25 May Question 1. Death doesnot defeatadeceasedspouse’sinterestinatenancybytheentirety.
Question
1. Death doesnot defeatadeceasedspouse’sinterestinatenancybytheentirety.
a. True
b. False
2. In2011 andwith $100,000,Ronaldestablishes ajointsavingsaccountwithhiscousin,Allison.In2013,Allisonwithdraws the$100,000anddisappears.RonaldmadeagifttoAllisonin2013.
a. True
b. False
3. Twobrothers, Samand Bob,acquire realestate asequal tenantsin common.Of thepurchase priceof $200,000,Samfurnished$80,000whileBobprovidedthebalance.If Samdiesfirsttenyearslaterwhenthe realestateisworth$600,000, hisestate includes$240,000 astothe property.
a. True
b. False
4. HarryandBrendaare husbandandwife. Usinghisfunds, Harrypurchasesrealestate whichhelists as:“HarryandBrenda, tenantsby theentirety withright ofsurvivorship.” IfBrenda diesfirst, noneof thereal estatewillbeincludedin hergross estate.
a. True
b. False
5. Harryand Brendaare husbandand wife.Using herfunds, Brendapurchases realestate whichshe listsas: “Harryand Brenda,tenantsby theentirety withright ofsurvivorship.” IfBrenda diesfirst, allof thevalue ofthe realestatewillbeincludedin hergrossestate.
a. True
b. False
6. Lyleand Kellyare brotherandsister. Usinghis funds,Lyle purchasesland, listingtitle as:“Lyle andKelly, jointtenants withrightofsurvivorship.” IfKellydiesfirst,none ofthelandis includedinhergrossestate.
a. True
b. False
.
7. Ray purchasesU.S. savingsbonds whichhelists as“Rayand Donna”ascoowners. Donnais Ray’sdaughter.
Donna predeceasesRay.No giftorestate taxconsequences resultfromthis situation.
a. True
b. False
8. Reba purchasesU.S. savingsbonds whichshe listsin thename ofRod, Reba’sson.The purchaseof thebonds
doesnotconstitute agift.
a. True
b. False
9. Rachelownsaninsurancepolicy onthelifeofAlbert withBelleasthedesignated beneficiary.UponRachel’sprior
death,nothing regardingthis policyis includedinher grossestate.
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