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Estate Tax

Estate Tax Quiz

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

What is the federal estate tax rate?

  1. 10%
  2. 20%
  3. 30%
  4. 40%
Question 2 Multiple Choice (Single Answer)

What is the federal estate tax exemption?

  1. $1 million
  2. $2 million
  3. $3 million
  4. $4 million
Question 3 Multiple Choice (Single Answer)

What is the purpose of the estate tax?

  1. To raise revenue for the government
  2. To reduce the concentration of wealth
  3. To encourage charitable giving
  4. All of the above
Question 4 Multiple Choice (Single Answer)

What is the generation-skipping transfer tax (GSTT)?

  1. A tax on gifts made to grandchildren
  2. A tax on gifts made to great-grandchildren
  3. A tax on gifts made to non-family members
  4. A tax on gifts made to trusts
Question 5 Multiple Choice (Single Answer)

What is the GSTT exemption?

  1. $1 million
  2. $2 million
  3. $3 million
  4. $4 million
Question 6 Multiple Choice (Single Answer)

What is the unified credit?

  1. A credit against the estate tax
  2. A credit against the GSTT
  3. A credit against both the estate tax and the GSTT
  4. None of the above
Question 7 Multiple Choice (Single Answer)

What is the value of the unified credit?

  1. $1 million
  2. $2 million
  3. $3 million
  4. $4 million
Question 8 Multiple Choice (Single Answer)

What is the marital deduction?

  1. A deduction for gifts made to a spouse
  2. A deduction for gifts made to a charity
  3. A deduction for gifts made to a trust
  4. None of the above
Question 9 Multiple Choice (Single Answer)

What is the charitable deduction?

  1. A deduction for gifts made to a charity
  2. A deduction for gifts made to a spouse
  3. A deduction for gifts made to a trust
  4. None of the above
Question 10 Multiple Choice (Single Answer)

What is the trust deduction?

  1. A deduction for gifts made to a trust
  2. A deduction for gifts made to a spouse
  3. A deduction for gifts made to a charity
  4. None of the above
Question 11 Multiple Choice (Single Answer)

What is the annual exclusion?

  1. The amount of money that can be given to a person each year without incurring gift tax
  2. The amount of money that can be given to a person each year without incurring estate tax
  3. The amount of money that can be given to a person each year without incurring GSTT
  4. None of the above
Question 12 Multiple Choice (Single Answer)

What is the value of the annual exclusion?

  1. $10,000
  2. $15,000
  3. $20,000
  4. $25,000
Question 13 Multiple Choice (Single Answer)

What is the lifetime gift tax exemption?

  1. The amount of money that can be given to a person over a lifetime without incurring gift tax
  2. The amount of money that can be given to a person over a lifetime without incurring estate tax
  3. The amount of money that can be given to a person over a lifetime without incurring GSTT
  4. None of the above
Question 14 Multiple Choice (Single Answer)

What is the value of the lifetime gift tax exemption?

  1. $1 million
  2. $2 million
  3. $3 million
  4. $4 million
Question 15 Multiple Choice (Single Answer)

What is the estate tax return filing deadline?

  1. 9 months after the date of death
  2. 1 year after the date of death
  3. 18 months after the date of death
  4. 2 years after the date of death
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