subject: Hs 330 Exam Questions [print this page] HS 330 exam is an important American College certification which can test your professional skills. Candidates want to pass the exam successfully to prove their competence. TestInside American College technical experts have collected and certified 410 questions and answers of HS 330 exam which are designed to cover the knowledge points of the Fundamentals of Estate Planning test and enhance candidates abilities.
Exam : The American College HS 330 Title : Fundamentals of Estate Planning test 1. Which of the following types of real property ownership will be deemed to be a tenancy in common? A. Two brothers own equal amounts of all the common stock in a corporation, the only asset of which is real property. B. Two brothers own equal undivided interests in a piece of real property, with each brother being able to divest himself of his interest by sale, gift, or will. C. Two brothers are equal partners in a general partnership that owns a piece of real property used in the partnership business. D. Two brothers own equal fractional interests in a piece of real property and at the death of one of the brothers the survivor will own the entire piece of property. Answer: B 2. The following are facts concerning a decedents estate: Taxable estate $1,700,000 Pre-1977 taxable gifts 200,000 Post-1976 adjusted taxable gifts 50,000 Post-1976 gifts made to a qualified charity 100,000 The tentative tax base of this estate is A. $1,700,000 B. $1,750,000 C. $1,850,000 D. $1,900,000 Answer: B 3. A father and son have been farming land owned by the father for the past 12 years. Just prior to his death, the father was offered $1,200,000 for his farm because of its possible use as a shopping center. The son would like to continue to farm the land if it can be included in his fathers estate at its current use value. Additional facts are: 1.Average annual gross rentals from nearby farms of similar acreage are $56,000. 2.Average annual state and local real estate taxes on the farm are $8,000. 3.The interest rate for loans from the Federal Land Bank is 8 percent. For federal estate tax purposes, the farm method valuation formula would result in a current use value for the farm of A. $500,000 B. $600,000 C. $700,000 D. $820,000 Answer: B
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