Sam is single. Given the following information, determine the value of Sams gross estate:

	FMV at
	Date of Death
Cash	$ 15,000
Life insurance on Sams life (payable to his estate)	200,000
Jointly owned property (percentage includible-100%)	100,000

• A.$265,000

• B.$65,000

• C.$115,000

• D.$315,000

In 2010, Jims will established a trust for his son Kevin and his grandsons. In 2020, a taxable termination occurred when Kevin died, and trust assets were distributed to grandsons Mark and John. Jims executor allocated $1,500,000 of his exemption to the trust in 2010, which had a value of $6,500,000 at that time. When the taxable termination occurred in 2020, the trust assets value increased to $12,500,000. State death taxes attributable to trust property were $500,000. What is the inclusion ratio used to calculate the GSTT?

• A.7/8

• B.1/4

• C.1/8

• D.3/4

In 2020, which of the following statements about the generation-skipping transfer exemption is false?

• A.If a married couple elects gift-splitting for a transfer, the transferred property may be allocated a GSTT exemption of up to $23.16 million.

• B.The GST exemption may be allocated to an inter vivos transfer on a timely filed gift tax return or later statement of allocation filed with the IRS.

• C.All appreciation that occurs to property covered by the allocation of the $11.58 million exemption is also covered by the exemption up to a limit of $8 million.

• D.An individual (or his or her executor) can allocate a $11.58 million exemption to property with respect to which (s)he is the transferor.

Eileen, a U.S. citizen, died on December 17, Year 1. The value of her gross estate at the date of death was determined to be in excess of $11.58 million. Assuming the estate chooses to have an estate tax apply, without regard to extensions, what is the due date of Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return?

• A.September 17, Year 2.

• B.February 28, Year 2.

• C.December 31, Year 1.

• D.April 15, Year 2.

Which of the following is NOT a credit against gross estate tax in determining net estate tax?

• A.Gift taxes on gifts included in the gross estate.

• B.Qualified charitable contributions.

• C.Foreign death taxes.

• D.Unified credit (applicable credit amount).

Mr. Good died on April 15 of the current year. His assets and their fair market value at the time of his death were

Cash	$ 10,000
Home	140,000
Life insurance payable to Mr. Goods estate	200,000
Series EE bonds	90,000
Municipal bonds	180,000

Mr. Good had borrowed $10,000 against the cash value of his life insurance policy. Mr. Goods estate is liable for the loan. What is the total amount of Mr. Goods gross estate for federal estate tax purposes?

• A.$620,000

• B.$420,000

• C.$240,000

• D.$610,000