Answer the following statements true (T) or false (F)
1. Life insurance proceeds cannot pass directly to the beneficiary(ies) without probate.
2. Form 706 includes schedules relating to the payment of federal estate taxes.
3. If the decedent's estate is open for an appreciable period of time, the personal representative must file a U.S. Fiduciary Income Tax Return (IRS Form 1041).
4. While the estate is open, the beneficiaries have the responsibility of making certain that the estate's assets produce income and do not lose value.
5. Any property left to the surviving spouse does not qualify for the marital deduction.
1. False
2. True
3. True
4. False
5. False
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In determining if a state law is unconstitutional under the dormant commerce clause, the Court considers
A. whether the state law conflicts with a federal law. B. the burden on interstate commerce in relation to local necessity. C. whether other states have similar laws. D. None of the above.
A sequence of subsequent owners of a particular parcel of property, beginning with the original owner and moving through all successive owners to the current owner, is known as a “chain of title.”
Answer the following statement true (T) or false (F)
A federal court would have diversity jurisdiction in which of the following cases??
A. ?A Michigan resident sues an auto company (a Michigan corporation) for product liability resulting from an auto accident. B. ?A California resident sues another California resident for negligence as a result of slipping and falling in the home of the second California resident. C. An employee sues an employer for sexual harassment under Title VII of the Civil Rights Act of 1964. D. ?A driver from New Jersey seeks to recover damages from an auto accident with a driver from New York, and the accident took place in New York.
In upholding the Fifth Amendment, our society must balance
A. searches and seizures B. law and order C. freedom of speech and freedom of religion D. law enforcement needs and the right against self-incrimination