Free Chartered Trust & Estate Planner (CTEP) Certification Examination Exam CTEP Exam Practice Test

Singapore has ___________ capital gains tax.

• 15%
• 10%
• 0%
• 12.50%

For tax year 2013, AMT rate is _______ up to $175,000 of Alternative Minimum Taxable Income (AMTI).

• 20%
• 22%
• 25%
• 26%

While preparing a Will, the person who is making the Will must declare ________ that he is making the Will in his full senses and free from any kind of pressure. Once the testator completes writing the Will, he must the sign the Will very carefully in presence of at least __________independent witnesses.

• At the end, Two
• In the Beginning, Two
• At the end, One
• In the Beginning, One

______________ of the Income Tax Act provides for the registration of a Charitable Trust. _____________ of the Income Tax Act contains the provision that the profits and gains of the business carried on by a charitable trust would be fully exempt from tax if it is attains the objects of the trust.

• Section 12A, Section 11 (4A)
• Section 11A, Section 12 (4A)
• Section 12A, Section 11 (2A)
• Section 11A, Section 12 (2A)

There are ______________ sources of Muslim Law. As per Muslim Law, a marriage that is unlawful from it's beginning is called ____________.

• Three, Batil Marriage
• Three, Fasid Marriage
• Four, Batil Marriage
• Four, Fasid Marriage

As per Muslim Law, if the husband is missing for _________ the wife may file a petition for the dissolution of her marriage. __________ of Dissolution of Muslim Marriages Act provides that that where a wife files petition for divorce under this ground, she is required to give the names and addresses of all persons who would have been the legal heirs of the husband on his death.

• 7 years, Section 3
• 7 years, Section 5
• 4 years, Section 3
• 4 years, Section 5

Compulsory audit of account is required u/s 44AB of IT, if the total sales/ turnover exceeds _______

• Rs. 10,00,000
• Rs. 40,00,000
• Rs 60,00,000
• Rs. 1,00,00,000

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

• Section 171 (1)
• Section 174 (1)
• Section 171 (9)
• Section 174 (9)

_______________ is a Life Insurance Trust with certain provisions that allows gifts to the trust to qualify for the annual gift tax exclusion.

• Crummey Trust
• Constructive Trust
• Charitable Lead Trust
• Grantor Trust

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

• $7,000; $4,500
• $4,500; $7,000
• $3,500; $2,250
• $2,250; $3,500