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AAFM CTEP Sample Question Answers

Question # 1

A Hindu Undivided Family (HUF) is a separate entity for taxation under the provisions of_________of the Income Tax Act, 1961.

A. Section 2(3)
B. Section 2(1)
C. Section 3(2)
D. Section 2(31)

Question # 2

In case where the Filling Status is single, phase-out begin range is ____________ (as in2013).

A. $250,000
B. $372,500
C. $150,000
D. $300,000

Question # 3

__________________ is spoken rather than dictated or written.

A. Nuncupative Will
B. Notarial Will
C. Mirror Will
D. Simple Will

Question # 4

If the NPV of buy alternative is Positive and the NPV of incremental lease effect is negativethen the correct decision is to___________.

A. Lease the Asset
B. Buy the Asset
C. Not use the Asset
D. If the sum of the two NPV’s is positive, lease otherwise don’t use the asset

Question # 5

Mr. Nitin wants to know the value of estate (before taxation) as on 1st January 2013.

A. $10,363,509
B. $10,513,509
C. $10,280,000
D. None of the above

Question # 6

The Client wants to find out the value of estate that his spouse and each of their childrenwould receive assuming he dies today.

A. $2,804,035
B. $2,774,035
C. $2,757,333
D. $2,772,702

Question # 7

Where a transfer of value is from a UK-domiciled spouse to a non-UK domiciled spouse,then the exempt transfer is limited to ____________

A. £25,000
B. £35,000
C. £45,000
D. £55,000

Question # 8

A client has a minor child she is concerned about what might happen if she was todie,while the child was still young and unable to sensibly handle a sizeable inheritance,onesolution could be to draft her will so that the child receives the asset once reaching age 21this is an example of

A. A discretionary trust
B. A testamentary trust
C. An inter vivo trust
D. A family trust

Question # 9

There are _____________ types of Amortized Loans.

A. Two
B. Eight
C. Three
D. Four

Question # 10

In UK, the nil rate band for the 2012/2013 tax year is ____________

A. £250,000
B. £325,000
C. £350,000
D. £225,000

Question # 11

Madras Marumakkattayam Act was enacted in __________.

A. 1912
B. 1922
C. 1925
D. 1932

Question # 12

Foreign maid levy (applicable only to working mothers) is upto ____________ withoutdomestic worker concession and ___________ with foreign domestic worker concession.

A. $4,000; $6,000
B. $4,080; $6,360
C. $6,360; $4,080
D. $6000; $4,000

Question # 13

The Inland Revenue Authority of Singapore (IRAS) was established on ___________, bylegislation as a statutory board under the Ministry of Finance.

A. 1st September,2002
B. 1st September,1992
C. 21st September,2002
D. 21st September,1992

Question # 14

In US, a separate rate structure applies to capital gains and dividends. Under present law,for 2013, the maximum rate of tax on the adjusted net capital gain of an individual is 20percent for singles earning over __________and couples earning over _______________.

A. $300,000; $350,000
B. $40,000 ;$50,000
C. $500,000; $5,50,000
D. $400,000; $4,50,000

Question # 15

The Hindu Succession (Amendment Act), 2005 came into force from _______________.

A. 29th September,2005
B. 9th September,2003
C. 9th September,2005
D. 29th September,2003

Question # 16

In Singapore, the deadline for filing personal tax return is _________.

A. 31-Mar
B. 15-Apr
C. 31-Dec
D. 15-Sep

Question # 17

_____________ is for Certificate of Foreign Status of Beneficial Owner for United StatesTax Withholding and___________ if for Certificate of Foreign Government or Other ForeignOrganization for United States Tax Withholding.

A. Form W-8BEN, Form W-8CE
B. Form W-8BEN, Form W-8EXP
C. Form W-8ECI, Form W-8IMY
D. Form W-8ECI, Form W-8EXP

Question # 18

The Hire Purchase System is regulated by the Hire Purchase Act ________

A. 1972
B. 1982
C. 1962
D. 1952

Question # 19

A Deposit of a Will is ____________________

A. Same as Registration
B. Making a Copy of the Will
C. Amendment to the Will
D. When the original will is put in a sealed envelope and deposited with the Registrar whogives a receipt

Question # 20

_____________ of Income Tax Act,1961 defines the Right of an Executor to recover taxpaid.

A. Section 169
B. Section 162
C. Section 69
D. Section 62

Question # 21

You are a Trust and Estate Planner. Mr. Sumit, your client comes out you with the followingdata and wants to know for which the years he is resident or not.He left UK on 10th March 2008 to work full-time abroad and visited UK for:74 days in the tax year 2008–09; 98 days in the tax year 2009–10; 92 days in the tax year2010–11; 79 days in the tax year 2011–12Assume the following only for this question:-320 days in the remainder of the tax year 2008-2009;365 days in the tax year 2009-10; 366days in the tax year 2010–11; 366 days in the tax year 2011-2012.Your reply to Mr. Sumit is –“For the year 2009-2010 you are ______________, for year2010- 2011 you are _______ and for the year 2011-2012 you are ______________”

A. Non-Resident; Non-Resident; Non-Resident
B. Non-Resident; Resident; Non-Resident
C. Resident; Non Resident; Non-Resident
D. Resident; Resident; Resident

Question # 22

What is the full form of CLT?

A. Charitable Life Transfer
B. Calculated Lending Time
C. Charity Lead Time
D. Chargeable Lifetime Transfer

Question # 23

_______________ is a testamentary gift of real property.

A. Devise
B. Bequest
C. Either a or b
D. Both and b

Question # 24

________________ is validated by attaching an affidavit which is signed by the witnessesin the front of Notary Public.

A. Notarial Will
B. Olographic Will
C. Nuncupative Will
D. Self-Proved Will

Question # 25

A _______________ is written in the Will-maker’s own handwriting.

A. Mirror Will
B. Holographic Will
C. Nuncupative Will
D. Simple Will

Question # 26

Singapore corporate tax rate is capped at ___________

A. 17%
B. 40%
C. 20%
D. 35%

Question # 27

In US for year 2013, Grandparent care giver relief is ___________ and Course fee relief is__________.

A. $7,000; $4,500
B. $3,000; $5,500
C. $6,360; $4,080
D. $1,500; $3,000

Question # 28

If there default of distribution under the rules of Intestate Succession Act (Singapore)_______________ shall be entitled to whole of the estate.

D. None of the above

Question # 29

In UK, if the donor survives for _______ years after making the gift, it becomes exemptfrom Inheritance Taxes.

A. Seven
B. Five
C. Seventeen
D. Eighteen

Question # 30

___________________ is not entitled to the intestate’s property.

A. Full Brother
B. Half Brother
C. Uterine brother
D. Both b and c

Question # 31

_________ means the amount of _________or its equivalent value in money payableunder the Muslim law annually by a Muslim during the month of Ramadan to be used forreligious or charitable purposes recognized by the Muslim law.

A. Fitrah, Rice
B. Emas kahwin, Rice
C. Fitrah, Wheat
D. Emas kahwin, Wheat

Question # 32

In US for year 2013, Dependent parent’s relief for each parent living with the tax payer inthe same household is ___________ and the same is______________ for each parent ifthey are not living with the tax payer in the same household.

A. $7,000; $4,500
B. $4,500; $7,000
C. $3,500; $2,250
D. $2,250; $3,500

Question # 33

Tax rate on foreign sourced income in Singapore is ____ to _______ subject to conditions.

A. 0%,17%
B. 5%,20%
C. 5%,17%
D. 0%,20%

Question # 34

The property of a female Hindu dying intestate shall devolve according to the rules set outin _________ of the Hindu Succession Act, 1956.

A. Section 15
B. Section 16
C. Section 17
D. Section 18

Question # 35

Under the provisions of Section 6 of the Hindu Succession Act, 1956, where a Hindu maledies intestate on or after ______________, having at the time of his death an interest in aMitakshara coparcenary property leaving behind a female heir of the class I category, thenhis interest in the coparcenary property shall devolve by succession under that Act and notby survivorship?

A. 27th June 1956
B. 17th June 1965
C. 27th June 1965
D. 17th June 1956

Question # 36

Two persons are said to be __________ when they are descended from a commonancestress but by different husbands.

A. Related by Half blood
B. Agnate of each other
C. Related by Uterine blood
D. Cognate of each other

Question # 37

Goods and Services Tax (GST) was introduced in Singapore in ____________

A. 2002
B. 2012
C. 1992
D. 1994

Question # 38

For 2013, the maximum EITC is __________ for tax payers with one qualifying child.

A. $6,044
B. $5,372
C. $3,250
D. $487

Question # 39

Under ___________ of Income Tax Act,1961, partial partitions will not be recognized fortax purposes.

A. Section 171 (1)
B. Section 174 (1)
C. Section 171 (9)
D. Section 174 (9)

Question # 40

What is the full form of PET?

A. Potential Exempt Transfer
B. Potentially Exempt Transfers
C. Potential Exemption Transfer
D. Potentially Exempt Transfers

Question # 41

Individuals who receive employment income in Singapore and who are tax residents ofcountries that have concluded double tax treaties with Singapore may be exempt fromSingapore income tax if their period of employment in Singapore does not exceed a certainnumber of days, usually _______ in a calendar year or within __________ and if theysatisfy certain additional criteria specified in the treaties.

A. 183; 12 month period
B. 165; 6 month period
C. 230; 12 month period
D. 265; 6 month period

Question # 42

Which of the following cannot give a Power of Attorney?

A. Married women even if she is a Minor
B. Muslim boy who is 15 years of age
C. Partnership firm
D. None of the above

Question # 43

____________ lease is typical for business institutions and organizations whose operationsrely on a seasonal schedule. ______________ is an option often taken by new businesseswhich have no credit history.

A. Financial Lease, Sub- lease
B. Operating Lease,Financial Lease
C. Skip Lease, Tax Lease
D. Skip Lease, Pre-paid Purchase Lease

Question # 44

In Singapore, If an individual does not agree with the assessment raised, he she have tolodge an objection in writing within ________from the date of issue of notice ofassessment; otherwisethe assessment will automatically become final.Singapore hasentered into tax treaties with _____________.

A. 15 days; 52 countries
B. 15 days; 72 countries
C. 30 days; 52 countries
D. 30 days; 72 countries

Question # 45

In order that a claim for partition has to be recognized under the Income Tax Act, the claimfor partition must fulfill the condition as laid down in ____________ of Hindu SuccessionAct,1956.

A. Section 171
B. Section 181
C. Section 174
D. Section 184

Question # 46

In Singapore, if the dependent (aged parent) is not less than 55 years of age living with hisson in the same household and whose income was not more than $4,000 in that year,deduction of ___________ is allowed in such a case.

A. $2,000
B. $11,000
C. $8,000
D. $7,000

Question # 47

What is the full form of QTIP as in “QTIP Trust”?

A. Qualifier Terminable Interest Property
B. Qualified Terminable Interest Property
C. Qualified Terminable Interest Partition
D. Qualifier Terminable Interest Partition

Question # 48

Singapore personal tax rates are capped at _________ for residents and a flat rate of________ for non-residents.

A. 15%, 20%
B. 18%, 20%
C. 15%,18%
D. 20%,15%

Question # 49

For 2012-2013 the annual exclusion amount sheltered from estate tax in US is____________.

A. $5,000,000
B. $5,250,000
C. $5,500,000
D. $5,750,000

Question # 50

In UK, savings interest is taxed at _____________. But if you’re on a low income, you maybe able to get the interest tax-free or get_______ of the tax repaid.

A. 10%; Half
B. 20%; Half
C. 10%; One third
D. 20%; One third

Question # 51

There is no overall limit on how much a person can have invested in ISA accounts, butadditional investments are currently limited to ________per person per year: a maximum of_________ in cash funds, with the balance being allocated either to mutual funds (UnitsTrusts and OEICs) or individual self-selected shares.

A. £11,320; £57,605
B. £11,520; £56,705
C. £11,520; £57,605
D. £11,250; £57,650

Question # 52

In Singapore,ifthe tax is not paid by the due date, a ________penalty and_________additional penalty per month. In addition, IRAS may take recovery action.

A. 3%, 1%
B. 10%,2%
C. 5%, 1%
D. 8%,2%

Question # 53

A non-resident in Singapore will be treated as a tax resident for a particular Year ofAssessment if you are foreigner who stayed/worked in Singapore for _________or more inprevious year (excludes director of a company)

A. 181 days
B. 182 days
C. 183 days
D. 191 days

Question # 54

With respect to the Income Tax Structure in Singapore, if the income of an individual isbelow______________ the tax rate is 0%.

A. $5,000
B. $10,000
C. $15,000
D. $20,000

Question # 55

______________ of the Hindu Succession Act,1956 groups the heirs of a male intestateinto four groups and lays down that the property first devolves upon the heirs of Class I ofthe Schedule.

A. Section 1
B. Section 8
C. Section 12
D. Section 9

Question # 56

A Henson Trust in Canadian law, is a type of trust to benefit _________________

A. Widows
B. Orphaned Child
C. Disabled Person
D. None of the above

Question # 57

In UK, for year 2013-2014 the Income limit for Personal Allowance is _____________ andthe Personal Allowance for people born after 5 April 1948 is ___________.

A. £100,000; £9,440
B. £100,000; £10,500
C. £150,000; £10,660
D. £150,000; £10,090

Question # 58

In case of a HUF whose manager has not been resident in India in nine out of ten previousyears preceding the previous year or has, during the ________previous years precedingthat year, been in India for a total __________or less, such HUF is to be regarded as NotOrdinarily Resident within the meaning of the Income-tax Act, 1961.

A. Seven, 729 days
B. Seven, 182 years
C. Three, 729 days
D. Three, 182 days

Question # 59

In US, in the case of an individual the tax is ______________ of the lesser of netinvestment income or the excess of modified adjusted gross income over the thresholdamount.

A. 3.8 percent
B. 3.6 percent
C. 4.6 percent
D. 4.8 percent

Question # 60

Where a transfer of value is from a UK-domiciled spouse to a non-UK domiciled spouse,then the exempt transfer is limited to ________. For annual exemption,each individual cantransfer an exempt amount of up to________ per year.

A. £45,000; £3,000
B. £55,000; £3,000
C. £45,000; £5,000
D. £55,000; £5,000

Question # 61

Registration of a Will ___________________ in India.

A. Is Compulsory only in certain circumstances
B. Is Not Compulsory
C. Depends on the Governing body
D. Depends on the Executor’s wish

Question # 62

Section______of the Administration of Muslim Law (Amendment) Act 2008 (Act 29 2008)substituted "______years" with "_____ years" in section ______(4) and (5) of this Act witheffect from 1st March 2009.

A. 18, 15, 16, 96
B. 19, 16, 18, 98
C. 19, 16, 18, 96
D. 19, 15, 16, 98

Question # 63

One person is said to be ____________ of other if the two are related by blood or adoptionbut not wholly through males.

A. Agnate
B. Cognate
C. Half blood
D. Uterine blood

Question # 64

_____________should submit the Form T to the Comptroller of Income Tax by__________

A. Trustor, 15th March
B. LPR, 15th April
C. Trustee, 15th April
D. Either of b or c

Question # 65

__________________ is used to show what Inheritance tax is due when someone hasdied and _________________ is used to show what Inheritance tax is due from lifetimeevents.

A. IHT 100; IHT 400
B. IHT 200; IHT 300
C. IHT 400; IHT 100
D. IHT 300; IHT 200

Question # 66

There are ________________ essential elements of a Lease.

A. Two
B. Three
C. Five
D. Six

Question # 67

Mr. Arun mortgages a certain plot of building land to Mr. Sumit and afterwards erects ahouse on the plot. For the purpose of his security, Mr. Sumit is entitled to______________.

A. House only
B. Plot only
C. House Only, if the value of Plot after construction is less than the cost of building the plot
D. Both House and Plot

Question # 68

In case of __________ trust there is no Inheritance Tax if the settlor survives for_________ years.

A. Absolute, Three
B. Absolute, Seven
C. Discretionary, Three
D. Discretionary, Seven

Question # 69

According to Muslim Law, the age of majority is ______________

A. 15 years
B. 16 years
C. 18 years
D. 21 years

Question # 70

A Family consists of karta, his wife,four sons and their wives and children and their incomeis Rs. 1000000.If by family arrangement income and yield on property is settled onkarta,his wife,sons & daughter in law than tax liability would be

A. Nil
B. 100000
C. Calculated as per income tax Act 1961
D. None of the above

Question # 71

Supplementary Retirement Scheme (SRS) relief for Singapore Permanent Resident is_____________ and for foreigner is ___________.

A. $12,750; $29,750
B. $29,750; $12,750
C. $15,525; $16,200
D. $16,200; $15,525

Question # 72

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 survivingspouses is ______________.

A. $80,800; $51,900
B. $22,500; $80,800
C. $51,900; $22,500
D. $40,400; $51,900

Question # 73

Madras Aliyasantana Act was enacted in the year__________.

A. 1949
B. 1952
C. 1959
D. 1917

Question # 74

With respect to tax structure in Singapore, if Personal Income is from $120,000–$160,000the tax rate is __________

A. 15%
B. 17%
C. 18%
D. 11.50%

Question # 75

In India where the Registration Act, 1908 is in force, the Power of Attorney should beauthenticated by a______________.

A. Sub-Registrar
B. Registrar
C. Either of a or b
D. Notary

Question # 76

The defined period for fraudulent transfers under the Bankruptcy Code was formerly____________prior to the debtor’s filing for bankruptcy. This period was ____________ bythe Bankruptcy Abuse Prevention and Consumer Protection Act of ___________.Transfersto self-settled trusts may be recaptured if made within _________ of the debtor’s filing forbankruptcy if the transfer in trust was made with the intent to hinder, delay or defraudpresent or future creditors.

A. One year ; Extended to two years; 2005; 10 years
B. Two years; Reduced by one year; 2005; 10 years
C. One year; Extended to two years; 2008; 15 years
D. Two years; Reduced by one year; 2008; 15 years

Question # 77

Tax rate on corporate profits upto 300,000 SGD is ___________.

A. 17%
B. 20%
C. 15%
D. 8.50%

Question # 78

The consideration for the Lease is called _______________

A. Rent
B. Rental
C. Either b or c
D. Lease Premium

Question # 79

The current GST in UK is_____________.

A. 20%
B. 18%
C. 17.50%
D. 10%

Question # 80

According to HMRC, the number of families caught by Inheritance Taxes has_________________ over the last 10 years.

A. Doubled
B. Remained the same
C. More than Doubled
D. Tripled

Question # 81

Given below are certain acts. Fill in the blanks with their respective year of enactment.Power of Attorney Act ______________Indian Evidence Act ______________Muslim Women (Protection of Rights on Divorce) Act ______________Indian Divorce Act ______________

A. 1869;1872;1882;1986
B. 1872;1869;1882;1986
C. 1882;1872;1986;1869
D. 1869;1882;1969;1986

Question # 82

Given below are certain acts. Fill in the blanks with their respective year of enactment.Power of Attorney Act ______________Indian Evidence Act ______________Muslim Women (Protection of Rights on Divorce) Act ______________Indian Divorce Act ______________

A. 1869;1872;1882;1986
B. 1872;1869;1882;1986
C. 1882;1872;1986;1869
D. 1869;1882;1969;1986

Question # 83

Deadline for filing corporate tax return is ______________.

A. 30-Nov
B. 31-Dec
C. 1-Jan
D. 1-Apr

Question # 84

Capital gains are subject to tax at ______________ for Trustees or PersonalRepresentatives.

A. 18%
B. 28%
C. 26%
D. 10%

Question # 85

In US for year 2013, Qualifying child relief is ___________ per child and Handicapped childrelief is _____________ per child.

A. $4,000; $8,000
B. $10,000;$12,000
C. $1,000; $2,000
D. $4,000; $5,500

Question # 86

Muslim law recognizes that person cannot dispose of by Will more than ______of the netassets (unless ratified by all the heirs of the person leaving behind the Will) while theremaining _________ should be made available for distribution among the heirs.

A. One third, Two third
B. One fifth, Two fifth
C. Two Third, One third
D. Two fifth, One fifth

Question # 87

In case of Discretionary Discounted Gift Trust, the settlor has the right to receive annualcapital payments upto ________ of the original capital. The trust is suitable for individualswho have a liability to ______________ and are happy to make substantial gifts.

A. 5%; Gift Tax
B. 8%; Transfer Tax
C. 8%; Estate Duty
D. 5%; Inheritance Tax

Question # 88

As per the tax structure in the UK, Inheritance Tax will be due at ____________ on theamount over the nil rate band.

A. 10 percent
B. 36 percent
C. 40 percent
D. 15 percent

Question # 89

The Hindu Succession (Amendment Act),2005 amended ____________ of the HinduSuccession Act,1956 allowing daughters of the deceased equal rights with the sons.

A. Section 6
B. Section 8
C. Section 2
D. Section 4

Question # 90

Economic Expansion Act was introduced in Singapore in __________.

A. 1967
B. 1947
C. 1922
D. 1965

Question # 91

In UK, gifts in consideration of marriage (CP) are exempt transfers up to a maximum of__________if given by each parent.

A. £5,000
B. £2,500
C. £1,000
D. £250

Question # 92

___________ of the Hindu Succession Act, 1956, elaborately declares that it applies to any person, who is a Hindu by religion in any of its forms or developments, including aVirashaiva, a Lingayat or a follower of Brahmo, Prathana or Arya Samaj, a Buddist, Jain orSikh.

A. Section 1
B. Section 2
C. Section 3
D. Section 4

Question # 93

In some states like __________ and ____________, the Indian Succession Act wasamended to provide that all daughters who were unmarried as on the date of theamendment would be regarded as coparceners in much the same manner as the sons inthe family.

A. West Bengal; Assam
B. Gujarat; Maharashtra
C. Maharashtra; Tamil Nadu
D. None of the above

Question # 94

US citizens or permanent resident who has established a foreign tax home and has metcertain qualifications can elect to exclude annual foreign earned income up to_________from taxable income in 2013.

A. $95,000
B. $97,600
C. $98,000
D. $98,600