Chartered Trust & Estate Planner® (CTEP®) Certification Examination (CTEP) Practice Test

Questions # 71:

Which of the following statement(s) about Exemption Trust is/are correct?

Question # 71

Options:

Only (i)

Neither (i) or (ii)

Both (i) and (ii)

Only (ii)

Questions # 72:

Which of the following is/are advantage(s)of Living Trust?

Question # 72

Options:

Both (i) and (ii)

Neither (i) or (ii)

Only (i)

Only (ii)

Questions # 73:

In US for year 2013, Dependent parent’s relief for each parent living with the tax payer in the same household is ___________ and the same is______________ for each parent if they are not living with the tax payer in the same household.

Options:

$7,000; $4,500

$4,500; $7,000

$3,500; $2,250

$2,250; $3,500

Questions # 74:

US citizens or permanent resident who has established a foreign tax home and has met certain qualifications can elect to exclude annual foreign earned income up to _________from taxable income in 2013.

Options:

$95,000

$97,600

$98,000

$98,600

Questions # 75:

Registration of a Will ___________________ in India.

Options:

Is Compulsory only in certain circumstances

Is Not Compulsory

Depends on the Governing body

Depends on the Executor’s wish

Questions # 76:

The threshold amount for tax on Net Investment Income is __________in the case of a joint return or surviving spouse, _________in the case of a married individual filing a separate return.

Options:

$250,000; $125,000

$125,000; $250,000

$350,000; $175,000

$175,000; $350,000

Questions # 77:

There are ________________ essential elements of a Lease.

Options:

Two

Three

Five

Six

Questions # 78:

Which of the following statement(s) about Credit Shelter Trust is/are correct?

Question # 78

Options:

Only (ii) and (iii)

Both (i) and (iv)

All except (i)

All of the above

Questions # 79:

Which of the following statements regarding Stamp Duty is/are correct?

Question # 79

Options:

Only (i) and (ii)

Only (ii) and (iii)

All of the above

Only (i) and (iv)

Questions # 80:

Which of the above statement(s) is/are correct?

Question # 80

Options:

(i) only

(ii) only

(i) and (ii) both are correct

Both are incorrect

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