Which One of the Following Concerning a Decedent's Gross Estate

question 23

Multiple Choice

Which one of the following concerning a decedent's gross estate is not true?

• A)The gross estate includes the value of all property owned at date of death, wherever located.
• B)Property included in the gross estate generally is valued as of the date of death.
• C)If the decedent's wife is the beneficiary, proceeds of an insurance policy on the life of the decedent are excludable from the decedent's gross estate.
• D)The marital deduction in 2012 is currently set at $5,120,000 million, allowing for a joint marital deduction of $10,240,000.
• E)Any of the unified credit not used by the first spouse to die can be used by the surviving spouse.

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Definitions:

David Wechsler

A psychologist known for developing influential intelligence scales, such as the Wechsler Adult Intelligence Scale (WAIS).

Mental Age

A measure of intelligence test performance devised by Binet; the level of performance typically associated with children of a certain chronological age. Thus, a child who does as well as an average 8-year-old is said to have a mental age of 8.

Binet and Simon

Alfred Binet and Theodore Simon, psychologists who developed the first practical intelligence test, the Binet-Simon scale, to assess cognitive abilities in children.

Aptitude Test

A test designed to predict a person’s future performance; aptitude is the capacity to learn.