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American College HS330 Practice Exam
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Question No 1:
Which of the following is an example of a taxable gift for federal gift tax purposes?
A. A father gives his 19-year-old daughter a note promising to give her his Rolls Royce when she reaches the age of 21.
B. Instead of parents paying an outside executive $60,000, a son runs their business for 8 months without charging a fee.
C. The parents of a married son permit their son and his family to use a summer cottage that rents for $3,000 per month on a rent-free basis.
D. A father cancels a $50,000 note his daughter gave him when he made a loan to her 2 years ago.
Answer: D
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Question No 1:
Which of the following is an example of a taxable gift for federal gift tax purposes?
A. A father gives his 19-year-old daughter a note promising to give her his Rolls Royce when she reaches the age of 21.
B. Instead of parents paying an outside executive $60,000, a son runs their business for 8 months without charging a fee.
C. The parents of a married son permit their son and his family to use a summer cottage that rents for $3,000 per month on a rent-free basis.
D. A father cancels a $50,000 note his daughter gave him when he made a loan to her 2 years ago.
Answer: D
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Information About American College HS330 Exam
Vender: American College
Exam Code: HS330
Exam Name: Fundamentals of Estate Planning test
Number Of Questions: 400
Certification Name: Chartered Financial Consultant
Exam Language: English
Questions Type: MCQs
Material Format: PDF & Web Practice Test Software