New Year Sale ! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

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:

Show Suggested Answer Hide Answer
Suggested Answer: D

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

Limited Time Offer

25%

Off

Get Premium HS330 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel
Almeta
2 months ago
A life insurance policy to charity? Bold move, Cotton. Let's see if it pays off (pun intended).
upvoted 0 times
...
Leontine
2 months ago
Reducing the deduction by taxes and administrative expenses? That's just adding insult to injury, if you ask me.
upvoted 0 times
Zita
26 days ago
D) The amount of a charitable deduction may not exceed 50 percent of a decedent's adjusted gross estate.
upvoted 0 times
...
Ngoc
1 months ago
C) An estate may deduct the value of the remainder interest in a charitable remainder trust.
upvoted 0 times
...
Wei
1 months ago
B) The amount of a charitable deduction is reduced by any taxes and administrative expenses chargeable against the bequest.
upvoted 0 times
...
Lenora
1 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.
upvoted 0 times
...
...
Britt
2 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!
upvoted 0 times
Janessa
1 months ago
User 3: Don't forget about the limit on the deduction amount!
upvoted 0 times
...
Chaya
2 months ago
User 2: I know, especially with the rules about taxes and expenses.
upvoted 0 times
...
Providencia
2 months ago
User 1: Yeah, that charitable deduction can be tricky.
upvoted 0 times
...
...
Lino
2 months ago
I disagree, I believe the answer is D.
upvoted 0 times
...
Kiley
2 months ago
I think the answer is A.
upvoted 0 times
...
Glory
3 months ago
Ah, the good old 50% adjusted gross estate limit. Gotta love those pesky tax rules, am I right?
upvoted 0 times
Virgina
1 months ago
D) The amount of a charitable deduction may not exceed 50 percent of a decedent's adjusted gross estate.
upvoted 0 times
...
Teresita
2 months ago
C) An estate may deduct the value of the remainder interest in a charitable remainder trust.
upvoted 0 times
...
Martin
2 months ago
B) The amount of a charitable deduction is reduced by any taxes and administrative expenses chargeable against the bequest.
upvoted 0 times
...
Pansy
2 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.
upvoted 0 times
...
...
Jani
3 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?
upvoted 0 times
Belen
2 months ago
User 3: That's true, and the charitable deduction can't exceed 50 percent of the decedent's adjusted gross estate.
upvoted 0 times
...
Matilda
2 months ago
User 2: I know, but at least the estate can deduct the value of the remainder interest in a charitable remainder trust.
upvoted 0 times
...
Noah
2 months ago
Yeah, it is a bummer that the life insurance policy assigned to charity doesn't qualify for a deduction.
upvoted 0 times
...
...

Save Cancel