Sunday, April 28, 2024
Taxation and Giving

1.3.4 Basic Quiz -- Marital Deduction
The estate tax marital deduction is limited to $1,500,000.
     True      False
A bypass trust, or credit shelter trust, is created to protect assets from creditors and unforeseen lawsuits.
     True      False
A QTIP trust can be designed to distribute assets to charity instead of children at the surviving spouse's death.
     True      False
A QTIP trust is designed to benefit the future spouse and/or children of a future spouse of the donor's surviving spouse.
     True      False
A QTIP election can be made for a transfer to a pooled income fund for a surviving spouse.
     True      False
The value of a testamentary charitable remainder trust (CRT), which pays to the donor's spouse, is includable in the estate tax calculation.
     True      False
The creation of a testamentary CRT by the donor for only the surviving spouse produces a marital gift tax deduction for the present value of the spouse's income stream.
     True      False
The creation of a charitable remainder trust that names a surviving spouse and another income beneficiary or a surviving spouse and then children for a term of years will NOT receive a marital deduction even though the surviving spouse is the first income beneficiary.
     True      False
A charitable remainder annuity trust for a surviving spouse does not qualify for the marital deduction.
     True      False
A non-citizen spouse does not qualify for the unlimited marital deduction.
     True      False



© Copyright 1999-2024 Crescendo Interactive, Inc.