Most Recent American College HS330 Exam Dumps

Prepare for the American College Fundamentals of Estate Planning test exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the American College HS330 exam and achieve success.

The questions for HS330 were last updated on Feb 22, 2025.

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Question No. 1

Which of the following statements concerning the obligation of the personal representative of a decedent to file a federal estate tax return is (are) correct?

l. A return must be filed by a decedent's estate if the gross estate plus adjusted taxable gifts equals the applicable exclusion amount or more, even though no federal estate tax is due.

ll. Unless extensions are granted, the return must be tiled and the tax paid within 9 months of the decedent's death.

Al only

BII only

CBoth l and II

DNeither l nor ll

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Correct Answer: C

Question No. 2

All the following statements concerning a federal estate tax deduction for a bequest or gift to a qualified charily are correct EXCEPT:

AA life insurance policy that was assigned to a charity as a gift less than 3 years prior to the insured's death qualifies for a charitable deduction.

BThe amount of a charitable deduction is reduced by any taxes and administrative expenses chargeable against the bequest.

CAn estate may deduct the value of the remainder interest in a charitable remainder trust.

DThe amount of a charitable deduction may not exceed 50 percent of a decedent's adjusted gross estate.

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Correct Answer: D

Question No. 3

Which of the following statements concerning property is (are) correct?

l. A mortgage on real estate is real property.

II. A tree growing on land is real property.

Al only

BII only

CBoth l and ll

DNeither l nor ll

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Correct Answer: B

Question No. 4

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. Which of the following courses of action will best accomplish these objectives?

AMake her an interest free loan with a principal amount large enough to produce sufficient income for her support when invested in corporate bonds

BMake her annual gifts of enough interest income from the tax free municipal bonds in his portfolio so that she will be able to support herself

CMake her a gift of enough corporate bonds from his portfolio so that she will be able to support herself from the interest payments

DPurchase corporate bonds that pay interest in an amount sufficient for her to support herself and assign the interest payments to her

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Correct Answer: B

Question No. 5

All the following are proper actions on the part of a trustee EXCEPT:

Aplacing cash from the sale to securities in a non-interest bearing checking account for an extended period of time

Bpurchasing securities in good faith from a third party just prior to a sharp decrease in their value

Cpurchasing assets for personal use from the trust at their 'air market value with the approval of all beneficiaries

Dinvesting trust assets in speculative securities in accordance with the provisions or the trust instrument

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Correct Answer: A

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