Who Wants To Be A T&e Brainiac? #2

8 Questions | Total Attempts: 25

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Want to challenge your knowledge or just have a little fun? Take our "Who wants to be Estate Planning Brainiac" quiz. You will have 5 minutes to answer 8 multiple choice questions. Get 8 out of 8 correct and you are a certified Estate Planning Brainiac. You'll receive a prize just for playing.


Questions and Answers
  • 1. 
    What is the maximum period for which the IRS may grant an extension to pay estate tax?
    • A. 

      Six months

    • B. 

      Three years

    • C. 

      Ten years

    • D. 

      Any period it determines is reasonable

  • 2. 
    What is the maximum period for which the IRS may grant an extension to file an estate tax return?
    • A. 

      Six months

    • B. 

      Three years

    • C. 

      Ten years

    • D. 

      The estate may grant itself the first six month extension but any further extension may only be granted by the IRS

  • 3. 
    • A. 

      When the client’s wealth is less than the current estate tax exemption

    • B. 

      When the client anticipates his or her wealth will grow after death

    • C. 

      When the client wishes the most basic estate planning documents and advice about estate planning

    • D. 

      Almost never

  • 4. 
    • A. 

      Almost always

    • B. 

      Only when the client’s wealth is significant or for a potential inheritor who is incompetent

    • C. 

      Never unless the client insists upon their use

    • D. 

      None of the above

  • 5. 
    Is "health, education, maintenance, support and welfare" an ascertainable standard, according to the IRS?
    • A. 

      Yes

    • B. 

      No

    • C. 

      Only if the beneficiary is not a trustee

  • 6. 
    • A. 

      All community property receives a step-up in basis upon the death of the first spouse, and all community property owned by the survivor receives an additional step-up at the survivor's death.

    • B. 

      Only couples living in a community property state can own or create community property

    • C. 

      Both spouses must join in a gift of community property for the gift to be effective

  • 7. 
    What duty did the Treasury Department impose upon the practitioner in charge of the firm's tax or trusts & estates department under Circular 230 as of August 2, 2011?
    • A. 

      Ensure that all clients are advised of penalties reasonably likely to be imposed and any opportunity to avoid such a penalty through disclosure

    • B. 

      Ensure that every person (including non-lawyers and non-CPAs) who prepare a substantial portion of any Federal tax return have a PTIN

    • C. 

      Must take affirmative steps to ensure that the firm has adequate procedures in effect for all members, associates, and employees for complying with all of the provision of Circular 230

    • D. 

      Survey all tax practitioners in the firm to ensure that all clients have appropriately reported all Reportable Transactions

  • 8. 
    • A. 

      Interest in a Roth IRA

    • B. 

      Interest in a non-Roth IRA

    • C. 

      A low basis asset that is likely to decline in value after death

    • D. 

      An asset that has a negative basis