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Question 1 of 10
1. Question
Which of the following statement is true regarding the original basis?
Correct
The method of calculation used to assess the value of an asset will be based on the method through which the asset was acquired.
Incorrect
The method of calculation used to assess the value of an asset will be based on the method through which the asset was acquired.
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Question 2 of 10
2. Question
Which of the following statement is true regarding the conveyor basis?
Correct
It is found by adding the purchase price, acquisition costs, and any improvements.
Incorrect
It is found by adding the purchase price, acquisition costs, and any improvements.
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Question 3 of 10
3. Question
At what point the alternative minimum tax is used?
Correct
The alternative minimum tax (AMT) is used when it creates a higher tax liability than the calculation of regular income taxation. The point of the alternative minimum tax is to make sure that individuals are not able to lower their tax liabilities through the use of various loopholes.
Incorrect
The alternative minimum tax (AMT) is used when it creates a higher tax liability than the calculation of regular income taxation. The point of the alternative minimum tax is to make sure that individuals are not able to lower their tax liabilities through the use of various loopholes.
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Question 4 of 10
4. Question
Which of the following statement is not true regarding the alternative minimum tax?
Correct
It is used when it creates a higher tax liability than the calculation of regular income taxation.
Incorrect
It is used when it creates a higher tax liability than the calculation of regular income taxation.
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Question 5 of 10
5. Question
Which of the following statement is not true regarding charitable remainder trusts(CRT)?
Correct
A charitable remainder trust must have at least one noncharitable income beneficiary
Incorrect
A charitable remainder trust must have at least one noncharitable income beneficiary
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Question 6 of 10
6. Question
Tiffany purchased a diamond ring many years ago, paying $2,000 at the time. Based on gold and diamond price estimates, the ring has appreciated by around 4% per year. She is now going to sell the ring, currently worth $7,000. How many years did Tiffany own the ring?
Correct
To determine that Tiffany has owned the ring for 32 years, PV= 2,000 FV=7,000 I= 4, PMT= 0 and solve for N, which in this case equals 32.
Incorrect
To determine that Tiffany has owned the ring for 32 years, PV= 2,000 FV=7,000 I= 4, PMT= 0 and solve for N, which in this case equals 32.
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Question 7 of 10
7. Question
Which of the following statement is not true regarding common law?
Correct
The income earned from separate property during the marriage is community property, but the gain on the sold separate property remains separate. Under common law, a husband and wife have equal ownership of all property
Incorrect
The income earned from separate property during the marriage is community property, but the gain on the sold separate property remains separate. Under common law, a husband and wife have equal ownership of all property
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Question 8 of 10
8. Question
Which of the following assets are not subject to the probate?
Correct
The following assets are subject to probate: assets in which the decedent has the sole title, assets held by tenancy in common, assets held as community property, assets disposed of by will, and contract proceeds that are payable to the estate
Incorrect
The following assets are subject to probate: assets in which the decedent has the sole title, assets held by tenancy in common, assets held as community property, assets disposed of by will, and contract proceeds that are payable to the estate
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Question 9 of 10
9. Question
From which of the following assets probate is not avoided?
Correct
Probate may be avoided by, establishing joint tenancy with right of survivorship, using trusts, establishing a funded revocable living trust, creating a tenancy by its entirety, or establishing a beneficiary to transfer by contract, as for instance life insurance contracts and retirement plans.
Incorrect
Probate may be avoided by, establishing joint tenancy with right of survivorship, using trusts, establishing a funded revocable living trust, creating a tenancy by its entirety, or establishing a beneficiary to transfer by contract, as for instance life insurance contracts and retirement plans.
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Question 10 of 10
10. Question
Which of the following statement is not true regarding power of attorney?
Correct
The person who is appointed is called the attorney-in-fact and the person who provides the power is known as the principal.
Incorrect
The person who is appointed is called the attorney-in-fact and the person who provides the power is known as the principal.