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Probate Law: Taxation

Description: This quiz will test your knowledge of Probate Law: Taxation.
Number of Questions: 15
Created by:
Tags: probate law taxation
Attempted 0/15 Correct 0 Score 0

What is the federal estate tax rate for estates over \$12.06 million?

  1. 18%

  2. 20%

  3. 22%

  4. 24%


Correct Option:
Explanation:

The federal estate tax rate for estates over \$12.06 million is 40%.

What is the federal estate tax exemption amount for 2023?

  1. \$12.06 million

  2. \$12.92 million

  3. \$13.78 million

  4. \$14.64 million


Correct Option: B
Explanation:

The federal estate tax exemption amount for 2023 is \$12.92 million.

What is the federal generation-skipping transfer tax rate?

  1. 18%

  2. 20%

  3. 22%

  4. 24%


Correct Option:
Explanation:

The federal generation-skipping transfer tax rate is 35%.

What is the federal gift tax rate for gifts over \$12.06 million?

  1. 18%

  2. 20%

  3. 22%

  4. 24%


Correct Option:
Explanation:

The federal gift tax rate for gifts over \$12.06 million is 40%.

What is the federal gift tax exemption amount for 2023?

  1. \$12.06 million

  2. \$12.92 million

  3. \$13.78 million

  4. \$14.64 million


Correct Option: B
Explanation:

The federal gift tax exemption amount for 2023 is \$12.92 million.

What is the federal estate tax marital deduction?

  1. Unlimited

  2. \$12.06 million

  3. \$12.92 million

  4. \$13.78 million


Correct Option: A
Explanation:

The federal estate tax marital deduction is unlimited.

What is the federal generation-skipping transfer tax exemption amount for 2023?

  1. \$12.06 million

  2. \$12.92 million

  3. \$13.78 million

  4. \$14.64 million


Correct Option: B
Explanation:

The federal generation-skipping transfer tax exemption amount for 2023 is \$12.92 million.

What is the federal estate tax charitable deduction?

  1. Unlimited

  2. \$12.06 million

  3. \$12.92 million

  4. \$13.78 million


Correct Option: A
Explanation:

The federal estate tax charitable deduction is unlimited.

What is the federal gift tax annual exclusion amount for 2023?

  1. \$16,000

  2. \$17,000

  3. \$18,000

  4. \$19,000


Correct Option: B
Explanation:

The federal gift tax annual exclusion amount for 2023 is \$17,000.

What is the federal gift tax lifetime exemption amount for 2023?

  1. \$12.06 million

  2. \$12.92 million

  3. \$13.78 million

  4. \$14.64 million


Correct Option: B
Explanation:

The federal gift tax lifetime exemption amount for 2023 is \$12.92 million.

What is the federal estate tax unified credit amount for 2023?

  1. \$12.06 million

  2. \$12.92 million

  3. \$13.78 million

  4. \$14.64 million


Correct Option: B
Explanation:

The federal estate tax unified credit amount for 2023 is \$12.92 million.

What is the federal estate tax state death tax credit?

  1. 16%

  2. 18%

  3. 20%

  4. 22%


Correct Option: A
Explanation:

The federal estate tax state death tax credit is 16%.

What is the federal estate tax credit for foreign death taxes?

  1. 16%

  2. 18%

  3. 20%

  4. 22%


Correct Option: A
Explanation:

The federal estate tax credit for foreign death taxes is 16%.

What is the federal estate tax credit for previously taxed property?

  1. 16%

  2. 18%

  3. 20%

  4. 22%


Correct Option: A
Explanation:

The federal estate tax credit for previously taxed property is 16%.

What is the federal estate tax credit for qualified family-owned business interests?

  1. 16%

  2. 18%

  3. 20%

  4. 22%


Correct Option: A
Explanation:

The federal estate tax credit for qualified family-owned business interests is 16%.

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