Which of the following claims against an estate does not have priority? Funeral expenses because the amounts incurred are usually at the discretion of family members. Medical expenses associated with the decedent’s last illness. The costs of administering the estate. Unpaid rent on the decedent’s home if not paid for the three months immediately prior to death.

Which of the following claims against an estate does not have priority? Funeral expenses because the amounts incurred are usually at the discretion of family members. Medical expenses associated with the decedent’s last illness. The costs of administering the estate. Unpaid rent on the decedent’s home if not paid for the three months immediately prior to death.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 1CPA: Which of the following is a deduction for AGI? a. Charitable contributions. b. Alimony paid for a...

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Which of the following claims against an estate does not have priority? Choose the correct.a. Funeral expenses because the amounts incurred are usually at the discretion of family members.b. Medical expenses associated with the decedent’s last illness.c. The costs of administering the estate.d. Unpaid rent on the decedent’s home if not paid for the three months immediately prior to death.
Which of the following techniques is commonly used in estate planning to minimize estate taxes? A) Gifting assets to family members shortly before death B) Establishing a trust for beneficiaries C) Transferring assets into a taxable brokerage account D) Not creating a will or estate plan
What is a remainderman? A beneficiary that receives the principal left in an estate or trust after a specified time. The beneficiary of the decedent’s life insurance policy. An executor or administrator after an estate has been completely settled. If a legacy is given to a group of people, the remainderman is the last of the individuals to die.
Which of the following life insurance proceeds is not included in the gross estate of the deceased? A. Insurance proceeds with SSS.B. Insurance proceeds where the beneficiary is a third person revocably appointed.C. Insurance proceeds under a group insurance taken out by the employee for himself as beneficiary.D. Insurance proceeds covering the life of the insured decedent where the estate of the deceased, hisexecutor or administrator is the beneficiary whether or not the insured retained the power of revocation.
What is a remainderman? Choose the correct.a. A beneficiary that receives the principal left in an estate or trust after a specified time.b. The beneficiary of the decedent’s life insurance policy.c. An executor or administrator after an estate has been completely settled.d. If a legacy is given to a group of people, the remainderman is the last of the individuals to die.
Amount receivable by the estate of the deceased, his executor or administrator as a beneficiary under policy taken by the decedent upon his own life is: * excluded from gross income. part of gross income whether the beneficiary is revocable or irrevocable. part of gross income if the beneficiary is irrevocable. none of the above
What is meant by "an individual dies intestate?" Select one: a.That person did create a will before death, but the will neglected to name an executor. b.That person's estate is insufficient to pay all claims against it. c.That person was not certified to be of sound mind before writing their will. d.That person did not create a legal will prior to death. e.That person's estate will automatically pass to the state, and the presumed heirs will get nothing.
Amounts receivable by the estate of the deceased, his executor or administrator as an insurance under policy taken by the decedent upon his own life is: Excluded from the gross estate; Part of the gross estate whether the beneficiary is revocable or irrevocable Part of the gross estate if the beneficiary is revocable Part of the gross estate if the beneficiary is irrevocable
What is the process of abatement? Select one: a.The establishment of how the creditors will be paid. b.Payment of the claims of creditors. c.An attempt to determine the deceased's intentions when the terms of the will are unclear. d.Selling of assets included in an estate to be able to pay creditors. e.A reduction of various bequests when the estate is not adequate to satisfy them completely.
True or False: The executor is not responsible for managing the deceased's debts and ensuring they are paid from the estate. True False
How are claims against a decedent’s estate discovered by an executor? Choose the correct.a. Public notice must be printed in an appropriate newspaper to alert all possible claimants.b. The executor waits for nine months until all possible bills have been received.c. The executor directly contacts all companies that the decedent did business with.d. Claims the estate is to pay are limited to all of the bills received but not paid prior to the date of death.
In the context of estate planning, it is correct to say that: * Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death. State laws always determine the distribution of our estate after our death. Once we cannot predict the future, we should plan our estate only a little before our death. The executor is a person who assumes responsibility for providing childrem with personal care and managing the deceased's estate for them.