CTA Estate, Gift, and Trust Taxation

Question 1

What is the federal estate tax exemption (unified credit) for 2024?

Accepted Answer

$13,610,000

Answer

$5,490,000

Answer

$11,700,000

Answer

$12,920,000

Question 2

What is the annual gift tax exclusion per recipient for 2024?

Accepted Answer

$18,000

Answer

$15,000

Answer

$16,000

Answer

$17,000

Question 3

Which federal form is used to file the estate tax return?

Accepted Answer

Form 706

Answer

Form 709

Answer

Form 1041

Answer

Form 990

Question 4

The step-up in basis at death allows heirs to:

Accepted Answer

Receive inherited assets with a cost basis equal to fair market value at date of death

Answer

Deduct the decedent's unrealized losses

Answer

Avoid paying any capital gains on inherited property forever

Answer

Transfer assets tax-free using the annual exclusion

Question 5

Which type of trust is included in the grantor's gross estate at death?

Accepted Answer

Revocable living trust

Answer

Irrevocable life insurance trust (ILIT)

Answer

Charitable remainder trust (CRT)

Answer

Grantor retained annuity trust after the term ends

Question 6

The generation-skipping transfer (GST) tax applies to transfers to:

Accepted Answer

Grandchildren and other skip persons

Answer

Children of the decedent

Answer

Spouses of the decedent's children

Answer

Charities receiving bequests