Pass the AAFM AAFM Certification CTEP Questions and answers with CertsForce

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Viewing questions 111-120 out of questions
Questions # 111:

What is the full form of SBT?

Options:

A.

Special Beneficiary Trust


B.

Special Benefactor Trust


C.

Single Beneficiary Trust


D.

Single Benefactor Trust


Expert Solution
Questions # 112:

Which of the following cannot form a Trust?

Options:

A.

A Minor


B.

An HUF through its Karta


C.

Both of the above


D.

None of the above


Expert Solution
Questions # 113:

A person purchased certain property in the name of his minor son and subsequently resold it while the son was minor. This sale is ___________________

Options:

A.

Not void, if the consent of the minor was taken.


B.

Is valid if the court permission was taken under Section 8 of the Hindu Minority and Guardianship Act,1956


C.

Is valid if the court permission was taken under Section 18 of the Hindu Minority and Guardianship Act,1956


D.

Not void, as the Person who is selling is the caretaker of the property.


Expert Solution
Questions # 114:

Which of the following statement(s) about UTMA 529 is/are correct?

Question # 114

Options:

A.

Only (i)


B.

Only (ii)


C.

Both (i) and (ii)


D.

Neither (i) or (ii)


Expert Solution
Questions # 115:

Which of the following statement(s) about Offshore Trust is/are correct?

Question # 115

Options:

A.

Neither (i) or (ii)


B.

Both (i) and (ii)


C.

Only (i)


D.

Only (ii)


Expert Solution
Questions # 116:

Which of the following statement(s) about ‘Kiddie Tax’ is/are correct?

Question # 116

Options:

A.

Only (i)


B.

Only (ii)


C.

Neither (i) or (ii)


D.

Both (i) and (ii)


Expert Solution
Questions # 117:

If a trust is partner in a firm, the maximum rate of tax applicable is

Options:

A.

30%


B.

35%


C.

40%


D.

The provisions of maximum rate of income tax would not apply.


Expert Solution
Questions # 118:

______________ of the Transfer Property Act permits the transfer of property only to one or more living persons.

Options:

A.

Section 1


B.

Section 5


C.

Section 8


D.

Section 10


Expert Solution
Questions # 119:

Which of the following statement(s) about Estate duty is/are correct?

Question # 119

Options:

A.

Neither (i) or (ii)


B.

Only (i)


C.

Only (ii)


D.

Both (i) and (ii)


Expert Solution
Questions # 120:

A Written Trust deed is always desirable, if not required statutorily, due to which of the following benefits?

Question # 120

Options:

A.

All of the above


B.

All except (ii)


C.

All except (ii)


D.

Both (ii) and (iii)


Expert Solution
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