Most Recent American College HS330 Exam Questions & Answers

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 Dec 21, 2024.

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Question No. 1

All the following statements concerning installment sale tax treatment are correct EXCEPT:

AIf the seller has a gain, the basis portion of each installment is received tax free.

BThe seller must pay income tax on the interest portion of each installment.

CThe entire purchase price may be fully paid in any one taxable year other than the year in which the property is sold.

DInstallments due after the seller's death are excludible from the seller's gross estate.

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Correct Answer: D

Question No. 2

All the following are grounds for contesting a will EXCEPT:

AThe instrument is a forgery.

BThe testator executed a later valid will.

CThe testator did not have testamentary capacity.

DThe widow was bequeathed less than her intestate share.

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Correct Answer: D

Question No. 3

All the following statements concerning guardians for minors are correct EXCEPT:

AA guardian named in a deceased parents will is not necessarily binding on the court.

BA guardian has equitable title to the property he administers for the minor.

CA special guardian can be appointed by the court to protect a minor's rights in a legal proceeding.

DA guardian of the person of a minor may not necessarily be the guardian of the minor's property.

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Correct Answer: B

Question No. 4

Believing that his death was imminent, a widower gave his son some real estate two years ago, and filed a timely gift tax return. The widower died on January 1st of this year. Additional facts are:

Widower's basis in the real estate $150,000

Value of real estate when gifted 400,000

Value of real estate on date of death 800,000

Amount of gift tax paid by widower 121,600

Assuming the widower made no additional gifts to his son, all the following statements concerning this situation are correct EXCEPT:

AThe gift of the real estate is included in the calculation of the widower's federal estate tax as an adjusted taxable gift.

BThe son's income tax basis in the real estate is $800,000.

CThe gift tax paid is brought back into the widower's gross estate at $121,600.

DThe widower recognized no gain for income tax purposes at the time the gift was made.

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Correct Answer: B

Question No. 5

Requirements for property to qualify for the federal estate tax marital deduction include which of the following?

l. The property interest must be includible in the decedents gross estate.

lI. The property must pass in such manner that it will be includible in the surviving spouse's estate at death unless consumed or given away.

Al only

BII only

CBoth l and II

DNeither I nor II

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Correct Answer: C

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