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Which of the following are reasons for making lifetime gifts
a. appreciation in value
b. credit limit
c. impact of marital deduction
d. gift exclusion
e. all of the above


11. A trust designed to provide liquidity for an estate without increasing the size of the estate is a(n) ____.
a. revocable living
b. irrevocable life insurance
c. testamentary
d. charitable lead
e. credit shelter


ANS: B PTS: 1 NAT: Tier 1: Reflective thinking
LOC: Tier 2: Knowledge of financial analysis

12. The unified rate schedule applies to federal ____ taxes.
a. inheritance and gift
b. gift and income
c. gift and estate
d. income and estate
e. estate and inheritance



13. Gift tax liability could be incurred on this transaction:
a. providing rent-free apartment for mother
b. 1,000 hours of babysitting for grandchild
c. son's deposit into husband-wife joint checking account
d. setting up a revocable trust
e. $35,000 given to son

14. The gift tax exclusion applies
a. per recipient annually.
b. per donor annually.
c. per recipient per lifetime.
d. per donor per lifetime.
e. to all spouses' gifts to each other.


15. Your gross estate is reduced by the ____ to determine the adjusted gross estate.
a. state death tax credit
b. orphan's deduction
c. marital deduction
d. funeral and administrative expenses
e. previous year's income tax
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Finance - 8341614.doc

Which of the following are reasons for making lifetime gifts
a. appreciation in value
b. credit limit
c. impact of marital deduction
d. gift exclusion
e. all of the above

Reason
All of the above...

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