Practice Test GeeksCCA - Certified Carbon Auditor Practice Test
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Estate Planning Flashcards

7 cards from real CCA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Estate Planning flashcards as text

  1. Under federal law, how much can a U.S. citizen generally leave to a U.S.-citizen spouse free of estate tax?

    Answer: An unlimited amount through the marital deduction

    The unlimited marital deduction lets transfers to a U.S.-citizen spouse pass free of federal estate tax.

  2. What does 'portability' allow a surviving spouse to do?

    Answer: Use the deceased spouse's unused estate tax exclusion

    Portability lets the survivor add the deceased spouse's unused exclusion (DSUE) to their own, if a timely Form 706 is filed.

  3. What tax basis do heirs usually receive in appreciated assets inherited at death?

    Answer: Stepped-up basis to fair market value at date of death

    Under IRC Section 1014, inherited property generally gets a basis equal to its fair market value at death.

  4. Which IRS form is used to report a federal estate tax return?

    Answer: Form 706

    Form 706 is the U.S. estate (and generation-skipping transfer) tax return.

  5. Form 709 is filed to report which of the following?

    Answer: Gifts above the annual exclusion amount

    Form 709 reports taxable gifts, such as gifts to one person above the annual exclusion.

  6. Paying a grandchild's tuition directly to the school is treated how for federal gift tax purposes?

    Answer: Excluded from gift tax with no dollar limit

    Tuition paid directly to an educational institution is excluded from gift tax regardless of amount.

  7. An estate's income earned after death (for example, interest during administration) is reported on:

    Answer: Form 1041

    Form 1041 is the income tax return for estates and trusts.