Estate Planning Exam


Estate planning
FINAL EXAM
80 QUESTIONS
Chapter 1 – 23
Directions: Each of the questions or incomplete statements below on the examination is
followed by four suggested answers or completions. Select the one that is best in each case and
circle the corresponding letter.

1) Which of the following terms refers to the property of a decedent reverting to his or her state
of domicile?
a) Intestate
b) Succession
c) Apportionment
d) Escheat
2) which of the following interests in real property gives the owner of the interest the most
control over the property?
a) A life estate
b) A remainder interest
c) A retained interest
d) A fee simple estate
3) A wife makes outright gifts of $96,000 to her son, and her husband agrees to split the gifts
with her. Which of the following correctly states the amount of the taxable gifts?
a) Wife - $26,000, husband - $46,000
b) Wife - $34,000, husband - $34,000
c) Wife - $46,000, husband - $46,000
d) Wife - $72,000, husband - $0
4) Which of the following items is a deduction from a decedent’s gross estate in determining the
adjusted gross estate?
a) Foreign death taxes
b) State excise taxes
c) Claims against the estate
d) The marital deduction
5) Income earned but unpaid at the time of a decedent’s death is deemed to be income in
respect of a decedent (IRD). Which of the following statements concerning IRD is correct?
a) The income must be reported on the decedent’s final federal income tax return.
b) The income is taxable to the person or entity receiving it.
c) IRD includes income earned by the executor on estate assets.
d) The character of the income as taxable or nontaxable is changed when passed to the
recipient.
6) The federal estate tax is
a) A tax on the right of a decedent to transfer property
b) A tax on the right of a beneficiary to inherit property
c) A tax levied only on a decedent’s probate property
d) An excise tax levied on the privilege of accumulating wealth.
7) The owner of a successful business wishes to retire and sell the business to her daughter.
The business is worth substantially more than the owner’s basis. The owner and her
daughter have agreed to an installment sale. Which of the following statements concerning
this sale is correct?
a) The sale price should be lower than the fair market value of the business to avoid estate or gift tax complications.
b) The installment period must be limited to 10 years or less to avoid adverse estate tax
consequences.
c) The principal payments payable after the seller’s death avoid estate inclusion.
d) The interest rate specified should be reasonable to avoid adverse gift or income tax
consequences.
8) Which of the following statements concerning guardians is correct?
a) A guardian for personal care is called a guardian ad litem
b) A special guardian can be appointed by the court to protect a minor’s rights in a legal
proceeding.
c) A guardian named in a deceased parent’s will is binding on the court.
d) A guardian receives the legal authority to act from the deceased parent’s will.
9) Which of the following examples of a terminable interest left to a surviving spouse qualifies
for the federal estate tax marital deduction?
a) A property interest that passes to someone else if the surviving spouse remarries
b) A life estate in property
c) A life interest in a trust over which the surviving spouse has special power of appointment
d) A property interest that passes to the surviving spouse only if the spouse actually
survives the decedent by 3 months.
10) Which of the following statements concerning the qualification of property for the federal
estate tax marital deduction is correct?
a) If a decedent is a resident of a community-property state, only separate property can
qualify.
b) Property received by a surviving spouse as the result of a disclaimer will not qualify.
c) Property can qualify even if the surviving spouse receives it as trustee for someone else.
d) The property interest must be includible in the surviving spouse’s estate at death unless
consumed or given away.
11) Which of the following statements concerning federal estate tax is correct?
a) All transfers made within 3 years of death must be brought back into the gross estate for federal estate tax purposes.
b) Jointly held property is not subject to federal estate tax.
c) Property passing outside the probate estate is not subject to federal estate tax.
d) For all estates required to file a return, a federal estate tax return must be filed within 9
months of death unless an extension is granted.
12) A woman is the income beneficiary of an irrevocable trust created by her mother. Which of
the following powers given to her by the trust will cause all the assets in the trust to be
includible in her gross estate for federal estate tax purposes?
a) The testamentary power to direct the trustee to use trust assets to pay her estate taxes.
b) the power to direct the trustee to pay her trust assets limited in amount to an
ascertainable standard relating to her health and education
c) the power each year to direct the trustee to pay her an amount of trust assets not
exceeding the greater of $5,000 or 5 percent of the assets held by the trust
d) the testamentary special or limited power to direct the trustee to distribute trust assets to her children
13) Which of the following statements concerning executors is correct?
a) An executor can be given broad and discretionary powers with respect to the management of estate assets.
b) An executor is chosen by the beneficiary of a will shortly after the decedent’s death.
c) An executor must be an individual rather than an entity or institution
d) An executor is answerable only to the beneficiary and not to the court having jurisdiction over the probate of the estate.
14) Charles Kuralt purchased a joint life annuity for himself and his paramour from an insurance
company. Assuming Charles contributed the entire purchase price, how will the annuity be
valued at his death for purposes of determining his gross estate?
a) at the original cost of the joint life annuity
b) at the cost of a single life annuity on Charles’s life at the date of his death
c) at the cost of a single life annuity for his paramour at the time the original annuity was
purchased
d) at the cost of a single life annuity for his paramour at the time of his death
15) Which of the following powers would result in the property subject to the power being
included in a decedent’s estate?
a) the power to add to the corpus
b) the power to change beneficiaries
c) the power to direct issuance of voting proxies
d) the power to direct the reinvestment of funds
16) Which of the following is a gift for federal gift tax purposes?
a) Without compensation a carpenter builds a chicken shed for a neighbor
b) A valuable oil painting owned by a father is delivered to his son to be displayed at the
son’s residence with a provision that the painting is to be returned to the father on
demand.
c) A father tells his son that he need not pay interest on a $50,000 interest-bearing note
evidencing a loan that the father made to his son.
d) A mother promises to give her son her new car as soon as the odometer reads 50,000
miles
17) Which of the following statements concerning income taxation of trusts and estates is
correct
a) A simple trust is allowed an exemption of $500.
b) A complex trust is allowed an exemption of $1,000
c) An estate is taxed the same as a grantor trust.
d) An estate is allowed an exemption of $600

18) Which of the following statements concerning the federal estate tax charitable deduction is
correct?
a) In order to be allowed as a charitable deduction, the bequest must first be includible in
the donor’s gross estate.
b) The amount of the deduction is limited to a percentage of the adjusted gross estate.
c) For the deduction to be obtained, the bequest must be in the form of an outright gift.
d) The amount of the deduction will be increased by the amount of any estate taxes paid
from the charitable bequest.
19) Which of the following statements concerning installment sales of property is correct?
a) Payments must occur in more than 2 tax years before installment reporting is permitted.
b) Installment notes must be unsecured or adverse income tax consequences will result.
c) Installment sales follow installment reporting for tax accounting purposes unless the
seller elects normal tax reporting.
d) The seller first recovers all federal income tax basis tax free before recognizing any
capital gain.
20) Which of the following items would be included in a decedent’s gross estate for federal estate tax purposes?
a) a life insurance policy on the decedent’s life that was transferred by the decedent 2 years earlier to an irrevocable trust for the benefit of her children
b) proceeds of a wrongful death suit brought by the decedent’s executor against the drunk
driver who caused the decedent’s death
c) real estate given to the decedent by an aunt that, in accordance with the aunt’s will,
passes to the decedent’s sister at the decedent’s death.
d) Property in a trust established by the decedent’s father for his grandchildren with the
decedent and the decedent’s sister as co-trustees of the trust.
21) Mary Bennett and her husband purchased property in 1992 for $100,000 and titled it in joint
names with the right of survivorship. However, the entire contribution for the property came
from funds that Mary had inherited from her father. When Mary died last year, the property
was worth $800,000. What is her husband’s basis in the property?
a) $100,000
b) $400,000
c) $450,000
d) $800,000
22) Anna Nicole Smith, a widow, made the following gifts last year:
• $50,000 in cash to her son
• $15,000 in cash to the American Cancer Society
• Stock worth $20,000 to her new friend. (The stock was originally purchased for
$10,000)
• Bonds worth $90,000 to the University of Pennsylvania development fund (The
bonds were originally purchased for $100,000.)
What is the total amount of taxable gifts made by Anna?
a) $37,000
b) $42,000
c) $129,000
d) $163,000
23) Which of the following statements concerning a testamentary trust is correct?
a) It is an inter vivos trust
b) It is created by will
c) It cannot exist for more than 5 years
d) At its termination the trust property must revert to the grantor
24) Allen died last month and was survived by his spouse, Ellen. Among the items of family
property are the following:
• A $400,000 life insurance policy on Allen’s life with Ellen designated as beneficiary
(Ellen has been the owner of the policy ever since it was issued 4 years ago).
• The family residence with a fair market value of $200,000 (Allen and Ellen own the
residence jointly with the right of survivorship even though Allen purchased it in 1978
with his separate funds)
• A $10,000 bank account (Allen and Ellen own the account jointly with the right of
survivorship even though Ellen made all the deposits)
What amount of the family property will be included in Allen’s gross estate for federal estate
tax purposes?
a) $105,000
b) $200,000
c) $500,000
d) $505,000

25) A decedent died on January 1 of this year. The facts concerning the decedent’s estate are as follows;
Estate tax payable before credits     $2,765,000
Funeral and administrative expenses     $ 75,000
Applicable credit amount     $ 2,045,800
State death taxes paid     $ 15,900

Based on the above information, the net federal estate tax payable is
a) $0
b) $593,200
c) $668,300
d) $719,200
26) which of the following statements concerning estates is (are) correct?
I. The administration of a decedent’s estate should generally exist for an unlimited
period of time.
II. An estate is considered a separate tax entity for federal income tax purposes.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
27) which of the following statements concerning state death taxes is (are) correct?
I. When no federal estate tax is due, no state death tax is payable.
II. In inheritance tax states, the amount of state death taxes applied to property passing to beneficiaries varies with the beneficiary’s relationship to the decedent.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
28) Which of the following statements concerning estate planning using life insurance is (are)
correct?
I. Non-employed spouse life insurance coverage is generally most recommended when the non-employed spouse is wealthy and has a large estate.
II. Am advantage pf grandparent-grandchild trust using life insurance is that it serves to reduce the amount of insurance the grandparent’s adult child might own.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
29) which of the following statements concerning qualified disclaimers of gifted property is (are) correct?
I. The disclaimer must be in writing.
II. The person making the disclaimer may direct who is to be the recipient of the gifted property.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
30) Which of the following statements concerning grantor-retained annuity trusts (GRATs) is
(are) correct?
I. These trusts provide the grantor with a fixed annual annuity for a term of years or
life
II. A goal in establishing a GRAT is to transfer property at a reduced transfer tax
cost.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
31) which of the following statements concerning valuation for gift tax purposes is (are) correct?
I. The value of a life insurance contract is equal to the aggregate gross premium paid, regardless of when the contract was gifted.
II. If blockage exists, a lower gift value is permitted for shares of stock because of
the effect of dumping a large number of shares on the market at one time.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
32) Which of the following statements concerning wills is (are) correct?
I. A will may be revoked by the testator prior to his or her death.
II. An adult child may be disinherited entirely by a parent in most states.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
33) Which of the following statements concerning tax apportionment issues in a will is (are)
correct?
I. Most state statures provide for equitable apportionment of taxes, whereby each
bequest bears the amount of tax it generates.
II. Planners should make certain that clients carefully consider the sources from
which tax payments will be made at death.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
34) Which of the following statements concerning the federal estate tax marital deductions is
(are) correct?
I. Property passing outside the probate estate cannot qualify for the marital deduction.
II. The marital deduction is limited to the greater of one-half of the adjusted gross
estate of $2 million.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
35) Which of the following powers held by the income beneficiary is (are) considered to be a
general power of appointment, thus causing all or a portion of the trust corpus to be includible
in the beneficiary’s gross estate for federal estate tax purposes?
I. The power to withdraw the greater of $5,000 or 5 percent of the trust corpus in any one year.
II. The power to direct the trustee to pay the beneficiary’s personal debts
a) I only
b) II only
c) Both I and II
d) Neither I nor II
36) which of the following statements concerning valuation of assets for federal estate tax
purposes is (are) correct?
I. The date of valuation of an estate is the date of the decedent’s death or, if applicable, the alternate valuation date, which is 6 months later.
II. All estate assets are valued at fair market value, which is the value placed on the
estate assets by the executor with the advice of the attorney for the estate.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
37) which of the following statements concerning ownership rights is (are) correct?
I. If one is the legal owner of property, he or she must also be the equitable owner.
II. A trustee has beneficial ownership of property in his or her care.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
38) Which of the following statements concerning the generation-skipping transfer tax (GSTT) is
(are) correct?
I. The tax rate applied is the top federal estate tax rate.
II. Direct-skip transfers are exempt from the tax
a) I only
b) II only
c) Both I and II
d) Neither I nor II
39) which of the following statements concerning a revocable trust is (are) correct?
I. It avoids probate
II. It enables the grantor to save income taxes.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
40) which of the following statements concerning the marital deduction is (are) correct?
I. Federal estate tax and state death taxes may be payable from a surviving spouse’s share of the estate.
II. Subject to certain qualifying provisions, terminable interests passing to a surviving spouse can qualify for the marital deduction.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
41) The failure of an individual to have a will can result in which of the following?
I. Favorite relatives may be disinherited
II. Testamentary gifts to charity cannot be made.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
42) which of the following statements concerning a valid written will is (are) correct?
I. A testator’s signature must be notarized when the will is executed
II. A testator must have testamentary capacity at the time of death
a) I only
b) II only
c) Both I and II
d) Neither I nor II
43) Which of the following statements concerning the installment sale of property is (are)
correct?
I. The interest rate agreed to by the parties to the sale is conclusive for tax
purposes.
II. The gain on the sale is recognized by the seller ratably as the installment payments are received.
a) I only
b) II only
c) Both I and II
d) Neither I nor II

44) An executor may value assets as of the date of death or the alternate valuation date 6 months after death. Assuming the executor elects the alternate valuation date, which of the following statements is (are) correct?
I. Property sold by the executor before the alternate valuation date is valued at its arm’s-length sale price.
II. Property that has increased in value since the date of death is valued at the alternate valuation date.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
45) which of the following statements concerning federal gift and estate taxes is (are) correct?
I. The donor’s gross estate includes the amount of any gift taxes paid by the donor on gifts made within 3 years of death.
II. Gifts made within 3 years of death are brought back into the donor’s gross estate.
a) I only
b) II only
c) Both I and II
d) Neither I nor II

46) which of the following statements concerning state death taxes is (are) correct?
I. The federal state death tax deduction is allowed only if a federal estate tax Form 706 return must be filed.
II. State estate and inheritance taxes are generally imposed at the same rate regardless of the relationship of the deceased to the beneficiary.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
47) Important factors in assessing liquidity needs in estate planning include which of the
following?
I. the amount and terms of debt of the estate owner
II. the marital status of the testator
a) I only
b) II only
c) Both I and II
d) Neither I nor II
48) Non-tax benefits of lifetime gifts include which of the following?
I. obtaining privacy that is not possible when testamentary transfers are made
II. Reducing probate and administrative costs
a) I only
b) II only
c) Both I and II
d) Neither I nor II

49) Which of the following statements concerning an irrevocable trust is (are) correct?
I. A transfer of property to an irrevocable trust is ineffective for the purpose of
reducing the grantor’s gross estate
II. An irrevocable trust is treated as a completed gift for tax purposes at the time of
the transfer.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
50) A person dying without a valid will generally lose which of the following capabilities?
I. the right to name guardians of minor children
II. The right to name a personal representative
a) I only
b) II only
c) Both I and II
d) Neither I nor II.

51) Mrs. Jones would like to buy more life insurance but wants to avoid inclusion of the insurance in her gross estate at death. If Mrs. Jones creates an irrevocable trust to apply for
the life insurance policy, which of the following trust terms is (are) recommended?
I. a provision for Mrs. Jones to replace the trustee
II. a provision directing the trustee to pay Mrs. Jones’s estate taxes
a) I only
b) II only
c) Both I and II
d) Neither I nor II
52) A husband and wife own an office building as joint tenants with the right of survivorship. The building has an estate tax value of $11.5 million. If they dissolve the joint tenancy and retitle
the property in the name of the husband as sole owner, which of the following statements is
(are) correct?
I. If the husband dies first and leaves the office building outright to his wife, there will be no federal estate tax attributed to its inclusion in his gross estate.
II. If the wife dies first, their children, as sole heirs, will get a stepped-up tax basis for the property at their father’s subsequent death.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
53) Which of the following gratuitous property transfers will be included in a donor’s gross estate at its date-of-death value for federal estate tax purposes?
I. a lifetime transfer in which the donor retained the power to change the donees’ shares of the transferred property
II. A lifetime transfer in which the donor retained a reversionary interest on the date of death equivalent to 3 percent of the value of the property.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
54) Which of the following statements concerning community-property law is (are) correct?
I. Transmutation is the voluntary change of separate property and community property characterization by the community owners.
II. There is no single uniform community-property system among community property states.
a) I only
b) II only
c) Both I and II
d) Neither I nor II

READ THE FOLLOWING DIRECTIONS BEFORE CONTINUING

The questions below differ from the preceding questions in that they all contain the word
EXCEPT. So that you understand fully the basis used in selecting each answer, be sure to
read each question carefully.
55) All the following statements concerning the computation of federal estate tax are correct
EXCEPT
a) A deduction and a credit are interchangeable terms when used in federal estate tax
computations.
b) The estate and gift tax system is used for transfers made during lifetime and at death.
c) The credit for tax on prior transfers avoids double taxation on the same assets
transferred through two estates within a short time period.
d) Gift taxes paid on post-1976 gifts made by a decedent within 3 years of death become
part of the gross estate.
56) All the following statements concerning the grantor-trust rules are correct EXCEPT
a) The taxable income of a grantor trust is taxed to the grantor
b) The grantor-trust rules are avoided if the grantor’s spouse has the power to revoke the
trust.
c) The grantor who possesses a reversionary interest valued at 25 percent of the trust must
pay the tax on the trust’s income.
d) A grantor trust may be created for non-tax advantages.
57) All the following are principles common to fiduciary relationships EXCEPT
a) The fiduciary is under a duty to act for the benefit of the other party to the relationship as to matters within the scope of the relationship.
b) Traditionally, under common law, a fiduciary is under a duty not to delegate the
performance of his or her own duties as fiduciary to a third person.
c) As to matters within the scope of the relationship, the fiduciary is under a duty not to profit at the expense of the other party to the relationship.
d) Once a person has been nominated to be a fiduciary, the person must act in a fiduciary
capacity until discharged by the court.
58) All the following statements concerning a will are correct EXCEPT
a) It is irrevocable once executed.
b) It is a legal instrument.
c) It provides for the disposition of property at death.
d) It takes effect after death.
59) All the following statements concerning income taxation of estates and trusts are correct EXCEPT
a) An estate is a separate tax-paying entity.
b) A complex trust is a separate tax-paying entity.
c) Income distributed by a trust to an income beneficiary of the trust is taxable to the trust.
d) The executor or administrator of an estate is responsible for filing an income tax return.
60) All the following are types of interests in property EXCEPT
a) Tenancies in common
b) deeds
c) life estates
d) joint tenancies
61) All the following statements concerning a testamentary trust are correct EXCEPT
a) Its provisions are included in a decedent’s will.
b) It save probate costs.
c) It is revocable until the death of the testator.
d) It becomes irrevocable once it is operative.
62) All the following statements concerning estate planning for a resident-alien spouse are
correct EXCEPT
a) A qualified domestic trust (QDOT) can be used for marital-deduction transfers to a
surviving resident-alien spouse.
b) The QDOT rules include a new type of transfer tax
c) For the unlimited marital deduction to apply, a resident-alien spouse is required to obtain U.S. citizenship prior to the U.S. citizen spouse’s death.
d) The general rule is that transfers to a resident-alien spouse do not qualify for the
unlimited federal estate or gift tax marital deduction.
63) All the following statements concerning powers of appointment are correct EXCEPT
a) They must be created by will.
b) The donor is generally the original owner of the property
c) Exercise may be immediate or may be delayed by design.
d) Appointees may include the donee.
64) All the following are considered real property EXCEPT
a) Waste dump
b) large desert cactus
c) vacant storage warehouse
d) residence rental lease
65) All the following constitute basic elements of a gift for gift tax purposes EXCEPT
a) a transfer for less than adequate consideration
b) valuation on a fair-market-value basis
c) delivery of the subject matter of the gift to the donee
d) acceptance of the gift by the donee
66) All the following are advantages of the probate process EXCEPT
a) Court supervision of executor’s activities
b) inventory of estate assets
c) privacy of decedent’s will
d) validation of decedent’s will
67) All the following statements concerning property are correct EXCEPT
a) A mortgage on real estate is real property.
b) Crops growing on land are real property.
c) Any property that is not real property is personal property.
d) A bond issue secured solely by the assets of a corporation is intangible personal
property.
68) All the following statements concerning estates and trusts are correct EXCEPT
a) The personal representative of an estate and a trustee have similar fiduciary
responsibilities.
b) Both estates and trusts come into being by operation of law.
c) Both estates and complex trusts are separate tax-paying entities.
d) A corporate entity may act as an executor of an estate and as a trustee.
69) All the following statements concerning the unlimited estate tax marital deduction are correct
EXCEPT
a) The marital deduction was designed to equalize the federal estate tax treatment of
decedents in common-law states with those in community-property states.
b) The marital deduction is available against all death taxes imposed by state law.
c) The marital deduction only applies to property interests that are included in a decedent’s gross estate for federal estate tax purposes.
d) The marital deduction available to a decedent in a common-law state is equal to the net
amount of qualifying property passing to the surviving spouse.
70) A man has established a revocable inter vivos trust and has named the trustee the
beneficiary of all his life insurance policies. His will provides that all of his residuary estate
will “pour over” to the trust. All the following statements concerning this arrangement are
correct EXCEPT
a) Probate costs will be eliminated in the administration of the man’s estate.
b) Flexibility and discretion in the administration of trust assets can be attained.
c) The trust must be in existence prior to the date the man’s will is executed.
d) The trust can provide liquidity in the man’s estate.
71) All the following statements concerning the inclusion and valuation of all or part of a
commercial annuity in the estate of an annuitant are correct EXCEPT
a) A joint and survivor annuity is includible in proportion to the amount of the total premium paid by the decedent.
b) An annuity is includible at its date-of-death value even if the executor elects the alternate valuation date.
c) A life annuity with a period certain is includible to the extent of the present value of any remaining guaranteed payments.
d) A life annuity with no period certain is includible in proportion to the amount of the total cost received as payments by the decedent prior to death.
72) All the following statements concerning the federal income taxation of estates are correct
EXCEPT
a) An estate is taxed on accumulated income.
b) An estate is allowed a tax deduction for reasonable expenses.
c) An estate is taxed at a flat income tax rate.
d) An estate is entitled to a tax deduction for amounts of income distributed.
73) All the following issues are common causes of ethics dilemmas for member of estate
planning teams EXCEPT
a) Confidentiality
b) lack of code of ethics
c) conflicts of interest
d) compensation
74) A husband is terminally ill and is considering changing his estate plan to take full advantage
of the marital deduction. All the following factors favor the husband’s taking full advantage of
the federal estate tax marital deduction EXCEPT
a) The wife has substantial assets and is in the highest federal estate tax bracket.
b) The assets in the husband’s estate consist largely of real property.
c) The use of the marital deduction recognizes the time value of money.
d) The husband has complete confidence in his wife’s using her inheritance for the benefit of their children.
75) All the following testamentary transfers are considered transfers by operation of contract
EXCEPT
a) A surviving spouse is the beneficiary of a survivor annuity from his or her deceased
spouse’s pension plan.
b) An irrevocable inter vivos trust is the named beneficiary of a life insurance policy on the decedent’s life.
c) A joint securities account becomes the sole property of a surviving account holder at the death of the other joint holder.
d) A surviving spouse receives his or her share of the deceased spouse’s estate as
determined by a valid ante nuptial agreement.
76) All the following statements concerning gifts to minors are correct EXCEPT
a) The gift generally involves some complexity since state laws often restrict the titling of
property in the minor’s name.
b) The annual gift tax exclusion is unavailable unless the minor receives the property
outright.
c) Gifts to a Uniform Transfers to Minors (UTMA) custodial account provide for the outright distribution to the minor at the time the minor reaches the age of majority.
d) Gifts to a Sec. 2503(c) minors trust permit the trustee to accumulate and reinvest income.
77) All the following forms of property interests give the holder current possessory enjoyment
rights EXCEPT
a) Leasehold
b) vested remainder
c) life estate
d) fee simple absolute
78) All the following statements concerning the estate taxation of life insurance proceeds are
correct EXCEPT
a) The proceeds are included in an insured’s gross estate if the policy is payable to his or
her gross estate.
b) Group life insurance proceeds are treated in the same manner as individually owned
insurance.
c) The proceeds are included in the insured’s gross estate if payable to an inter vivos trust
that is required to pay the expenses of the insured’s estate.
d) The proceeds must be excluded from the policy owner-insured’s gross estate if payable
to the surviving spouse because of the marital deduction.
79) All the following statements concerning the deferral of payment of estate tax under Sec.6166 for estates that hold closely held business interests are correct EXCEPT
a) The tax deferral is limited to the estate tax created by the inclusion of a qualified business interest.
b) The principal payments on the deferred tax may begin up to 5 years after the normal due date, with interest only payable during this initial period.
c) To qualify for such a deferral, the estate must hold a closely held business interest valued at greater than 65 percent of the adjusted gross estate.
d) The deferred tax is accelerated if the heirs dispose of the business interest.
80) All the following statements concerning property held by a married couple as tenants by the
entirety are correct EXCEPT
a) The entire property must be included in the estate of the first to die.
b) The property passes automatically to the survivor at the time of the first death.
c) Each holds an undivided interest in the whole property.
d) Neither spouse can unilaterally transfer his or her interest

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Global connection through technology

Abu Dhabi School of Management
Global Connection through Technology
Final Individual Assessment
October 2016

Final individual Assessment (40%):

You have been appointed as a “Lead Digital Consultant” to Etihad Airways to help them become a Digital Master in digital-rich and competitive world.

1)      (10%) Sketch Etihad Airways Business Model as discussed in class. You must identify all the actors, resources, infrastructures, and at least four transactions informational flows. You may select transactions such as “make a reservation”, “modify a reservation”, “signup for a vacation package”, “shop on-line by redeeming your air miles”, etc.
2)      (10%) Now, sketch Etihad Airways “Unification Business Operating Model”, which similar to Delta Airlines.
3)      (10%) Using the diagram below, place Etihad on one of the below quadrants. You must choose one and only one quadrant. Your answer must assess Etihad’s Digital Capabilities and Leadership Capabilities as detailed in each quadrant.


4)      (10%) Depending on how you rated Etihad’s Leadership/Digital Capabilities on the chart above, outline the major components of a “Playbook” for the senior management to become a Digital Master.  If you rated Etihad as a Digital Master, then you need to describe a “Playbook” to maintain this position
Deadline for the final Assessment:

November 2, 2016 Midnight Abu Dhabi Time.


Final assessments must be uploaded into Moodle. No email submissions will be accepted

Advanced financial accounting

B

Question #1: Tree, Inc., has held a 10 percent interest in the stock of Limb Company for several years. Because of the level of ownership, this investment has been accounted for using the fair- value method. At the beginning of the current year, Tree acquires an additional 70 percent interest, which provides the company with control over Limb. In preparing consolidated financial statements for this business combination, how does Tree account for the previous 10 percent ownership interest
Question Two: Franklin, Inc. owns 80% of Prevatt Company. During the current year, a portion of the investment in Prevatt is sold. Prior to recording the sale, Franklin adjusts the book value of its investment. What is the purpose of the adjustment?

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Accounting Principles


Questions
1. Assume that a nursing home balance sheet shows total assets of $20 million and total liabilities of $17 million. Can the fund balance be determined with any degree of certainty? Why or why not? If so, what is it?
2. On June 30, payroll of $10,000 was paid to the organization's employees. What accounts would probably be affected by the journal entry on that date? On July 5, it was noted that $2000 of labor was charged to the nursing department in error and should have been charged to radiology. Should the organization bother making a journal entry to correct the error? Why or why not?
3. Why is accounting important for health care organizations?
4. Is it appropriate for health care organizations to make a profit?
5. Is it reasonable to assume that the numbers reported on financial statements will be precisely accurate?
6.Why is there a strong focus on liquid assets?
7. Who can restrict the use of the organization's assets? Who can remove restrictions?

8. What is the difference between charity care and a bad debt?

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Managerial Economics

Questions
1. Southwest airlines begins a “Bags Fly Free” campaign, charging no fees for a first and second checked bag. Does this situation best represent producer-producer rivalry, consumer-consumer rivalry or consumer-producer rivalry? Explain
2. What is the maximum amount you would pay for an asset that generates an income of $250,000 at the end of each five years if the opportunity cost of using funds is 8 percent?
3. Suppose that the total benefit and total cost from a continuous activity are respectively given by the following equations: B(Q)=76+24Q-2Q2 and C(Q)=60+6Q [note: MB(Q)=24-4Q and MC (Q)=6]
a.       Write out the equations for the net benefits
b.       What are the net benefits when Q=2? And Q =4?
c.       Write out the equations for the marginal net benefits
d.    What are the marginal benefits when Q=2 and Q=4?
e.     What level of Q maximizes net benefits?
f.       At the value of Q that maximizes net benefits, what is the value of marginal net benefits?
1     4 A firms current profits are $400,000. These profits are expected to grow indefinitely at a constant annual rate of 4%. If the firms’ opportunity cost of funds is 6%. Determine the value of the firm
a.       The instant before it pays out current profits and dividends
b.       The instant after it pays out current profits and dividends
5.   What is the value of a preferred stock that pays a perpetual divided of $125 at the ends of each year when the interest rate is 5%


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Let’s Bury the 5-Paragraph Essay: Long Live Authentic Writing



I checked out Edutopia’s most popular posts of 2015 this week.

These posts account for over one million page views. They represent the best of what resonated with readers. Yet, there is something interesting about them. Not a single one is five paragraphs. Not one has paragraph after paragraph with a topic sentence, supporting details, and a concluding sentence.
One began with a story. Another launched with a rhetorical question. One set up a scenario. None of them had a clear thesis in the introduction, nor a conclusion that repeated what was established in the introduction.
I say all this because the list represents one sampling of authentic writing.
Out of the hundreds of posts it published this year, these posts captivated, grabbed attention, sparked debate, and were shared all over the net.
Yet none of these posts look like the type of writing that appears on standardized tests. Each defies the format taught in countless classrooms every day.
Blog posts represent just one part of a larger pie. Authentic writing includes reports, reviews, and a whole host of other forms that are produced each day by working adults. But they are an important part of that pie. Roughly 173 million blogs exist, and 1.13 million posts are published each day.
Goals of Writing
I always thought that a primary goal of education was to cultivate young minds to be thoughtful, versatile, and never satiated. The instruction of writing does the exact opposite. It is like so much of what’s wrong in education right now. It standardizes and homogenizes rather than individualizes and differentiates.
Dan Millman, author of 17 books including Way of the Peaceful Warrior: A Book That Changes Lives and The Creative Compass: Writing Your Way from Inspiration to Publication, once said,
“I kind of got more interested in writing after I turned in my last college essay and nobody was going to tell me what kind of academic papers to write anymore. I could write whatever I wanted, and I realized that I actually liked it when I could choose what I would write.”




It is time to torch the five-paragraph essay. It is time to offer our students a chance to write authentically.
Where We Went Wrong
During the Age of Enlightenment, essays were a favored tool of polemicists who aimed at convincing readers of their position. The Frenchman Michel de Montaigne was the first author to describe his work as essays; he used the term to characterize these as “attempts” to put his thoughts into writing. Virginia Woolf believed that “A good essay must have this permanent quality about it; it must draw its curtain round us, but it must be a curtain that shuts us in not out.”
Yet as the essayist and technologist Paul Graham points out where we started going wrong. It coincides with the late 19th-century rise of the industrial model of education.
In 1892 the National Education Association “formally recommended that literature and composition be unified in the high school course.” [4] The ‘riting component of the 3 Rs then morphed into English, with the bizarre consequence that high school students now had to write about English literature– to write, without even realizing it, imitations of whatever English professors had been publishing in their journals a few decades before.
It’s no wonder if this seems to the student a pointless exercise, because we’re now three steps removed from real work: the students are imitating English professors, who are imitating classical scholars, who are merely the inheritors of a tradition growing out of what was, 700 years ago, fascinating and urgently needed work.
Standardized testing has only compounded the problem. By its very definition, to standardize means to make something conform, to make homogenous. And since what gets tested gets taught, all originality, creativity, and authenticity has been sucked out of student writing to standardize it for an exam.
How do we create fascinating and urgently needed work? How do we develop a permanence with our students and their writing that invites the reader behind the curtain to see something?
4 Keys to Authentic Writing
#1 Freedom
What I once did: Assign topics.
What I’m now doing: Not giving topics. I am challenging my students to tell me what they believe is worth writing about on a given subject.
Why I am doing it: It is not about me, it is about them. When I assign topics I am implicitly telling my students what I believe is important and disregarding their thoughts. Their writing will always be disingenuous it is conforming to my train of thinking.   Authenticity occurs when I value their choice of topic, not mine.
#2 Publishing
What I once did: My students wrote for an audience of one — me.
What I’m now doing: My  students are publishing their writing.
Why I am doing it: I do a blogging unit with my students each year because their writing needs to exist beyond the four walls of the classroom. Publishing their writing forces them to consider an audience beyond the teacher. Their peers may see it. They can show it to their parents. Perception is everything to them and knowing that their work will be seen by others, my students spend more on grammar, mechanics, and meaning. This didn’t always happen when it was for my eyes only.
#3 Simpler Rubrics
What I once did: Issue standard rubrics for each assignment with a matrix of 20+ boxes.
What I now do: I invite students to create the rubric with me, creating simpler ones that value originality and clarity.
Why I am doing it: Most rubrics confuse or overwhelm students more than they help them. They rarely deliver their promised precision. Just as standardizing test can compromise the quality of teaching, elaborate rubrics may compromise the quality of writing. Too many result in writing that serves the scoring hierarchy of the rubric rather than the spirit of the assignment, resulting in bland, unoriginal compositions.
#4 Model Style
What I once did: Teach a format.
What I now do: Talk more about style and less about format.
Why I am doing it: Formats confine. They box you in. They limit where you can go. By discussing style, sharing mentor texts of varying styles, I am encouraging my students to be exist beyond those limitations and operate on a higher level. Formats may change but style endures.[bctt tweet=” Formats may change but style endures.”]
Read Part II of this post: Authentic Writing: What It Means and How to Do It in which nine teacher share their understanding of authentic writing and the assignments that lead to it.
I hope you will share your best assignments in the comments section below. I will feature them in a follow up post next week, a roundup of authentic writing assignments, so that other can learn from you and you can learn from others.

Return on Investment (ROI) Analysis in HIT Planning


Description / paper instructions
Determining the (TCO) or total cost of ownership for a strategic information system investment is a critical part of the leaders' role in using technology in a transforming way. The Return on Investment Analysis depends upon reliable estimates of both the capital outlay and ongoing operational costs associated with the initiative over a period of time. This Assignment focuses on outlining both the capital and ongoing operational costs associated with a typical technology investment. You will outline the costs and, as importantly, the assumptions that you used in deriving these financial estimates.

To prepare:
Review the Pro Forma Explanation Material and HIT Program Pro Forma Template in the Learning Resources. (Attachment)

Write an APA style paper, addressing the following elements for the scenario that you chose in Week 3 (Telemedicine for Rural-Based Health Facility) (Attachment). This will also be the scenario used to complete your Final Project. For this Assignment, address the financial element of the project Charter used to plan the acquisition of an HIT solution for the setting of choice. The financial analysis has two parts:

Using the HIT Pro Forma Template provided in your Learning resources, complete the anticipated capital and operating costs of the HIT solution that you are proposing.

Justify the assumptions that you used in your proforma.

Note: Your Assignment should show effective application of triangulation of content and resources to show your conclusion and recommendations.

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BIVARIATE ANALYSIS AND INFERENTIAL STATISTICS


ASSESSMENT TWO PART TWO: BIVARIATE ANALYSIS AND INFERENTIAL STATISTICS
TOTAL OF UNIT MARK: 20% 
DUE DATE: 11:59pm WST Friday 21st October 2016 (Submit via Blackboard)

This assignment requires you to analyse and interpret the data in the table below (i.e. the data from Assessment Two Part One) by completing a series of set tasks. The data was collected from 22 participants, each of whom had their resting heart rate measured and recorded after they had been lying down for 15 minutes. While resting heart rate is generally lower the fitter you are, it can also be influenced by other factors. Hence the participants also had their height and weight measured and recorded, and provided information about their age, gender and smoking status.

The variables in the data are:
Resting Heart Rate The resting heart rate of the participant in beats per minute (bpm)
Age The age of the participant
Gender Whether the participant is male or female
Height The height of the participant in centimetres (cm)
Weight The weight of the participant in kilograms (kg)
Smoking Status Whether the participant is a non-smoker, or whether they smoke
occasionally or regularly

The data relating to these variables for the 22 participants is as follows:
Resting Heart Rate (bpm) Age Gender Height (cm) Weight (kg) Smoking Status
62 18 Male 178 80.3 Non-smoker
70 25 Female 165 57.2 Occasionally
63 63 Male 172.5 75.4 Non-smoker
59 47 Male 185 77.3 Non-smoker
72 50 Female 167 63.2 Occasionally
68 28 Female 155.5 55.1 Non-smoker
69 33 Male 166 65.2 Occasionally
80 39 Female 170 63.1 Regularly
64 38 Male 175 70.3 Non-smoker
70 45 Male 181.5 92.6 Occasionally
75 19 Female 167 57.3 Regularly
67 24 Female 152 53.2 Non-smoker
73 65 Male 165.5 64.3 Regularly
70 58 Female 180.5 62.1 Non-smoker
75 42 Male 185 93.2 Regularly
72 39 Female 173 65.4 Occasionally
71 21 Female 174 82.1 Non-smoker
65 22 Male 190.5 101.4 Non-smoker
81 61 Female 159 58.9 Regularly
57 38 Male 178.5 83.5 Non-smoker
62 53 Female 154 55.3 Non-smoker
67 27 Female 172 64.5 Non-smoker
Use the information provided on the previous page to complete the following tasks (show working where you can, as in some cases this may allow you to obtain partial marks for incorrect solutions, and give all answers to 2 decimal places unless otherwise specified):


1. Display the Gender and Smoking Status variables in a cross-tabulation, and use it to determine what percentage of the male participants smoke.               (5 marks)

2. Create a scatter plot to display the relationship between the Resting Heart Rate and Age variables, then determine the correlation coefficient and comment on the relationship (if any) between the variables.         (5 marks)

3. A follow-up to this study is going to involve the participants recording their heart rate during moderate to intense physical activity. This should be about 70% of the person’s maximum heart rate (i.e. the upper limit of how fast their heart can beat), which can be estimated by subtracting their age from 220. Use this information to complete the following:
a. Write an equation giving a person’s approximate ‘target’ heart rate during moderate to intense physical activity in terms of their estimated maximum heart rate, using T to represent the Target Heart Rate variable and M to represent the Maximum Heart Rate variable. (1 mark)

b. Write an equation giving a person’s estimated maximum heart rate (M) in terms of their age, using A to represent the Age variable. (1 mark)

c. Use the two equations you have created previously to write an equation in slope-intercept form giving a person’s approximate target heart rate (T) during moderate to intense physical activity in terms of their age (A).             (2 marks)


d. Use your equation in c. to determine an approximate target heart rate for the participant who is 18, rounded to the nearest whole number.             (2 marks)

e. Use your equation in c. to determine what the age of a person with a target heart rate of 133bpm should be.             (3 marks)

f. Your equations in a., b. and c. all define what kind of functions? (1 mark)


4. The histogram and box plot below display the distribution of the Resting Heart Rate variable for the participants:




Furthermore, the skewness of this sample is 0.098, while the kurtosis is -0.185. Use this information to complete the following:
a. Explain how you can use the histogram, box plot, skewness and kurtosis to conclude that the Resting Heart Rate variable is normally distributed in this sample.     (4 marks)

b. Given that the sample is normally distributed and has a mean of 68.73bpm and standard deviation of 6.19bpm, determine the probability that a person selected at random from the sample has a Resting Heart Rate greater than 70bpm.     (3 marks)

The data from these participants is going to be used to make predictions for a larger population, and as such can be considered a sample. Use this information to complete the remaining questions:
5. Complete the following:    
a. Calculate the sample standard deviation of the Weight variable, rounded to two decimal places.     (2 marks)

b. This sample standard deviation can be used to estimate the standard deviation for a larger population; what term do we use to refer to such a sample statistic?       (1 mark)


c. The 95% confidence interval for the Age variable is (32.23, 45.50). Explain how you can use it to determine the sample mean of the variable, and determine this sample mean rounded to the nearest whole number.                   (2 marks)

d. Explain how you would interpret the 95% confidence interval provided in c. in terms of the population mean for the Age variable.       (1 mark)

6. Given that the Resting Heart Rate variable is Normally distributed, determine:  
a. Null and alternative hypotheses, for testing whether the population mean for the Resting Heart Rate variable is equal to 68bpm.     (2 marks)

b. What statistical test would be best to use to test these hypotheses?       (1 mark)


c. If the hypothesis test above is conducted with a level of significance of 5%, and the resulting p value is 0.587, what conclusion would this lead the researcher to and why?     (2 marks)

d. What statistical test would be used to test whether the population mean of the Resting Heart Rate variable is the same for non-smokers, occasional smokers and regular smokers?   (1 mark)


e. What statistical test would be used to test whether there is an association between the Resting Heart Rate and Weight variables in the population?       (1 mark)



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Help with Business Ethic– Midterm Examination





Business Ethics – Midterm Examination

Fall 2016
Often times, both in class and in the media, you will hear the term “corporate
culture.” Thus far, we have discussed and analyzed various theories and how the corporate
culture is developed, altered, and maintained.
As future business managers, you may be placed in a situation that requires you to
act as a rudder for the business’ ethical direction. For the examination, there is a fact
pattern that details the business environment you have just entered. You are tasked with
writing the new business code of conduct to help “right the ship” after a slew of missteps
and mishaps, by both upper management and entry level employees.
Please rely on the material in the handout that is found in Week 4 as a Supplemental
Item in Blackboard. Use the format and examples set there.
While you may collaborate with other individuals in class, please note that you must
turn in your own variation. This is very much and individual project.
The call of the question and directions for answering will be found at the end of the
fact pattern.
MEMO
To: New President of the Board of Directors
From: The “interim” CEO
Welcome to 32 Entertainment, Inc.! We are very excited to have you aboard. As we
discussed in our initial meeting, we drastically need to change the direction of the company
after some very unfortunate events occurred. While we understand that our reputation
may have been bruised by said events, we believe that we can salvage the company as long
as we have the right ethical tone to carry us forward. I have summarized each of our recent
issues to help guide you.
About a year ago, one of our staff accountants discovered a an account labeled
“Atlanta Expenses” that had very large deposits and withdrawals that were not traced to
qualified or detailed expenses. After further investigation, and a private investigator, we
discovered that the funds from said account were being wired to an account with our COO’s
name on it! We have been able to distance ourselves from the COO and the media never got
wind of the account so the public is clueless (as of now). However, more than $375,000.00
went “off the books.” Some of the COO’s closest colleagues as well as other officers of the
company are being questioned. We need to clean that department up!
As you are aware, we have two major stories that seem to be trending in the media.
First, there is the alleged sexual harassment case with Patricia Party, one of our Vice
Presidents, and the junior sales associate Brad Bland. Bland is claiming that after engaging
in a consensual relationship with Party for more than a year, and by the way she is 30 years

his senior, he broke it off. However, he claims that since he broke it off in May of this year,
Party has been calling him day and night, texting him, emailing him nude photos, and even
groping him in the halls, all in an attempt to win him back. He has now filed a lawsuit
against her and the company. He claims that not only was there a violation, but our
company does not have proper training or prevention programs in place.
The other major story is our pollution problem. As you know, we specialize in
plastics. We have been hammered in the media recently for our lack of initiative in
reducing our carbon footprint, particularly with our manufacturing plants in Brazil and
Thailand. One media outlet claims we are “behind the times, antiquated, and just plane
stupid.” We need to change our culture. However, these foreign factories are essential to
keeping are profit margins robust - find a balance!
Lastly, we have struggled in our charitable contributions department. We need to
create a culture of giving, but we don’t have a direction or even a good cause. We need a
philosophy to get behind.
And don’t forget – we are 32 Entertainment, Inc. We sell plastics to the prop houses
for movies and television shows. We employ 2,500 people worldwide and are based out of
Los Angeles, California – where the stars live.
Here is what I need you to do:
1. Create A Code of Conduct that will not only address the specific problems,
but lay the general foundation for a new corporate culture. It needs to be
both generic (broad) and specific to us. We are looking for 8-12 ethical
points.
2. Draft a company mission statement – short and sweet. Have it try and
incorporate the feel from the Code of Conduct.
3. Lastly, I need you to tell me how we are going to implement this. Give me
details on how all 2,500 people will be trained, reminded, and eventually
start believing in the corporate shift in our ethical tone.
4. The final product should be somewhere between 10 and 20 pages double
spaced.
Good Luck!
 

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