Fundamentals of Estate Planning Test (HS330) - American College

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Sample HS330 Exam Questions & Explanations

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Question #1 Verified Q&A
Which of the following is an example of a taxable gift for federal gift tax purposes?
A Instead of parents paying an outside executive $60,000, a son runs their business for 8 months<br /> without charging a fee.
B A father gives his 19-year-old daughter a note promising to give her his Rolls Royce when she reaches the age of 21.
C The parents of a married son permit their son and his family to use a summer cottage that rents<br /> for $3,000 per month on a rent-free basis.
D A father cancels a $50,000 note his daughter gave him when he made a loan to her 2 years ago.
Correct Answer: A father cancels a $50,000 note his daughter gave him when he made a loan to her 2 years ago.
Question #2 Verified Q&A
The following are facts concerning a decedent’s estate:<br />
Taxable estate $1.700, 000<br />
Pre-1977 taxable gifts 200, 000<br />
Post-1976 adjusted taxable gifts 50, 000<br />
Post-1976 gifts made to a qualified charity 100, 000<br />
The tentative tax base of this estate is
A $1,750,000
B $1,700,000
C $1,850,000
D $1,900,000
Correct Answer: $1,750,000
Question #3 Verified Q&A
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?
A Property sold before the alternate valuation date is valued at the alternate valuation date.
B An annuity included in the gross estate that diminishes with the mere passage of time is includible at the date of death value.
C Property that has increased in value since the date of death may be valued at the date of death if the executor so elects.
D Property distributed under the will before the alternate valuation date is valued at the date of death.
Correct Answer: An annuity included in the gross estate that diminishes with the mere passage of time is includible at the date of death value.
Question #4 Verified Q&A
A father and son have been farming land owned by the father for the past 12 years. Just prior to his<br />
death, the father was offered $1200, 000 for his farm because of its possible use as a shopping<br />
center. The son would like to continue to farm the land if it can be included in his father’s estate at its current use value. Additional facts are:<br />
<br />
1. Average annual gross rentals from nearby farms of similar acreage are $56,000.<br />
<br />
2. Average annual state and local real estate taxes on the farm are $6,000.<br />
<br />
3. The interest rate for loans from the Federal Land Sank is 8 percent.<br />
For federal estate tax purposes, the farm method valuation formula would result in a current use<br />
value for the farm of
A $600,000
B $500,000
C $700,000
D $820,000
Correct Answer: $600,000
Question #5 Verified Q&A
Which of the following types of real properly ownership will be deemed to be a tenancy in common?
A Two brothers own equal undivided interests in a piece of real properly, with each brother being able to divest himself of his interest by sale, gift, or will.
B Two brothers own equal amounts of all the common stock in a corporation, the only asset of which is real property.
C Two brothers are equal partners in a general partnership that owns a piece of real property used in the partnership business.
D Two brothers own equal fractional interests in a piece of real property and at the death of one of the brothers the survivor will own the entire piece of property.
Correct Answer: Two brothers own equal undivided interests in a piece of real properly, with each brother being able to divest himself of his interest by sale, gift, or will.

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Our HS330 (Fundamentals of Estate Planning Test) practice question bank currently includes 400 verified questions with comprehensive explanations.
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The HS330 (Fundamentals of Estate Planning Test) question bank is built to mirror the real exam's format and topics, with detailed explanations for every answer so you understand the reasoning — not just memorize responses.
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