AAFM CTEP Exam Practice Test Instant Access

Question 1

In US the exemption amount for Alternative Minimum Tax in the case of estate or trust is _________. The same in the case of married individuals filing a joint return and surviving spouses is ______________.

A$80,800; $51,900

B$22,500; $80,800

C$51,900; $22,500

D$40,400; $51,900

Answer : B

Question 2

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

ABoth (i) and (ii)

BNeither (i) nor (ii)

COnly (i)

DOnly (ii)

Answer : D

Question 3

__________________ is used to show what Inheritance tax is due when someone has died and _________________ is used to show what Inheritance tax is due from lifetime events.

AIHT 100; IHT 400

BIHT 200; IHT 300

CIHT 400; IHT 100

DIHT 300; IHT 200

Answer : C

Question 4

There is no overall limit on how much a person can have invested in ISA accounts, but additional investments are currently limited to ________per person per year: a maximum of _________ in cash funds, with the balance being allocated either to mutual funds (Units Trusts and OEICs) or individual self-selected shares.

A11,320; 57,605

B11,520; 56,705

C11,520; 57,605

D11,250; 57,650

Answer : C

Question 5

Which of the following statement(s) about FDAP Income is/are correct?

AOnly (i)

BOnly (ii)

CBoth (i) and (ii)

DNeither (i) or (ii)

Answer : C

Question 6

Which of the following statements about NRIC No. is correct?

AOnly (i)

BOnly (ii)

CNeither (i) or (ii)

DBoth (i) and (ii)

Answer : D

Question 7

_____________should submit the Form T to the Comptroller of Income Tax by __________

ATrustor, 15th March

BLPR, 15th April

CTrustee, 15th April

DEither of b or c

Answer : D

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