Free Practice AAFM CTEP Exam Questions 2025

Stay ahead with 100% Free Chartered Trust & Estate Planner (CTEP) CTEP Dumps Practice Questions

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Total 475 Questions | Updated On: Jun 06, 2025

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Question 1

The defined period for fraudulent transfers under the Bankruptcy Code was formerly ____________prior to the debtor’s filing for bankruptcy. This period was ____________ by the Bankruptcy Abuse Prevention and Consumer Protection Act of ___________.Transfers to self-settled trusts may be recaptured if made within _________ of the debtor’s filing for bankruptcy if the transfer in trust was made with the intent to hinder, delay or defraud present 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

Answer: A

Question 2

Which of the following statement(s) about Hire Purchase Agreement is/are correct?

A : Only (i)

B : Only (ii)

C : Both (i) and (ii)

D : Neither (i) or (ii)

Answer: C

Question 3

Which of the following statement(s) about FDAP Income is/are correct?

A : Only (i)

B : Only (ii)

C : Both (i) and (ii)

D : Neither (i) or (ii)

Answer: C

Question 4

You are an Estate Planner. Your Client asks you that if he wants to give business to his children which method is not appropriate. He further asks you which method can help him control the size of this gift through his will. Your reply would be__________

A : Buy-Sell Agreement, Bequest

B : Bequest, Bequest

C : Estate Sale, Buy-Sell Agreement

D : Buy-Sell Agreement, Buy-Sell Agreement

Answer: B

Question 5

Deduction u/s 80-IC regarding special provisions for enterprices in special catogries states is allowed to the extent of

A : 100% of profits and gains for ten assessment years

B : 100% of profits and gains for ten assessment years in case of any undertaking or enterprise in the States of Sikkim or North Eastern Region and 50% in case of undertaking in Uttaranchal and Himachal Pradesh

C : 100% of profits and gains for ten assessment years in case of any undertaking or enterprise in the States of Sikkim or North Eastern States and 100% of profits and gains for the first 5 assessment years and 25% (30% in case of companies) for next 5 assessment years.

D : None of the these

Answer: C

Page: 1 / 95

Total 475 Questions | Updated On: Jun 06, 2025

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