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70-346 Exam

Latest Microsoft 70-346 exam questions and answers (10Q&As)

Question: 14
Which of the following statements concerning both estates and complex trusts is correct?
A – Both must have more than one beneficiary.
B – Both come into being by operation of law.
C – Both are monitored by the courts.
D – Both are required to file income tax returns.
70-346 exam Answer: D

Question: 15
A widow made the following cash gifts during the current year:
Donee Amount of Gift
A qualified charity $40000
A close friend 30,000
Her sister 5,000
Her daughter 15,000
Her brother 10,000
The total amount of the taxable gifts made this year was
A – $23,000
B – $45,000
C – $52,000
D – $95,000
Answer: A

Question: 16
A man is planning to establish and fund a 20-year irrevocable trust for the benefit of his two sons,
aged 19 and 22, and plans to give the trustee power to sprinkle trust income. From the standpoint
of providing federal income, gift, and estate tax savings, which of the following would be the best
choice of trustee?
A – The grantor of the trust
B – The grantor’s 70-year-old father
C – The grantor’s 22-year-old son
D – A bank or trust company
70-346 exam Answer: D

Question: 17
A man died in February of this year. Last year, when he learned that he had a terminal illness, he
immediately made the following gifts and filed the required gift tax return:
Fair Market Value
Gift of listed stock to a
qualified charity $100,000
Gift of listed bonds to his wife 200,000
Gift of a boat to his son 10,000
Gift of a sports car to his daughter 10,000
What amount must be brought back to the man’s estate as an adjusted taxable gift in the
calculation of his federal estate taxes?
A – 0
B – $ 90,000
C – $280,000
D – $320,000
Answer: A

Question: 18
A widower dies leaving a net probate estate of $300,000. At the time of his death, his
descendants are as follows:
A son, Joe, who has no children;
A deceased daughter, Mary, whose two children, Irene and Sally, survive; and
A daughter, Anne, who has one child, Harry
Assuming that the widower’s will provides for the distribution of his assets in equal shares to his
children, per stripes, which of the following correctly states the amounts each descendant will
receive?
A – $100,000 to Joe, $50,000 to Irene, $50,000 to Sally, and $100,000 to Anne
B – $100,000 to Joe, $50,000 to Irene, $50,000 to Sally, $50,000 to Anne, and $50,000 to Harry
C – $ 75,000 to Joe, $75,000 to Irene, $75,000 to Sally, and $75,000 to Anne
D – $ 60,000 to Joe, $60,000 to Irene, $60,000 to Sally, $60,000 to Anne, and $60,000 to Harry
70-346 exam Answer: A

Question: 19
Which of the following areas of consideration present common ethical issues for the estate
planner?
A – Contracts
B – Compatibility
C – Consistency
D – Compensation
Answer: D

Question: 20
A father deeded a house as a gift to his daughter in 1990 but retained the right to live in it until his
death. He died this year, while still living in the house. The following are relevant facts:
The father bought the property in 1980 for $140,000. The fair market value of the property when
the gift was made in 1990 was $170,000. The father filed a timely gift tax return but paid no gift
tax because of the applicable credit amount. The fair market value of the property at the father’s
death was $200,000. The daughter sold the property 3 months after her father’s death for
$200,000. She had a gain of
A – 0
B – $130,000
C – $160,000
D – $200,000
70-346 exam Answer: A

Question: 21
The Decedent, T, died this year. The facts concerning T estate are:
Gross estate $2,700,000
Marital deduction 900,000
Charitable deduction 110,000
Gifts made after 1976 130,000
State death taxes payable 165,000
What is T taxable estate?
A – $1,285,000
B – $1,395,000
C – $1,525,000
D – $1,655,000
Answer: C

Question: 22
When the owner of a closely held business dies, the payment of a portion of the federal estate tax
may be deferred for a period of several years if the estate otherwise qualifies under the provisions
of IPC Section 6166. Which of the following statements concerning this deferral of federal estate
tax is correct?
A – The interest rate on the deferred tax is determined by the prime rate in effect on the date of
death.
B – The interest on the unpaid estate tax is payable over the first 10 years, after which the tax
plus interest on the balance is payable in equal installments for the last 5 years.
C – To qualify for the tax deferral, the closely held business must represent more than 50 percent
of the value of the decedent’s adjusted gross estate.
D – Under certain circumstances, the estate will forfeit its right to tax deferral, and all the
remaining unpaid estate tax will become due and payable immediately.
70-346 exam Answer: D

Question: 23 Which of the following could be used by Duane to attempt hiding files within the file
system?
A.Attrib
B.HideNSeek
C.Chgrp
D.Alternate Data Stream
Answer: D

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