Summer Special 60% Discount Offer - Ends in 0d 00h 00m 00s - Coupon code: bestdeal

Get Certified: Proven Methods to Pass the AAFM CTEP Exam

Questions 1

Which of the following is/are the neccessary contents of a will?

CTEP Question 1

Options:

A.

I, II and III

B.

I, III and IV

C.

I, II and IV

D.

All of these

Buy Now
Questions 2

The current GST in UK is_____________.

Options:

A.

20%

B.

18%

C.

17.50%

D.

10%

Buy Now
Questions 3

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 ______________.

Options:

A.

$80,800; $51,900

B.

$22,500; $80,800

C.

$51,900; $22,500

D.

$40,400; $51,900

Buy Now
Questions 4

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

Options:

A.

Trustor, 15th March

B.

LPR, 15th April

C.

Trustee, 15th April

D.

Either of b or c

Buy Now
Questions 5

You are a Trust and Estate Planner. Mr. Keith is your client. He is 45 years old. He asks you that in case he wants to leave assets for the life benefit of his spouse, but ultimately have the funds pass to his children by a prior marriage he should create ______________________. He further asks you to explain disadvantages of such arrangement. You tell him that the disadvantages of the arrangement are ____________ of the given options.

CTEP Question 5

Options:

A.

Living Trust; All of the above

B.

Living Trust; All except (iii)

C.

QTIP Trust; All except (ii)

D.

QTIP Trust; All except (i)

Buy Now
Questions 6

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

CTEP Question 6

Options:

A.

(i) only

B.

(ii) only

C.

Both are incorrect

D.

None of the above

Buy Now
Questions 7

Singapore corporate tax rate is capped at ___________

Options:

A.

17%

B.

40%

C.

20%

D.

35%

Buy Now
Questions 8

Deadline for filing corporate tax return is ______________.

Options:

A.

30-Nov

B.

31-Dec

C.

1-Jan

D.

1-Apr

Buy Now
Questions 9

Bijoy traced a missing person and was awarded a sum of Rs. 35,000. Although there was no stipulation to that effect, such receipt shall be:

Options:

A.

Casual Income & fully taxable

B.

Casual Income & exempt up to Rs. 5000

C.

Fully exempt

D.

None of the above

Buy Now
Questions 10

A trust is created by a son, the Settlor, for the survival expenses of his retired parents each having equal beneficial interest. Both husband and wife have separate fixed pension of Rs.35,000 per month and Rs. 20,000 per month respectively. The trust property has generated a net annual value of Rs. 5.12 lakh in the previous year 2012-13. The trustee as well as the Settlor is in the 30% tax bracket. Find the tax payable by the trustee as representative assessee.

Options:

A.

Rs. 79,100/-

B.

Rs. 33,370/-

C.

Rs. 1,58,210/-

D.

Rs. 70,860/-

Buy Now