HS330 Exam Questions & Answers
Fundamentals of Estate Planning test • American College
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Sample HS330 Questions
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Which of the following statements concerning executors is correct?
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?
Which of the following statements concerning an installment sale is (are) correct?
l. Some portion of the purchase price must be paid in any one taxable year other than the year of sale.
ll. installments due after the seller's death are excludible from the seller's gross estate.
Many trust instruments provide for the removal of the original trustee. Valid reasons for removing the origin l trustee include which of the following?
l. A shift in trust situs is desirable because of changes in law.
II. The beneficiary has moved his or her residence to a distant state.
All the following items are allowed as a deduction from a decedent's gross estate to determine the decedent's adjusted gross estate EXCEPT:
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