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Question 1 of 10
1. Question
Which of the following is not the reason for transferring through the trust?
Correct
One of the main reasons to transfer through the trust is to provide for more than one beneficiary.
Incorrect
One of the main reasons to transfer through the trust is to provide for more than one beneficiary.
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Question 2 of 10
2. Question
Which of the following statement best defines the term will?
Correct
A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.
Incorrect
A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.
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Question 3 of 10
3. Question
Which of the following statement is true regarding minority discounts?
Correct
Minority discounts are valuation discounts that are allowed on the interest in a business when that business is not a controlling interest.
Incorrect
Minority discounts are valuation discounts that are allowed on the interest in a business when that business is not a controlling interest.
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Question 4 of 10
4. Question
Which of the following statement is true regarding the Bankruptcy Code?
Correct
The debtor is allowed to retain a certain property, but a trustee liquidates all other assets.
Incorrect
The debtor is allowed to retain a certain property, but a trustee liquidates all other assets.
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Question 5 of 10
5. Question
Which of the following statement is true regarding the operation of law?
Correct
The operation of law refers to the rights to a property being passed from one individual to another in accordance with the established laws.
Incorrect
The operation of law refers to the rights to a property being passed from one individual to another in accordance with the established laws.
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Question 6 of 10
6. Question
Which of the following statement is true regarding marketability discounts?
Correct
The ability to quickly convert the property to cash at a minimal cost. It also defines the discount for lack of marketability. An amount or percentage deducted from the value of an ownership interest to reflect the relative absence of marketability
Incorrect
The ability to quickly convert the property to cash at a minimal cost. It also defines the discount for lack of marketability. An amount or percentage deducted from the value of an ownership interest to reflect the relative absence of marketability
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Question 7 of 10
7. Question
Which of the following statement best defines the term sole proprietorship?
Correct
The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.
Incorrect
The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.
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Question 8 of 10
8. Question
Which of the following statement best defines the term Gross income?
Correct
Gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes.
Incorrect
Gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes.
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Question 9 of 10
9. Question
Which of the following is not the key feature of kiddie tax?
Correct
It applies to children under the age of 19 and full-time students under the age of 24.
Incorrect
It applies to children under the age of 19 and full-time students under the age of 24.
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Question 10 of 10
10. Question
Which of the following statement is true regarding the stepped-up basis?
Correct
It is calculated for assets that are included in the taxable estate of a decedent.
Incorrect
It is calculated for assets that are included in the taxable estate of a decedent.