American College HS330 : Fundamentals of Estate Planning test

HS330 real exams

Exam Code: HS330

Exam Name: Fundamentals of Estate Planning test

Updated: Sep 19, 2026

Q & A: 400 Questions and Answers

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American College HS330 Exam Syllabus Topics:

SectionWeightObjectives
Federal Estate Tax System25%- State death taxes and basis adjustments
- Marital and charitable deductions
- Credits and tax computation
- Gross estate inclusion rules
Trusts & Fiduciary Arrangements20%- Specialized trust structures
- Revocable and irrevocable trusts
- Generation-skipping transfer tax (GSTT)
- Trust income taxation
Advanced Planning Strategies15%- Planning for incapacity and special needs
- Life insurance in estate planning
- Business succession planning & buy-sell agreements
- Charitable giving techniques
Estate Planning Process & Legal Foundations20%- Objectives and ethical considerations
- Property ownership forms and titling
- Wills, powers of attorney, and advance directives
- Probate process and non-probate transfers
Federal Gift Tax System20%- Exclusions, exemptions, and valuation rules
- Taxable gifts and filing requirements
- Gift tax calculation and strategies

American College Fundamentals of Estate Planning test Sample Questions:

Question #1

All the following statements concerning an estate for a term of years are correct EXCEPT:

  • A. An interest may extend beyond the lifetime of the grantor.
  • B. The tenant may transfer the property at the end of the term of his interest.
  • C. The tenant has the right to possess the property during the term of his interest.
  • D. It is an interest in property established for a specific duration.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Question #2

Which of the following types of real property ownership will be deemed to be a tenancy in common?

  • A. Two brothers own equal undivided interests in a piece of real property, with each brother being able to divest himself of his interest by sale, gift, or will.
  • B. Two brothers are equal partners in a general partnership that owns a piece of real property used in the partnership business.
  • C. Two brothers own equal amounts of all the common stock in a corporation, the only asset of which is real property.
  • D. Two brothers own equal fractional interests in a piece of real property and at the death of one of the brothers the survivor will own the entire piece of property.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #3

Items that are deductions from a decedent's gross estate in determining his adjusted gross estate include which of the following?
1.Foreign death taxes
2.State death taxes

  • A. 1 only
  • B. Neither 1 nor 2
  • C. Both 1 and 2
  • D. 2 only
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Question #4

Believing that his death was imminent, a widower gave his son some real estate two years ago, and filed a timely gift tax return. The widower died on January 1st of this year. Additional facts are:
*Widower's basis in the real estate $150,000
*Value of real estate when gifted 400,000
*Value of real estate on date of death 800,000
*Amount of gift tax paid by widower 121,800
Assuming the widower made no additional gifts to his son, all the following statements concerning this situation are correct EXCEPT:

  • A. The widower recognized no gain for income tax purposes at the time the gift was made.
  • B. The gift tax paid is brought back into the widower's gross estate at $121,800.
  • C. The gift of the real estate is included in the calculation of the widower's federal estate tax as an adjusted taxable gift.
  • D. The son's income tax basis in the real estate is $800,000.
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Question #5

Which of the following statements concerning the so-called "kiddie-tax" on unearned income of children under age 14 is (are) correct?
1.The rules apply to earned income of the children.
2.The rules apply to trust income received by a child under age 14 only if the trust was established by the child's parents.

  • A. 1 only
  • B. Neither 1 nor 2
  • C. Both 1 and 2
  • D. 2 only
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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