AAFM CTEP Dumps Questions Answers

AAFM CTEP Dumps

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AAFM CTEP Frequently Asked Questions

AAFM CTEP Sample Questions

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)

Show Answer

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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

Show Answer

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Question # 3

__________________ is spoken rather than dictated or written.

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

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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Question # 9

There are _____________ types of Amortized Loans.

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

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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

Show Answer

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Question # 11

Madras Marumakkattayam Act was enacted in __________.

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

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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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

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Question # 16

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

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

Show Answer

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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

Show Answer

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Question # 18

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

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

Show Answer

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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

Show Answer

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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

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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

Show Answer

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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

Show Answer

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Question # 23

_______________ is a testamentary gift of real property.

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

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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

Show Answer

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Question # 25

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

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

Show Answer

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Question # 26

Singapore corporate tax rate is capped at ___________

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

Show Answer

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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

Show Answer

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Question # 28

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

A. IRAS
B. MAS
C. ACRA
D. None of the above

Show Answer

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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

Show Answer

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Question # 30

___________________ is not entitled to the intestate’s property.

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

Show Answer

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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

Show Answer

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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

Show Answer

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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%

Show Answer

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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

Show Answer

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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

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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

Show Answer

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Question # 37

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

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

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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

Show Answer

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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)

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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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%

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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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%

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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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

Show Answer

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