Cannon 1 - Exam Solved Exam Questions
and Answers (Complete Practice Papers)
which is normally indicated when GNP has decreased for
two consecutive quarters? - Correct Answers
✅recession
the opportunity to buy unissued common stock at a
specified price, over a long period of time, is provided to
the holder of a: - Correct Answers ✅warrant
which of the following allows shareholders to purchase
additional stock before the company offers shares to the
general public? - Correct Answers ✅pre-emptive right
alfread, a divorcee, dies with a valid will leaving 'my
entire estate to my issue, per stirpes with the right of
representation in each generation.' he is survived by his
father F, two grandchildren A and B by his deceased
daughter, and one grandchild C by his deceased son.
which of the following represents the APPROPRIATE
distribution? - Correct Answers ✅C receives more than
A or B
Dr. Jones purchases a $5,000,000 life insurance policy. on
the advice of her attorney, she transfers all incidents of
ownership in the policy to an irrevocable trust for the
benefit of her children the following year. Dr. Jones dies
two years later, and the insurance proceeds are paid to
, Cannon 1 - Exam Solved Exam Questions
and Answers (Complete Practice Papers)
the trust. What are the estate tax consequences to Dr.
Jones' estate? - Correct Answers ✅Insurance proceeds
are included in her estate
medical expenses for a decedent may be deduced on
which of the following returns - Correct Answers
✅either a 706 or 1040
a client dies. after prepartion of the decedent's final 1040
income tax return, you notice that the client has an
unused charitable contribution carry forward of $10,000.
Which of the following best describes the status of this
deduction for future use? - Correct Answers ✅it is lost
which of the following most accurately represents the
income taxation of an irrevocable complex trust? -
Correct Answers ✅income retained by the trust is
taxed to the trust; income distributed to beneficiaries in
the same tax year earned is taxed to the beneficiaries
one of your bank's largest depositors tells you that he
does not trust lawyers, and asks you to prepare a simple
will for him, leaving everything to his wife. You should tell
him that - Correct Answers ✅you cannot prepare his
will because to do so constitutes the unauthorized
practice of law
and Answers (Complete Practice Papers)
which is normally indicated when GNP has decreased for
two consecutive quarters? - Correct Answers
✅recession
the opportunity to buy unissued common stock at a
specified price, over a long period of time, is provided to
the holder of a: - Correct Answers ✅warrant
which of the following allows shareholders to purchase
additional stock before the company offers shares to the
general public? - Correct Answers ✅pre-emptive right
alfread, a divorcee, dies with a valid will leaving 'my
entire estate to my issue, per stirpes with the right of
representation in each generation.' he is survived by his
father F, two grandchildren A and B by his deceased
daughter, and one grandchild C by his deceased son.
which of the following represents the APPROPRIATE
distribution? - Correct Answers ✅C receives more than
A or B
Dr. Jones purchases a $5,000,000 life insurance policy. on
the advice of her attorney, she transfers all incidents of
ownership in the policy to an irrevocable trust for the
benefit of her children the following year. Dr. Jones dies
two years later, and the insurance proceeds are paid to
, Cannon 1 - Exam Solved Exam Questions
and Answers (Complete Practice Papers)
the trust. What are the estate tax consequences to Dr.
Jones' estate? - Correct Answers ✅Insurance proceeds
are included in her estate
medical expenses for a decedent may be deduced on
which of the following returns - Correct Answers
✅either a 706 or 1040
a client dies. after prepartion of the decedent's final 1040
income tax return, you notice that the client has an
unused charitable contribution carry forward of $10,000.
Which of the following best describes the status of this
deduction for future use? - Correct Answers ✅it is lost
which of the following most accurately represents the
income taxation of an irrevocable complex trust? -
Correct Answers ✅income retained by the trust is
taxed to the trust; income distributed to beneficiaries in
the same tax year earned is taxed to the beneficiaries
one of your bank's largest depositors tells you that he
does not trust lawyers, and asks you to prepare a simple
will for him, leaving everything to his wife. You should tell
him that - Correct Answers ✅you cannot prepare his
will because to do so constitutes the unauthorized
practice of law
