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 Jan 19, 2025.

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Question No. 1

The personal representative of a decedent has the duty to file all the following tax returns EXCEPT:

Athe surviving spouse's income tax return for the year of death

Bthe estate's income tax return

Cthe decedent's final income tax return

Dthe federal estate tax return

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Correct Answer: A

Question No. 2

All the following statements concerning life time gifts are correct EXCEPT:

AThe amount of gift tax paid within 3 years of death is included in the gross estate.

BA substantial amount of property may be given away over a period of time without the
imposition of the federal gift tax because of the annual exclusion.

CGifts of life insurance within 3 years of death are included in the donor-insured's gross estate.

DIf a wealthy widower lives more than 3 years after making a taxable gift to his sister, the value of the gift has no effect on his federal estate tax liability.

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Correct Answer: D

Question No. 3

Which of the following terms applies to the blending together of separate and community properties of spouses in community-property states?

ATransmutation

BCommingling

CProration

DInception

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Correct Answer: B

Question No. 4

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. Which state will tax the real property used by the proprietorship?

AState W

BState X

CState Y

DState Z

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Correct Answer: B

Question No. 5

An executor elects to value the assets of the estate at the alternative valuation date 6 months after death. Which of the following statements concerning the estate tax value of assets included in this estate is correct?

AAn annuity included in the gross estate that diminishes with the mere passage of time is includible at the date of death value.

BProperty sold before the alternate valuation date is valued at the alternate valuation date.

CProperty that has increased in value since the date of death may be valued at the date of death if the executor so elects.

DProperty distributed under the will before the alternate valuation date is valued at the date of death.

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Correct Answer: A

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