Free American College HS330 Actual Exam Questions
The questions for this exam were last updated on January 7, 2026
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Question No. 1
All the following statements concerning a power of appointment are correct EXCEPT:
Select one option, then reveal solution.
Question No. 2
Which of the following are ways of passing property from a deceased spouse to a surviving spouse so
that the property will qualify for the federal estate tax marital deduction?
l. When the surviving spouse receives the property by electing to take against the deceased spouse’s
will
ll. When the surviving spouse receives the property as a consequence of the qualified disclaimer of
another beneficiary
that the property will qualify for the federal estate tax marital deduction?
l. When the surviving spouse receives the property by electing to take against the deceased spouse’s
will
ll. When the surviving spouse receives the property as a consequence of the qualified disclaimer of
another beneficiary
Select one option, then reveal solution.
Question No. 3
Which of the following statements concerning the generation-skipping transfer tax (GSTT) is correct?
Select one option, then reveal solution.
Question No. 4
A wife makes outright gifts of $66,000 this year to her son, and her husband agrees to split the gifts
with her. Which of the following correctly states the amount of the taxable gifts?
with her. Which of the following correctly states the amount of the taxable gifts?
Select one option, then reveal solution.
Question No. 5
A woman is the income beneficiary of an irrevocable trust. All the following powers held by her will
cause all the assets in the trust to be includible in her gross estate for federal estate tax purposes
EXCEPT:
cause all the assets in the trust to be includible in her gross estate for federal estate tax purposes
EXCEPT:
Select one option, then reveal solution.
Question No. 6
A man died in February of this year. Last year, when he learned that he had terminal illness, he
immediately made the following gifts and filed the required gift tax return:
Fair Market Value
Gift of listed stock to a qualified charity $200,000
Gift of listed bonds to his wife 300,000
Gift of a boat to his son 10,000
Gift of a sports car to his daughter 10,000
What amount must be brought back to the man’s estate as an adjusted taxable gift in the calculation
of his federal estate taxes?
immediately made the following gifts and filed the required gift tax return:
Fair Market Value
Gift of listed stock to a qualified charity $200,000
Gift of listed bonds to his wife 300,000
Gift of a boat to his son 10,000
Gift of a sports car to his daughter 10,000
What amount must be brought back to the man’s estate as an adjusted taxable gift in the calculation
of his federal estate taxes?
Select one option, then reveal solution.
Question No. 7
Which of the following life insurance settlement options will qualify for the federal estate tax marital
deduction?
l. Proceeds left to the surviving spouse under the interest option, with interest payable to the
surviving spouse who has the unrestricted right to withdraw proceeds and with any proceeds not
withdrawn payable equally to her children per stripes
ll. Proceeds left to the surviving spouse under an installment option, with any installments remaining
at her death to be commuted and paid to her estate
deduction?
l. Proceeds left to the surviving spouse under the interest option, with interest payable to the
surviving spouse who has the unrestricted right to withdraw proceeds and with any proceeds not
withdrawn payable equally to her children per stripes
ll. Proceeds left to the surviving spouse under an installment option, with any installments remaining
at her death to be commuted and paid to her estate
Select one option, then reveal solution.
Question No. 8
All the following trust provisions avoid causing the inclusion of an irrevocable life insurance trust in
an insured’s gross estate EXCEPT :
an insured’s gross estate EXCEPT :
Select one option, then reveal solution.
Question No. 9
A father deeded a house as a gift to his daughter in 1990 but retained the right to live in it until his
death. He died this year while still living in the house. The following are relevant facts: The father
bought the property in 1980 for$130,000. The fair market value of the property when the gift was
made in 1990 was $150,000. The father filed a timely gift tax return but paid no gift tax because of
the applicable credit amount. The fair market value of the property at the father’s death was
$220,000. The daughter sold the property 3 months after her father’s death for $220,000. She had a
gain of:
death. He died this year while still living in the house. The following are relevant facts: The father
bought the property in 1980 for$130,000. The fair market value of the property when the gift was
made in 1990 was $150,000. The father filed a timely gift tax return but paid no gift tax because of
the applicable credit amount. The fair market value of the property at the father’s death was
$220,000. The daughter sold the property 3 months after her father’s death for $220,000. She had a
gain of:
Select one option, then reveal solution.
Question No. 10
Which of the following statements concerning a general power of appointment is (are) correct?
l. A general power of appointment is a power over property so broad that it approaches actual
ownership or control over the property subject to the power.
II. The property subject to a general power of appointment will be includible in the gross estate of
the holder of the power it held until death.
l. A general power of appointment is a power over property so broad that it approaches actual
ownership or control over the property subject to the power.
II. The property subject to a general power of appointment will be includible in the gross estate of
the holder of the power it held until death.
Select one option, then reveal solution.
Question No. 11
Which of the following types of real property ownership will be deemed to be a tenancy in common?
Select one option, then reveal solution.
Question No. 12
Which of the following statements concerning ownership of property in the form of a joint tenancy
with right of survivorship is correct?
with right of survivorship is correct?
Select one option, then reveal solution.
Question No. 13
The decedent, Z, died this year. The facts concerning Z estate are:
Gross estate $3,200,000
Marital deduction $1,100,000
Charitable deduction 80,000
Gifts made after 1976 115,000
State death taxes payable 215,000
What is Z taxable estate?
Gross estate $3,200,000
Marital deduction $1,100,000
Charitable deduction 80,000
Gifts made after 1976 115,000
State death taxes payable 215,000
What is Z taxable estate?
Select one option, then reveal solution.
Question No. 14
A father and son have been farming land owned by the fatherforthe past 12 years. Just prior to his
death, the father was offered $900,000 for his farm because of its possible use as a shopping 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:
1 Average annual gross rentals from nearby farms of similar acreage are $36.000.
2. Average annual state and local real estate taxes on the farm are $4,000.
3. The interest rate for loans from the Federal Land Bank is 8 percent.
For federal estate tax purposes, the farm method valuation formula would result in a current use
value for the farm of:
death, the father was offered $900,000 for his farm because of its possible use as a shopping 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:
1 Average annual gross rentals from nearby farms of similar acreage are $36.000.
2. Average annual state and local real estate taxes on the farm are $4,000.
3. The interest rate for loans from the Federal Land Bank is 8 percent.
For federal estate tax purposes, the farm method valuation formula would result in a current use
value for the farm of:
Select one option, then reveal solution.
Question No. 15
To qualify the seller of property for installment sale tax treatment, the transaction must meet which
of the following conditions?
of the following conditions?
Select one option, then reveal solution.