' answer'><span>Subtract the applicable exclusion amount available in the year of the decedent\u2019s death.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-88' style=';'><div id='questionWrap-88'  class='   watupro-question-id-309650'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>88. <\/span>All the following statements concerning real property ownership by married couples as joint tenants with right of survivorship are correct EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_88' value='309650' \/><input type='hidden' id='answerType309650' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309650[]' id='answer-id-1213204' class='answer   answerof-309650 ' value='1213204'   \/><label for='answer-id-1213204' id='answer-label-1213204' class=' answer'><span>The deceased spouse\u2019s interest in the property qualifies for the marital deduction since it passes outright to the surviving spouse.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309650[]' id='answer-id-1213205' class='answer   answerof-309650 ' value='1213205'   \/><label for='answer-id-1213205' id='answer-label-1213205' class=' answer'><span>All benefits of ownership remain available to the surviving spouse without interruption during the administration of the deceased spouse\u2019s estate.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309650[]' id='answer-id-1213206' class='answer   answerof-309650 ' value='1213206'   \/><label for='answer-id-1213206' id='answer-label-1213206' class=' answer'><span>Jointly held property between spouses does not pass through the probate estate of the first spouse to die.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309650[]' id='answer-id-1213207' class='answer   answerof-309650 ' value='1213207'   \/><label for='answer-id-1213207' id='answer-label-1213207' class=' answer'><span>In common-law states the total value of the property receives a stepped-up tax basis in the estate of the first spouse to die.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-89' style=';'><div id='questionWrap-89'  class='   watupro-question-id-309651'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>89. <\/span>All the following statements concerning installment sale tax treatment are correct EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_89' value='309651' \/><input type='hidden' id='answerType309651' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309651[]' id='answer-id-1213208' class='answer   answerof-309651 ' value='1213208'   \/><label for='answer-id-1213208' id='answer-label-1213208' class=' answer'><span>If the seller has a gain, the basis portion of each installment is received tax free.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309651[]' id='answer-id-1213209' class='answer   answerof-309651 ' value='1213209'   \/><label for='answer-id-1213209' id='answer-label-1213209' class=' answer'><span>The seller must pay income tax on the interest portion of each installment.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309651[]' id='answer-id-1213210' class='answer   answerof-309651 ' value='1213210'   \/><label for='answer-id-1213210' id='answer-label-1213210' class=' answer'><span>The entire purchase price may be fully paid in any one taxable year other than the year in which the property is sold.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309651[]' id='answer-id-1213211' class='answer   answerof-309651 ' value='1213211'   \/><label for='answer-id-1213211' id='answer-label-1213211' class=' answer'><span>Installments due after the seller\u2019s death are excludible from the seller\u2019s gross estate.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-90' style=';'><div id='questionWrap-90'  class='   watupro-question-id-309652'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>90. <\/span>Tax benefits of making life time gifts in excess of the gift tax annual exclusion include all the following <br \/>\r<br>EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_90' value='309652' \/><input type='hidden' id='answerType309652' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309652[]' id='answer-id-1213212' class='answer   answerof-309652 ' value='1213212'   \/><label for='answer-id-1213212' id='answer-label-1213212' class=' answer'><span>The gift tax paid on a gift made more than 3 years prior to the death of the donor avoids inclusion the donor\u2019s gross estate.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309652[]' id='answer-id-1213213' class='answer   answerof-309652 ' value='1213213'   \/><label for='answer-id-1213213' id='answer-label-1213213' class=' answer'><span>Appreciation in the value of a gift of real property after the date of the gift increases the donor\u2019s federal estate tax liability.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309652[]' id='answer-id-1213214' class='answer   answerof-309652 ' value='1213214'   \/><label for='answer-id-1213214' id='answer-label-1213214' class=' answer'><span>Income taxes can be saved if a high-income donor gives income-producing property to a lowincome donee.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309652[]' id='answer-id-1213215' class='answer   answerof-309652 ' value='1213215'   \/><label for='answer-id-1213215' id='answer-label-1213215' class=' answer'><span>Gift taxes are payable at the same tax rate as estate taxes.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-91' style=';'><div id='questionWrap-91'  class='   watupro-question-id-309653'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>91. <\/span>All the following statements concerning a typical pour-over trust are correct EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_91' value='309653' \/><input type='hidden' id='answerType309653' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309653[]' id='answer-id-1213216' class='answer   answerof-309653 ' value='1213216'   \/><label for='answer-id-1213216' id='answer-label-1213216' class=' answer'><span>Properly drawn, it eliminates the need to file a federal estate tax return.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309653[]' id='answer-id-1213217' class='answer   answerof-309653 ' value='1213217'   \/><label for='answer-id-1213217' id='answer-label-1213217' class=' answer'><span>The trust is created during the life time of the grantor.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309653[]' id='answer-id-1213218' class='answer   answerof-309653 ' value='1213218'   \/><label for='answer-id-1213218' id='answer-label-1213218' class=' answer'><span>It is a device to consolidate all a decedent\u2019s assets to simplify administration.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309653[]' id='answer-id-1213219' class='answer   answerof-309653 ' value='1213219'   \/><label for='answer-id-1213219' id='answer-label-1213219' class=' answer'><span>The trust is revocable during the life time of the grantor.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-92' style=';'><div id='questionWrap-92'  class='   watupro-question-id-309654'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>92. <\/span>All the following will be brought back into the donor\u2019s gross estate for federal estate tax purposes EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_92' value='309654' \/><input type='hidden' id='answerType309654' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309654[]' id='answer-id-1213220' class='answer   answerof-309654 ' value='1213220'   \/><label for='answer-id-1213220' id='answer-label-1213220' class=' answer'><span>a gratuitous transfer of real property with a reserved right to use and enjoy it for life<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309654[]' id='answer-id-1213221' class='answer   answerof-309654 ' value='1213221'   \/><label for='answer-id-1213221' id='answer-label-1213221' class=' answer'><span>a gratuitous transfer of real property to a revocable inter vivos trust<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309654[]' id='answer-id-1213222' class='answer   answerof-309654 ' value='1213222'   \/><label for='answer-id-1213222' id='answer-label-1213222' class=' answer'><span>an outright, gratuitous transfer of real property in contemplation of death<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309654[]' id='answer-id-1213223' class='answer   answerof-309654 ' value='1213223'   \/><label for='answer-id-1213223' id='answer-label-1213223' class=' answer'><span>the gift taxes paid last year on a gratuitous transfer of real property<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-93' style=';'><div id='questionWrap-93'  class='   watupro-question-id-309655'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>93. <\/span>Limited interests in property include all the following EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_93' value='309655' \/><input type='hidden' id='answerType309655' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309655[]' id='answer-id-1213224' class='answer   answerof-309655 ' value='1213224'   \/><label for='answer-id-1213224' id='answer-label-1213224' class=' answer'><span>life estates<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309655[]' id='answer-id-1213225' class='answer   answerof-309655 ' value='1213225'   \/><label for='answer-id-1213225' id='answer-label-1213225' class=' answer'><span>fee simple estates<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309655[]' id='answer-id-1213226' class='answer   answerof-309655 ' value='1213226'   \/><label for='answer-id-1213226' id='answer-label-1213226' class=' answer'><span>remainder interests<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309655[]' id='answer-id-1213227' class='answer   answerof-309655 ' value='1213227'   \/><label for='answer-id-1213227' id='answer-label-1213227' class=' answer'><span>reversionary interests<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-94' style=';'><div id='questionWrap-94'  class='   watupro-question-id-309656'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>94. <\/span>All the following are grounds for contesting a will EXCEPT:<\/div><input type='hidden' name='question_id[]' id='qID_94' value='309656' \/><input type='hidden' id='answerType309656' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309656[]' id='answer-id-1213228' class='answer   answerof-309656 ' value='1213228'   \/><label for='answer-id-1213228' id='answer-label-1213228' class=' answer'><span>The instrument is a forgery.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309656[]' id='answer-id-1213229' class='answer   answerof-309656 ' value='1213229'   \/><label for='answer-id-1213229' id='answer-label-1213229' class=' answer'><span>The testator executed a later valid will.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309656[]' id='answer-id-1213230' class='answer   answerof-309656 ' value='1213230'   \/><label for='answer-id-1213230' id='answer-label-1213230' class=' answer'><span>The testator did not have testamentary capacity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-309656[]' id='answer-id-1213231' class='answer   answerof-309656 ' value='1213231'   \/><label for='answer-id-1213231' id='answer-label-1213231' class=' answer'><span>The widow was bequeathed less than her intestate share.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div style='display:none' id='question-95'>\n\t<div class='question-content'>\n\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/plugins\/watupro\/img\/loading.gif\" width=\"16\" height=\"16\" alt=\"Loading...\" title=\"Loading...\" \/>&nbsp;Loading...\t<\/div>\n<\/div>\n\n<br \/>\n\t\n\t\t\t<div class=\"watupro_buttons flex \" id=\"watuPROButtons8176\" >\n\t\t  <div id=\"prev-question\" style=\"display:none;\"><input type=\"button\" value=\"&lt; Previous\" onclick=\"WatuPRO.nextQuestion(event, 'previous');\"\/><\/div>\t\t  \t\t  \t\t   \n\t\t   \t  \t\t<div><input type=\"button\" name=\"action\" class=\"watupro-submit-button\" onclick=\"WatuPRO.submitResult(event)\" 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