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American College Exam HS330 Topic 4 Question 102 Discussion

Actual exam question for American College's HS330 exam
Question #: 102
Topic #: 4
[All HS330 Questions]

All the following statements concerning a federal estate tax deduction for a bequest or gift to a qualified charity are correct EXCEPT:

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Suggested Answer: D

by Harley at Oct 18, 2024, 05:15 AM

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Almeta
3 months ago
A life insurance policy to charity? Bold move, Cotton. Let's see if it pays off (pun intended).
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Leontine
3 months ago
Reducing the deduction by taxes and administrative expenses? That's just adding insult to injury, if you ask me.
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Zita
2 months ago
D) The amount of a charitable deduction may not exceed 50 percent of a decedent's adjusted gross estate.
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Ngoc
3 months ago
C) An estate may deduct the value of the remainder interest in a charitable remainder trust.
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Wei
3 months ago
B) The amount of a charitable deduction is reduced by any taxes and administrative expenses chargeable against the bequest.
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Lenora
3 months ago
A) A life insurance policy that was assigned to a charity as a gift less than 3 years prior to the insured's death qualifies for a charitable deduction.
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Britt
4 months ago
Hmm, the remainder interest in a charitable remainder trust, huh? Sounds like a sneaky way to get a deduction. I'm on to you, IRS!
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Janessa
3 months ago
User 3: Don't forget about the limit on the deduction amount!
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Chaya
3 months ago
User 2: I know, especially with the rules about taxes and expenses.
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Providencia
3 months ago
User 1: Yeah, that charitable deduction can be tricky.
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Lino
4 months ago
I disagree, I believe the answer is D.
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Kiley
4 months ago
I think the answer is A.
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Glory
4 months ago
Ah, the good old 50% adjusted gross estate limit. Gotta love those pesky tax rules, am I right?
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Virgina
3 months ago
D) The amount of a charitable deduction may not exceed 50 percent of a decedent's adjusted gross estate.
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Teresita
3 months ago
C) An estate may deduct the value of the remainder interest in a charitable remainder trust.
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Martin
3 months ago
B) The amount of a charitable deduction is reduced by any taxes and administrative expenses chargeable against the bequest.
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Pansy
4 months ago
A) A life insurance policy that was assigned to a charity as a gift less than 3 years prior to the insured's death qualifies for a charitable deduction.
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Jani
4 months ago
Wait, so a life insurance policy assigned to charity less than 3 years before death doesn't qualify? That's a bit of a bummer, isn't it?
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Belen
3 months ago
User 3: That's true, and the charitable deduction can't exceed 50 percent of the decedent's adjusted gross estate.
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Matilda
4 months ago
User 2: I know, but at least the estate can deduct the value of the remainder interest in a charitable remainder trust.
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Noah
4 months ago
Yeah, it is a bummer that the life insurance policy assigned to charity doesn't qualify for a deduction.
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