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ACCT 424 DeVry Week 6 Quiz Latest

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ACCT 424 DeVry Week 6 Quiz Latest

ACCT 424 DeVry Week 6 Quiz Latest

ACCT424

 

ACCT 424 DeVry Week 6 Quiz Latest

Question 1. Question : (TCO 9) During 2012, Jason gave $100,000 to his nephew, Matt. If he elects to split the gift with his spouse, Joan, how much is Jason’s taxable gift?

  • $23,000
  • $37,000
  • $100,000
  • $87,000

Question 2. Question : (TCO 9) In which country is the transfer of capital assets at death treated as a sale?

  • United States
  • Australia
  • New Zealand
  • Canada

Question 3. Question : (TCO 9) Donald and Frank (who are not related) acquired land as tenants with right of survivorship. Donald contributed $300,000, whereas Frank contributed $100,000 of the $400,000 purchase price. How much must be included in Donald’s gross estate if he were to die in 2012 when the land was valued at $1,200,000?

  • $1,200,000
  • $300,000
  • $900,000
  • $400,000

Question 4. Question : (TCO 9) The major distinguishing factor between an estate and an inheritance tax is

  • cash versus property transfers.
  • the party responsible for payment.
  • business or personal assets.
  • timing of the transfer involved.

Question 5. Question : (TCO 9) Garry wants to make a loan to his son with repayment on an installment arrangement. Which will prevent any part of this transaction from being taxed as a gift?

  • Loan less than the annual transfer exclusion
  • Charge interest
  • Filing Form 709 in advance
  • Having his son pay income taxes on the amount received

Question 6. Question : (TCO 9) Joe makes a gift of assets with a fair market value of $400,000 to his sister in 2012. He has made annual gifts of $50,000 cash for this and the last 4 years (total 5 years) to her as well as his brother, and he paid the applicable gift tax on these annual gifts. Presuming no other taxable gifts and before applying the unified tax credit, which is the amount of the taxable gifts for the current year?

  • $500,000
  • $487,000
  • $474,000
  • $400,000

Question 7. Question : (TCO 9) Which is not a requirement for a gift to be complete?

  • Formal contract
  • Delivery of the property
  • Competent donor
  • Acceptance of the gift

Question 8. Question : (TCO 9) When the gifts for any one calendar year exceed the annual exclusion or involve a gift of a future interest, which tax return must be filed with the IRS?

  • Form 1040
  • Form 706
  • Form 1040EZ
  • Form 709

Question 9. Question : (TCO 9) If a person dies while holding outstanding promissory notes issued to him or her by his or her child and the person forgives the notes in their will, which value should be included in the gross estate?

  • The original value should be included in the gross estate.
  • The book value should be included in the gross estate.
  • The fair market value should be included in the gross estate.
  • They should not be included in the gross estate at all.

Question 10. Question :       (TCO 9) In calculating the taxable estate, which is not allowed as a deduction?

  • Charitable transfers
  • State death taxes
  • Marital deduction
  • None of the above
ACCT 424 DeVry Week 6 Quiz Latest

ACCT 424 DeVry Week 6 Quiz Latest

 

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