25 May 1. At thetimeof hisdeath, Halowned 10cemetery lotsworth $40,000($4,000 each)for useby himselfand his family.Theselots arenotincluded inHal’sgross estateandno deducti
Question
1. At thetimeof hisdeath, Halowned 10cemetery lotsworth $40,000($4,000 each)for useby himselfand his
family.Theselots arenotincluded inHal’sgross estateandno deductionisallowed theestate.
a. True
b. False
2. All ofthecharitable organizationsthatqualify forestatetax purposesalsoqualify forincometax purposes.
a. True
b. False
3. Inhis will,Hernando providesfor$50,000 togo tothe Madrid,Spain, schoolsystem. Becauseit isaforeigncharity,thebequestwillnotqualifyasacharitabledeductionforestatetaxpurposes.
a. True
b. False
.
4. Manfredomakes adonationof$50,000tothechurchwherehewasbaptizedinMexicoCity.Thegiftdoesnotqualify asacharitablecontributionforFederalincometaxpurposes.
a. True
b. False
5. Thepurpose ofthe maritaldeduction isto placemarried decedentsin commonlaw stateson parwith thoseincommunityproperty jurisdictions.
a. True
b. False
6. Atthe timeof hisprior death,Raul ownedaresidencewithhiswife,Manuela,astenantsbytheentirety.Theresidence waspurchasedbyManuelatenyearsagoatacostof$300,000 andhasafairmarketvalueof$1.4million.Raul’sestatewillbeallowednomaritaldeductionastotheproperty.
a. True
b. False
7. Sally’swillpassesrealestateto Otto(hersurvivingspouse).The realestateisworth$800,000 butissubjectto amortgage of$200,000.ThetransferprovidesSally’sestatewithamarital deductionof$600,000.
a. True
b. False
8. Lila isthe ownerand beneficiaryofapolicyonthelifeofherhusband,Austin.UponAustin’spriordeath,the
insuranceproceedspaid toLila donotqualify forthe maritaldeduction.
a. True
b. False
9. To avoid the terminable interest limitation on the marital deduction, the surviving spouse must be granted a general power of appointment over the trust property, ora QTIP election must be made.
a. True
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