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Quiz C - on Chapter 5,6, and 7 of the textbook

Page history last edited by PBworks 14 years, 7 months ago

Quiz C - on Chp. 5, 6 and 7 - Textbook

 

1. Review Schedule of Assets and Debts - click here. Now state exactly what you list on this form (be specific).

 

2. What is the date upon which you value each asset?

 

3. What is the definition of "fair market value"

 

4. What are the six (6) steps and process to settle any doubt about the ownerships of any item in the decedent's estate.

 

5. If a decedent owns joint tenancy property with anyone other than his or her spouse what values does the IRS presume for estate tax purposes?

 

6. What does "N/P" mean and what is its significance?

 

7. What does "face value" mean. Do antique coins have a "face value", why or why not/

 

8. For 2002, what is the amount of gross income, a non-married decedent must file a final federal income tax return? What about a California income tax return - how much income?

 

9. Why would you file an income tax return if income tax has been withheld from decedent's wages? What is the Federal IRS Form 1310, when do you use it, and what is its purpose?

 

10. Who signs the final returns of the decedent?

 

11. What is a "fiduciary income tax return"? and when must it be filed - Federal? California? how much gross revenue?

 

12. What is the federal estate tax threshold for 2002/2003? 2004/2005? 2006 to 2008?

 

13. How do you calculate "the net estate value" ? - click here.

 

14. What is the tentative estate tax if the taxable estate is $500,000 to $750,000? $750,000 to $1 million?

 

15. If you file a federal estate tax return, will you need to file a California Estate Tax return? If so where do you file it?

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