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

Mr. Nitin wants to know the value of estate (before taxation) as on 1st January 2013.

In US, a separate rate structure applies to capital gains and dividends. Under present law, for 2013, the maximum rate of tax on the adjusted net capital gain of an individual is 20 percent for singles earning over __________and couples earning over _______________.

Individuals who receive employment income in Singapore and who are tax residents of countries that have concluded double tax treaties with Singapore may be exempt from Singapore income tax if their period of employment in Singapore does not exceed a certain number of days, usually _______ in a calendar year or within __________ and if they satisfy certain additional criteria specified in the treaties.

In Singapore, If an individual does not agree with the assessment raised, he she have to lodge an objection in writing within ________from the date of issue of notice of assessment; otherwise the assessment will automatically become final. Singapore has entered into tax treaties with _____________.

Supplementary Retirement Scheme (SRS) relief for Singapore Permanent Resident is _____________ and for foreigner is ___________.

Where an estate is liable to Inheritance Taxes, the tax is usually payable within ________________ of the end of the month in which the death occurred. If it becomes overdue, the amount owing may incur interest, currently at ___________ (as at April 2012).

In case of __________ trust there is no Inheritance Tax if the settlor survives for _________ years.