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PART 7—QUICK QUIZ

Circle your answers:

T	F	1.	Both a remainder interest and a reversionary interest are types of future interests in property.
T	F	2.	Owners of property as tenants in common each may transfer their interest during their lifetime or at their death.
T	F	3.	The primary difference between a general power of appointment and a special power is in the types of property that are eligible to be the subject matter of each.
T	F	4.	The payment of life insurance death benefits is an example of a transfer of property at death by operation of contract.
T	F	5.	Property transferred while the decedent was alive might nevertheless be included in the gross estate of the deceased donor for federal estate tax purposes.
T	F	6.	The generation-skipping transfer tax is imposed on all gifts by a grandparent to a grandchild whose parents are still alive when the gift is made.
T	F	7.	The primary purpose of a state’s credit estate tax is to increase the total state death tax payable for a decedent up to the level of the federal estate tax payable.
T	F	8.	One of the advantages of making lifetime gifts is that the donor can avoid the administrative costs associated with a probate transfer at death.
T	F	9.	A transfer at death made to a trust for the benefit of a surviving spouse cannot qualify for the marital deduction.
T	F	10.	In an AB trust arrangement, some property transferred at death for the benefit of a surviving spouse is deliberately intended not to qualify for the marital deduction.

1-T, 2-T, 3-T, 4-T, 5-T, 6-F, 7-F, 8-T, 9-F, 10-T