The following are exclusions from gross estate, which is not ? Transfer in contemplation of death Transfer as a result of which there is merger of usufruct in the owner of the naked title. Amount received from SSS or GSIS. All of the above
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- One of the following transfers is not included in the gross estate A. Revocable transfer.B. Transfer of property in contemplation of death.C. Transfer of right with reservation and retention of certain rights.D. Transfer of real property for an adequate and full consideration in money.24 These statements are presented to you for evaluation:Statement I – When property is transferred in contemplation of death for insufficient consideration, such property shall be collated to the estate at its fair market value as of the time of death of the transferor.Statement II – Proceeds of life insurance policy taken by the decedent upon his own life shall be excluded from the gross estate if the designation of the beneficiary is irrevocable, whether such beneficiary is the estate or a third person.In your evaluation of the foregoing statements: Group of answer choices Only Statement II is true. Only Statement I is true. Both statements are false. Both statements are true.Amount receivable by the estate of the deceased, his executor or administrator as a beneficiary under policy taken by the decedent upon his own life is: * excluded from gross income. part of gross income whether the beneficiary is revocable or irrevocable. part of gross income if the beneficiary is irrevocable. none of the above
- Which of the following is not a goal of probate laws? Choose the correct.a. To gather and preserve all of the decedent’s property.b. To ensure that each individual produces a valid will.c. To discover the decedent’s intent for property held at death and then to follow those wishes.d. To carry out an orderly and fair settlement of all debts and distribution of property.Which of the following assets would be transferred by applicable intestate succession statutes at an intestate decedent's death? A) An income interest at death in the assets of an irrevocable trust that she established and funded B) Assets the decedent gifted prior to death in which she had no retained interest at death C) Assets that she owned and had made a payable on death (POD) designation prior to her death D) An asset in which the decedent held a tenancy in common interest at deathAccrued interest at the time of a decedent’s death would be interest income and considered part of estate income rather than principal. True or False
- Which of the following is not a goal of probate laws? To gather and preserve all of the decedent’s property. To ensure that each individual produces a valid will. To discover the decedent’s intent for property held at death and then to follow those wishes. To carry out an orderly and fair settlement of all debts and distribution of property.Which of the following is correct? The gain basis for property received by gift is the lesser of the donor’s adjusted basis or the fair market value on the date of the gift. The loss basis for property received by gift is the same as the donor’s basis. The gain basis for inherited property is the same as the decedent’s basis. The loss basis for inherited property is the lesser of the decedent’s basis or the fair market value on the date of the decedent’s death. None of the above.For a decedent who has left a last will and testament, which of the following correctly state issues that may have to be proved in the probate proceeding? Whether the will was validly executed Whether the will disposes of all probate property Whether the decedent's gross estate exceeds the applicable exclusion amount Whether any trusts described in the will are entitled to the marital or charitable deduction A) II and IV B) III and IV C) I, II, and III D) I and II
- Which of the following life insurance proceeds is not included in the gross estate of the deceased? A. Insurance proceeds with SSS.B. Insurance proceeds where the beneficiary is a third person revocably appointed.C. Insurance proceeds under a group insurance taken out by the employee for himself as beneficiary.D. Insurance proceeds covering the life of the insured decedent where the estate of the deceased, hisexecutor or administrator is the beneficiary whether or not the insured retained the power of revocation.Assuming that a decedent left no valid last will and testament, which of the following assets will pass by the laws of intestate succession? Property in an inter vivos trust established by the decedent in which the decedent was the income beneficiary at the time of death, and the decedent's children were remainder beneficiaries Property held by the decedent and his spouse as tenants in common Property held by the decedent and his spouse as community property Property in an inter vivos trust established by the decedent's father in which the decedent was the income beneficiary at the time of death, and the decedent's children were remainder beneficiaries A) I and II B) I, II, and IV C) II and III D) III and IVIf after paying debts and expenses, the estate principal is not adequate to satisfy the various legacies, the legacies are satisfied to whatever extent possible through the: a. probate process. b. a property devise. c. abatement process. d. legacy process.