The executor of an estate has a choice of waiving the executor's fee. Factors that should be considered by the executor in making this choice include all the following EXCEPT

A. the estate tax bracket of the estate

B. the income tax brackets of the other beneficiaries

C. whether the executor is otherwise a beneficiary of the estate

D. the income tax bracket of the executor

All the following statements concerning a grantor-retained annuity trust (GRAT) or a grantor- retained unitrust (GRUT) are correct EXCEPT:

A. A grantor receives an annual payout from a GRUT that is based on the value that the trust grows or contracts to each year.

B. After the initial transfer to a GRAT, the grantor is prohibited from making additional contributions to the trust.

C. For gift tax purposes a grantor's retained interest in these trusts is valued at zero.

D. Post-transfer appreciation of property transferred to these trusts is excluded from the grantor's gross estate.

Which of the following statements concerning the imposition of state death taxes on property owned by a decedent is (are) correct?

1.

Real estate must be taxed in the state where the decedent was domiciled.

2.

Intangible personal property is generally taxed in the state where the decedent was domiciled.

A. 2 only

B. 1 only

C. Neither 1 nor 2

D. Both 1 and 2

All the following powers held by the grantor of an irrevocable trust will cause the trust assets to be brought back into the estate of the grantor EXCEPT the power to

A. terminate the trust

B. add principal to the trust

C. designate who shall enjoy the trust income

D. change the trust remainderpersons

A father died leaving his property equally to his wealthy son and his poor daughter. The son wishes to disclaim his share of the inheritance so that it will pass to his sister without his incurring any gift tax liability. In this situation, all the following acts on the part of the son are required EXCEPT:

A. His refusal to accept the inheritance must be received by the executor of his father's estate within 9 months of his father's death.

B. His refusal to accept the inheritance must direct specifically that his sister is to receive it instead.

C. His refusal to accept the inheritance must be in writing.

D. He must not have received any part of his inheritance or any income from it prior to his refusal to accept it.