Back
0

Estate Tax

Description: Estate Tax Quiz
Number of Questions: 15
Created by:
Tags: economics taxation estate tax
Start the Quiz
Attempted 0/15 Correct 0 Score 0
‹
›

What is the federal estate tax rate?

  1. 10%

  2. 20%

  3. 30%

  4. 40%

Show answer
Correct Option: D
Explanation:

The federal estate tax rate is 40% for estates valued over $11.7 million.

What is the federal estate tax exemption?

  1. $1 million

  2. $2 million

  3. $3 million

  4. $4 million

Show answer
Correct Option:
Explanation:

The federal estate tax exemption is $11.7 million for estates valued over $11.7 million.

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

Show answer
Correct Option: D
Explanation:

The estate tax serves all of the above purposes.

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

Show answer
Correct Option: A
Explanation:

The GSTT is a tax on gifts made to grandchildren and other non-direct descendants.

What is the GSTT exemption?

  1. $1 million

  2. $2 million

  3. $3 million

  4. $4 million

Show answer
Correct Option:
Explanation:

The GSTT exemption is $11.7 million for gifts made to grandchildren and other non-direct descendants.

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

Show answer
Correct Option: C
Explanation:

The unified credit is a credit against both the estate tax and the GSTT.

What is the value of the unified credit?

  1. $1 million

  2. $2 million

  3. $3 million

  4. $4 million

Show answer
Correct Option:
Explanation:

The value of the unified credit is $11.7 million.

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

Show answer
Correct Option: A
Explanation:

The marital deduction is a deduction for gifts made to a spouse.

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

Show answer
Correct Option: A
Explanation:

The charitable deduction is a deduction for gifts made to a charity.

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

Show answer
Correct Option: A
Explanation:

The trust deduction is a deduction for gifts made to a trust.

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

Show answer
Correct Option: A
Explanation:

The annual exclusion is the amount of money that can be given to a person each year without incurring gift tax.

What is the value of the annual exclusion?

  1. $10,000

  2. $15,000

  3. $20,000

  4. $25,000

Show answer
Correct Option: B
Explanation:

The value of the annual exclusion is $15,000.

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

Show answer
Correct Option: A
Explanation:

The lifetime gift tax exemption is the amount of money that can be given to a person over a lifetime without incurring gift tax.

What is the value of the lifetime gift tax exemption?

  1. $1 million

  2. $2 million

  3. $3 million

  4. $4 million

Show answer
Correct Option:
Explanation:

The value of the lifetime gift tax exemption is $11.7 million.

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

Show answer
Correct Option: A
Explanation:

The estate tax return filing deadline is 9 months after the date of death.

- Hide questions
ADVERTISEMENT

Find more quizzes from top tags

general knowledge
3615 Quizzes
119858 Questions
 technology
307 Quizzes
36705 Questions
 sports
963 Quizzes
19148 Questions
 history
1187 Quizzes
13475 Questions
 physics
598 Quizzes
13441 Questions
 biology
1160 Quizzes
12174 Questions
 science & technology
551 Quizzes
11015 Questions
 chemistry
490 Quizzes
9892 Questions
 maths
518 Quizzes
9324 Questions
 softskills
0 Quizzes
7131 Questions