CRPC Sample Tests Questions & Answers 2023/2024

CRPC Sample Tests Questions & Answers 2023/2024 Gift splitting - ANSWER-Allows a married couple to double their allowable annual exclusions is only allowed for married couples Ownership limited to spouses only - ANSWER-Joint tenancy tenancy by the entirety community property Grantor retained interest Trust Grit - ANSWER-Grantor can receive all income earned by the trust Qualified terminable interest Property Trust Q-tip - ANSWER-Income of a Q-tip goes to the grantor's spouse Charitable lead Trust CLT - ANSWER-The income goes to charity Power of appointment trust POA - ANSWER-Income goes to the grantor's spouse Valuation date for gifts - ANSWER-The date on which the transfer is completed Gross estate - 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 - ANSWER-Qualified dividends are subject to the same tax rates applicable to long-term capital gains The basis for charitable contribution deduction for stock - ANSWER-Based on the current fair market value of the stock