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Exam 13: Estate Taxes

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Question 21

Multiple Choice

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To determine the net federal estate tax, certain credits are deducted from the gross tax, including

A) state death taxes.
B) an applicable credit amount.
C) gift taxes paid on gifts made before 1976.
D) All of the answers are correct.

E) None of the above
F) All of the above

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Question 22

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Paralegals are not allowed to assist in preparation of estate tax returns.

A) True
B) False

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Question 23

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The top federal estate tax rate in 2012 is

The Tax Relief Act provides tax exemptions and rates through 2012.

The first step in the taxation procedure is to notify the Internal Revenue Service (IRS) that the taxpayer has died and that a fiduciary relationship now exists.

The amounts reported to the IRS on Form 1099 by payers are always the amounts that should be reported on the decedent's final tax return.

On an estate tax return, the personal representative may elect to use the alternate-valuation method, which allows property to be valued as of six months after the date of death.

In 2012, a federal estate tax return must be filed if the gross estate is more than

Only income that was received up to the date of death is included in the decedent's final income tax return.

Expenses of administering an estate can be deducted either from the gross estate in figuring the federal estate tax or from the estate's gross income in figuring the estate's income tax.