Free American College HS330 Exam Questions
Absolute Free HS330 Exam Practice for Comprehensive Preparation
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American College HS330 Exam Questions
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Provided By: American College
- Exam: Fundamentals of Estate Planning test
- Certification: ChFC
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Total Questions: 400
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Updated On: Sep 24, 2026
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Rated: 4.9 |
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Online Users: 800
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Question 1
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Which of the following statements concerning filing the federal estate tax return is (are) correct?
l. The estate tax return must be filed within 9 months of death unless an extension is granted by the
IRS.
ll. For persons dying this year. an estate tax return must be filed for gross estates plus adjusted
taxable gifts that exceed $1.5 million
Answer: C
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Which of the following statements concerning filing the federal estate tax return is (are) correct?
l. The estate tax return must be filed within 9 months of death unless an extension is granted by the
IRS.
ll. For persons dying this year. an estate tax return must be filed for gross estates plus adjusted
taxable gifts that exceed $1.5 million
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Question 2
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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withdrawn payable equally to her children per stripes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
Answer: C
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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
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Question 3
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The decedent, D, died this year. The facts concerning D estate are:
Gross estate $3,400,000
Marital deduction 0
Charitable deduction 600,000
Funeral & administration expenses 00,000
Gifts made after 1976 170,000
State death taxes payable 192,000
What is D taxable estate?
Answer: C
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The decedent, D, died this year. The facts concerning D estate are:
Gross estate $3,400,000
Marital deduction 0
Charitable deduction 600,000
Funeral & administration expenses 00,000
Gifts made after 1976 170,000
State death taxes payable 192,000
What is D taxable estate?
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Question 4
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Which of the following statements concerning a simple trust is (are) correct?
l. All income must be distributed as earned to the person or persons who are beneficiaries of the
trust.
II. Principal and income may be distributed to a qualified charity
Answer: A
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Which of the following statements concerning a simple trust is (are) correct?
l. All income must be distributed as earned to the person or persons who are beneficiaries of the
trust.
II. Principal and income may be distributed to a qualified charity
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Question 5
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On January 1, 2004 a father gave his daughter a $200,000 straight (ordinary) life insurance policy on
his life. Premiums are paid annually. The pertinent facts about the policy are:
Date of issue: July 1, 1992
Premium paid on July 1, 2003 $3200
Terminal reserve on July 1, 2003 20,000
Terminal reserve on July 1, 2004 24,000
What is the value of the policy for federal gift tax purposes?
Answer: C
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On January 1, 2004 a father gave his daughter a $200,000 straight (ordinary) life insurance policy on
his life. Premiums are paid annually. The pertinent facts about the policy are:
Date of issue: July 1, 1992
Premium paid on July 1, 2003 $3200
Terminal reserve on July 1, 2003 20,000
Terminal reserve on July 1, 2004 24,000
What is the value of the policy for federal gift tax purposes?