USCPA模拟题：REG科目选择题练习及解析（三十三）

1. Under which of the following circumstances is trust property with an independent trustee includible in the grantor's gross estate?

a. The trust is established for a minor.

b. The trustee has the power to distribute trust income.

c. The income beneficiary disclaims the property, which then passes to the remainderman, the grantor's friend.

d. The trust is revocable.

Explanation

Choice "d" is correct. If a revocable trust is created by a grantor, the trust assets may be returned to the grantor upon the grantor's "revocation" of the trust (i.e., no "complete" gift exists); thus, the assets never left the control (or possible ownership) of the grantor and remain includible in the gross estate of the grantor.

Choice "a" is incorrect. When a trust is established for a minor, a complete gift is made to the trust, and the assets are no longer includible in the estate of the grantor.

Choice "b" is incorrect. The trustee typically has the power to distribute trust income in various types of trusts; thus, this fact alone would not make the assets includible in the gross estate of the grantor.

Choice "c" is incorrect. This type of arrangement has nothing to do with the requirement of assets to be included in the gross estate of the grantor, as it could exist in an irrevocable trust or a revocable trust. The beneficiary is simply passing his/her distribution to another party.

2. George and Suzanne have been married for 40 years. Suzanne inherited $1,000,000 from her mother. Assume that the annual gift-tax exclusion is $12,000. What amount of the $1,000,000 can Suzanne give to George without incurring a gift-tax liability?

a. $24,000

b. $500,000

c. $1,000,000

d. $12,000

Explanation

Rules: Every transfer of money or property, whether real or personal, tangible or intangible, for less than adequate or full consideration is a gift. A donor may exclude the maximum allowable amount of gifts according to the tax law each year made to each donee. In addition, there are four items that qualify for unlimited exclusion from gift tax: (1) payments made directly to an educational institution for a donee's tuition, (2) payments made directly to a health care provider for medical care, (3) charitable gifts, and (4) marital transfers. Relationship of the donee to the donor is not of consequence.

Choice "c" is correct. Per the above rule, marital transfers are excluded from gift tax. In this case, Suzanne inherited $1,000,000. Suzanne can give the entire $1,000,000 to George without incurring a gift tax liability.

Choice "d" is incorrect. The answer option is the annual exclusion amount given in the question of $12,000. As per the above rule, marital transfers are excluded from gift tax.

Choice "a" is incorrect. This answer option incorrectly assumes a gift-split of the two spouses (using the $12,000 annual exclusion amount). [$12,000 × 2 = $24,000]. Per the above rule, marital transfers are excluded from gift tax.

Choice "b" is incorrect. This answer option incorrectly assumes that 50% of the $1,000,000 (probably trying to trick you into applying the "joint" property rules) is the maximum amount that can be transferred to George without Suzanne incurring gift tax liability. Per the above rule, marital transfers are excluded from gift tax.

3.The answer to each of the following questions would be irrelevant in determining whether a tuition payment made on behalf of another individual is excludible for gift tax purposes, except:

a. Was the qualifying educational organization located in a foreign country?

b. Was the tuition payment made directly to the educational organization?

c. Was the tuition payment made for a family member?

d. Was the tuition payment made for a part-time student?

Explanation

Choice "b" is correct. This question asks the reader to identify the listed question whose answer is relevant. The answer to each of listed questions "d", "a", and "c" is irrelevant. Only the answer to listed question "b" is relevant.

Tuition payments made directly to a qualifying foreign or domestic educational organization qualify for an unlimited exclusion from the gift tax. The payments can be for the benefit of any student (not just the donor's family members), and the student can be enrolled either full-time or part-time (per the next to the last sentence of U.S. Treasury Regulation section 25.2503-6(b)(2)).

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