law20 tests

Test # C - Chapters 5, 6 and 7

Answer the following questions (please copy and paste both the questions and answers in your moodle classroom)

1. What is the date upon which you value each asset?

2. What are the six (6) steps and process to settle any doubt about the ownerships of any item in the decedent's estate.

3. If a decedent owns joint tenancy property with anyone other than his or her spouse what values does the IRS presume for estate tax purposes?

4. What does "face value" mean. Do antique coins have a "face value", why or why not/

5. For 2007, what is the amount of gross income, a non-married decedent must file a final federal income tax return? What about a California income tax return - how much income?

6. Why would you file an income tax return if income tax has been withheld from decedent's wages? What is the Federal IRS Form 1310, when do you use it, and what is its purpose?

7. What is a "fiduciary income tax return"? and when must it be filed - Federal? California? how much gross revenue?

8. What is the federal estate tax threshold for 2006/2007? 2008/2009? 2010/2011?

9. How do you calculate "the net estate value" ?

10. If you file a federal estate tax return, will you need to file a California Estate Tax return? If so where do you file it?