CER - devry -Acct424Week 6 Quiz2

CER - devry -Acct424Week 6 Quiz2 - Grade for Marjorie...

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Grade for Marjorie Dilworth: Week 6 Quiz Numeric grade: 12/20 Letter grade: Comments: Marjorie, Congratulations on a great quiz this week. Please let me know if you have any questions as you start preparing for the final exam. < Close Window Autograde Summary Date Taken: 4/11/2010 10:21:39 PM Time Spent: 1:26:24 (1:30 allowed) Points Received: 12 / 20 (60%) These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Question Type: # Questions: # Correct: Multiple choice 10 6 Grade Details 1. Question: (TCO 9) Arnold and Irma are married and live in Maine.  In 1990, they purchase realty for $100,000 (Irma  provides $80,000 and Arnold $20,000) and list ownership as joint tenants with right of survivorship.  In the  current year, Arnold dies first when the realty is worth $500,000.  One result of these events is: Your Answer: Arnold’s gross  estate includes  $250,000. CORRECT Arnold’s gross estate  includes $100,000. Arnold’s gross estate  includes $400,000. In 1990, Irma made  a gift to Arnold of  $60,000.
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None of the above. Instructor Explanation: As to spouses, it does not matter what the original contribution was.  Automatically, 50% is included in the  gross estate (choice a.).  When the property was purchased in 1990, Irma made a gift to Arnold of  $30,000 (choice d.), although its effect would be neutralized by the marital deduction.   Points Received: 2 of 2 2. Question: (TCO 9) What is the name given to a tax levied on the right to pass property at death? Your Answer: Instructor Explanation: An inheritance tax is a tax imposed on the right to receive property from a decedent at death.  An estate  tax is imposed on the decedent’s entire estate for the right to pass property at death. Points Received:
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CER - devry -Acct424Week 6 Quiz2 - Grade for Marjorie...

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