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Needed by 12/05/13-Chapter 23 Income Taxation of Trusts and Estates TRUE-FALSE QUESTIONSCHAPTER 23

1. False 2. True 3. False 4. True 5. False 6. False 7. False 8. False 9. True

10. False 11. MULTIPLE CHOICE QUESTIONSCHAPTER 23 11. Business losses or capital losses incurred by a decedent prior to death: a. b. c. d. 12. Can be carried over to an estate's income tax return. Can be deducted by estate beneficiaries on their income tax returns. End with the decedent's final income tax return. Are not deductible on a decedent's final income tax return.

All valid tax deductions paid by a cash basis decedent before death: a. b. Can be deducted on the decedent's final income tax return. Cannot be deducted on the decedent's final income tax return.

c. d. 13.

Can be deducted by the decedent's estate on its income tax return. Can be deducted by beneficiaries of the decedent's estate.

If named in a decedent's will, a fiduciary of an estate would be called an: a. b. c. d. Administrator Executor Trustee Advisor

14.

Each estate must file an estate income tax return if the estate has the following income: a. b. c. d. $100 $300 $600 $1,000

15.

Charitable contributions can be deducted on an estate's income tax return but are limited to the following percentage of gross income: a. b. c. d. 30 percent 50 percent 80 percent No percentage limitation

16.

A trust created by a grantor during his own lifetime is called a: a. b. c. d. Grantor trust Inter vivos trust Testamentary trust Simple trust

17.

A simple trust is entitled to a personal exemption of: a. b. $100 $300

c. d. 18.

$600 $1,000

Charitable contributions cannot be made by a(n): a. b. c. d. Testamentary trust Inter vivos trust Complex trust Simple trust

19.

Trust throwback rules apply to: a. b. c. d. Grantor trusts Multiple trusts Accumulation distributions None of the above.

20.

Income distributions from an estate to estate beneficiaries are recognized as income by beneficiaries on their tax returns for the year in which the: a. b. c. d. Distribution is received. Estate's tax year ends. Income distribution was earned by the estate. Income distribution was received by the estate.

21.

Charitable contributions can be deducted on an estate's income tax return up to what percentage of income? a. b. c. d. 20 percent 30 percent 50 percent Unlimited percentage of income