ALU 202 - Mid-Year Practice Exam
(Lion's Street) Comprehensive
Study Guide + Exam Questions &
Solutions Graded A+
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All of the following are financial objectives of a well-planned
estate EXCEPT:
1) maximized wealth
2) tax savings
3) income replacement
4) appropriate asset ownership - Answer: 3) income
replacement
A legal agreement whereby property is held and managed for
the welfare of the beneficiary is:
1) estate
2) trust
3) situs
4) partnership - Answer: 2) trust
The basis from which to determine whether an individual is
subject to the estate tax is:
,1) taxable estate
2) fair market value of the personal property
3) total income
4) business assets only - Answer: 1) taxable estate
All of the following statements regarding special use valuation
are correct EXCEPT:
1) Some property is taxed based upon potential uses
2) Property value is assessed according to its current use
3) The value of stocks/bonds are the price upon the date of
death
4) Life insurance products set aside for the benefit of the
decedent's estate are taxed as part of the estate - Answer: 1)
Some property is taxed based upon potential uses
Examples of income with respect to the decedent (IRD) include
all of the following EXCEPT:
1) uncollected lottery winnings
, 2) outstanding stock dividends
3) accounts receivables from a cash basis sole proprietor
4) gains received from the sale of the property - Answer: 4)
gains received from the sale of the property
All of the following are factors to consider in a charitable giving
application for life insurance EXCEPT:
1) past history of charitable contributions
2) amount of annual contributions
3) the state in which the charitable trust was established
4) the annual premium as a percentage of client's annual
income - Answer: 3) the state in which the charitable trust was
established
Foreign assets owned by former US citizens:
1) do not generate estate tax once US citizenship is renounced
2) generate a decreasing proportional estate tax for 10 yrs after
US citizenship is renounced
3) are completely exempt from estate taxes if all assets are
located outside of the US
(Lion's Street) Comprehensive
Study Guide + Exam Questions &
Solutions Graded A+
Professional Academic Assistance Services
Services Offered
• Proctored Exam Assistance
• Online Class Management (Full Course Support)
• Exam Preparation & Study Materials
• Assignments and Coursework Support
• Essay and Research Paper Writing
• Discussion Posts & Responses
• Editing and Proofreading
• Confidential Academic Consultation
Contact Information
Email:
WhatsApp link: https://wa.me/254704846336
Fast Response | Confidential | Reliable Academic
, Support
Helping Students Achieve Academic Excellence
All of the following are financial objectives of a well-planned
estate EXCEPT:
1) maximized wealth
2) tax savings
3) income replacement
4) appropriate asset ownership - Answer: 3) income
replacement
A legal agreement whereby property is held and managed for
the welfare of the beneficiary is:
1) estate
2) trust
3) situs
4) partnership - Answer: 2) trust
The basis from which to determine whether an individual is
subject to the estate tax is:
,1) taxable estate
2) fair market value of the personal property
3) total income
4) business assets only - Answer: 1) taxable estate
All of the following statements regarding special use valuation
are correct EXCEPT:
1) Some property is taxed based upon potential uses
2) Property value is assessed according to its current use
3) The value of stocks/bonds are the price upon the date of
death
4) Life insurance products set aside for the benefit of the
decedent's estate are taxed as part of the estate - Answer: 1)
Some property is taxed based upon potential uses
Examples of income with respect to the decedent (IRD) include
all of the following EXCEPT:
1) uncollected lottery winnings
, 2) outstanding stock dividends
3) accounts receivables from a cash basis sole proprietor
4) gains received from the sale of the property - Answer: 4)
gains received from the sale of the property
All of the following are factors to consider in a charitable giving
application for life insurance EXCEPT:
1) past history of charitable contributions
2) amount of annual contributions
3) the state in which the charitable trust was established
4) the annual premium as a percentage of client's annual
income - Answer: 3) the state in which the charitable trust was
established
Foreign assets owned by former US citizens:
1) do not generate estate tax once US citizenship is renounced
2) generate a decreasing proportional estate tax for 10 yrs after
US citizenship is renounced
3) are completely exempt from estate taxes if all assets are
located outside of the US
