HS-330 Exam Preparation Material | Fundamentals of Estate Planning Test

Which of the following is an example of a taxable gift for federal gift tax purposes?

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

Important factors in assessing liquidity needs in estate planning include which of the following?
l. The types of assets that comprise the estate
II. The date of drafting the will

The personal representative of a decedent has the duty to file which of the following income tax returns?
I. The decedent’s final income tax return
II. The estate’s income tax return

Mr. Barlow died early this year. Under the terms of his will he left all his real estate and tangible personal property to his son. All the remainder of his probate estate was left to his wife, Mrs. Barlow. The following is a list of Mr.
Barlow’s probate assets and their fair market values at the time of his death:
Commercial real estate $200,000
Furniture and fixtures 100,000
Listed common stock 150,000
Notes receivable 250,000
In addition, Mrs. Barlow owned a $400,000 life insurance policy on Mr. Barlow’s life with Mr. Barlow’s estate designated as beneficiary. Based on this information, what is the amount of property in Mr. Barlow’s estate qualifying for the federal estate tax marital deduction?