2026 ELITE CERTIFICATION PROTOCOL
Tax & Estate Planning Zero to Hero Practice Test 2026 | Exam
Timed mock exams, detailed analytics, and practice drills for Tax & Estate Planning Zero to Hero.
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Q1Domain Verified
A client sells their primary residence, which they have owned and used as their main home for the past 15 years. They realize a significant capital gain of $400,000. They have not sold any other home in the last 2 years. For a married couple filing jointly, what is the maximum amount of gain that can be excluded from their gross income for federal tax purposes under Section 121?
$250,000
$0, because the entire gain must be recognized
$400,000
$500,000
Q2Domain Verified
When a grantor establishes an Irrevocable Life Insurance Trust (ILIT) and transfers an existing life insurance policy into it, which of the following is a critical tax-related consequence if the grantor dies within three years of the transfer?
The policy's death proceeds are included in the grantor's gross estate, effectively undoing the transfer for estate tax purposes.
The trust loses its irrevocable status and becomes a revocable trust.
The grantor's estate receives an income tax deduction for the premiums paid.
The policy's death proceeds are not included in the grantor's gross estate for estate tax purposes.
Q3Domain Verified
A client gifts a parcel of appreciated land to their adult child. The client's original cost basis in the land was $50,000, and its fair market value at the time of the gift is $200,000. The child later sells the land for $220,000. What is the child's recognized gain for income tax purposes?
$170,000
$0
$20,000
$220,000
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This domain protocol is rigorously covered in our 2026 Elite Framework. Every mock reflects direct alignment with the official assessment criteria to eliminate performance gaps.
This domain protocol is rigorously covered in our 2026 Elite Framework. Every mock reflects direct alignment with the official assessment criteria to eliminate performance gaps.
This domain protocol is rigorously covered in our 2026 Elite Framework. Every mock reflects direct alignment with the official assessment criteria to eliminate performance gaps.
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