CFP Certification Exam Practice Question Workbook by Matthew Brandeburg

CFP Certification Exam Practice Question Workbook by Matthew Brandeburg

Author:Matthew Brandeburg [Brandeburg, Matthew]
Language: eng
Format: epub
Publisher: Coventry House Publishing
Published: 0101-01-01T00:00:00+00:00


30. Property passing by contract includes which of the following?

A. Bank account subject to GSTT

B. Home titled JTWROS

C. Life insurance

D. Direct gift

31. In a year when the gift tax annual exclusion is $15,000, Phil and Sharon made a gift of $30,000 from their joint checking account to their adult daughter, Meredith. Which of the following is correct regarding the consequences of this gift?

A. Filing a gift tax return is not necessary because the account was jointly owned.

B. Filing a gift tax return is necessary because the gift was split between spouses.

C. Filing a gift tax return is necessary because the full gift tax annual exclusion was used.

D. Filing a gift tax return is necessary, although no gift taxes will be due.



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