Tfa Study guides, Class notes & Summaries
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Cannon CTFA Prep Correctly Solved 2023
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Cannon CTFA exam 2023 with 100% correct answers
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Jean and John Simmons are married and own their own home as tenants by entirety. When John dies the home is valued at $350,000. How much will be counted in his gross taxable estate? 
 
A. None, as it passes directly to his spouse, Jean. 
B. $175,000 - or one-half of the value 
C. $225,000 - or the full amount minus the $125,000 one-time exclusion for capital gains on a person residence. 
D. $350,000 - the full amount is includable. 
B. $175,000 - or one-half the value 
 
 
 
Once a will is prope...
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Cannon CTFA Prep Questions And Answers Rated A+ New Update Assured Satisfaction
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Jean and John Simmons are married and own their own home as tenants by entirety. When John dies 
the home is valued at $350,000. How much will be counted in his gross taxable estate? 
A. None, as it passes directly to his spouse, Jean. 
B. $175,000 - or one-half of the value 
C. $225,000 - or the full amount minus the $125,000 one-time exclusion for capital gains on a person 
residence. 
D. $350,000 - the full amount is includable. - Answer-B. $175,000 - or one-half the value 
Once a will is pro...
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Cannon CTFA Prep Questions and Answers Already Passed
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Cannon CTFA Prep Questions and 
 
Answers Already Passed 
 
Jean and John Simmons are married and own their own home as tenants by entirety. When John 
dies the home is valued at $350,000. How much will be counted in his gross taxable estate? 
 
A. None, as it passes directly to his spouse, Jean. 
B. $175,000 - or one-half of the value 
C. $225,000 - or the full amount minus the $125,000 one-time exclusion for capital gains on a 
person residence. 
D. $350,000 - the full amount is includable. B....
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CTFA - Fiduciary & Trust Activities Latest Update Graded A+
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CTFA - Fiduciary & Trust Activities 
 
Latest Update Graded A+ 
 
Constructive Trusts A fraud rectifying trust, imposed by a court to protect those who lose 
property to a wrongdoer 
 
Resulting Trust An intent enforcing trust based upon the presumed intent of a transferor of 
property 
 
Implied Trust An implied trust is an element of trust law, and refers to a trust that has not 
been "expressly created by the settlor."[1] There are two types of implied trust: 
 
Constructive Trusts and Resu...
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CTFA - Practice Exam #1 Questions and Answers 100% Pass
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CTFA - Practice Exam #1 Questions and 
 
Answers 100% Pass 
 
"Constructive Receipt" is normally applicable to the tax treatment of... Non-Qualified 
Deferred Compensation Plans 
 
Non-Qualified Deferred Compensation TCHRA: Compensation that is not immediately 
taxable. It does not qualify under ERISA for tax exemption. Taxation occurs once the individual 
receives the compensation or "property" 
 
A 1035 exchange refers to a tax free exchange of... Annuities 
 
1035 Exchange IRS allows tax-...
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CTFA Practice Exam 3 Questions & Answers Solved 100% Correct!!
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Q. When can a bank trustee sell or purchase assets from a trust where it serves in a fiduciary capacity? 
A. When the trustee desires to relieve itself from such liability with the approval of the board 
B. When the trust sells property to any non-officer of the bank, if the trust committee deems the price 
reasonable 
C. When the trust purchases stock or obligations of the bank, if the bank or its holding company is listed 
on a recognized stock exchange 
D. When the trust sells assets in one a...
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CTFA Level 1 EXAM(Graded A+ actual test)
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Tangible Personal Property - Answer-personal property that can be moved (ex. gold bar, jewelry) 
Probate Estate - Answer-the property of a decedent that is subject to administration by the executor or 
administrator of an estate 
Under joint tenants with rights of survivorship, when one tenant dies which of the following best 
describes the result? - Answer-Her share passes to the surviving joint tenant regardless of what her will 
says 
In cutting down a tree, which of the following occurs? - A...
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CTFA Practice Exam 1 Questions With Complete Solutions, Graded A+
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Q. Which of the following types of trusts can use the Uniform Principal and Income Act power to adjust ? 
A. GRAT 
B. Trust under will 
C. Revocable trust 
D. Charitable lead trust - Answer-Solution : The correct answer is B. 
Q. Which of the following is a power of attorney for property that is effective upon execution and does 
NOT terminate upon the principal's incapacity? 
A. General 
B. Springing 
C. Durable 
D. Limited - Answer-Solution: The correct answer is C 
Q. A client borrows $ 100,...
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Cannon CTFA Prep Solved 100% Correct.
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Cannon CTFA Prep Solved 100% Correct.
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