CRPC Sample Test exam 2023/2024 with 100% correct answers

Gift splitting - correct answer Allows a married couple to double their allowable annual exclusions is only allowed for married couples Ownership limited to spouses only - correct answer Joint tenancy tenancy by the entirety community property Grantor retained interest Trust Grit - correct answer Grantor can receive all income earned by the trust Qualified terminable interest Property Trust Q-tip - correct answer Income of a Q-tip goes to the grantor's spouse Charitable lead Trust CLT - correct answer The income goes to charity Power of appointment trust POA - correct answer Income goes to the grantor's spouse Valuation date for gifts - correct answer The date on which the transfer is completed Gross estate - correct answer Includes all the property that is subject to the federal estate tax whether or not owned by the decedent and whether or not included in the the probate or taxable estate Taxation of reinvestment of ordinary dividends - correct answer Qualified dividends are subject to the same tax rates applicable to long-term capital gains The basis for charitable contribution deduction for stock - correct answer Based on the current fair market value of the stock Taxation of substitute payments in lieu of a dividend - correct answer Substitute payments in lieu of a dividend are not subject to preferential treatment and are treated as ordinary income How does a stock dividend affect basis - correct answer The basis is reduced to provide basis for shares are re