Which, if any, of the following statements correctly reflects the rules applicable to the alternate valuation date?
A. The election is made by the executor.
B. It can be elected even though no estate tax return (i.e., Form 706) need be filed.
C. It can be elected only if it reduces the amount of the gross estate or reduces the estate tax liability.
D. Its election does not affect the income tax basis of property included in the gross estate.
Answer: A
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What constitutes substantial performance is strictly defined by statutory law and/or judicial precedent.
Answer the following statement true (T) or false (F)
The work sheet at the end of July has $5,350 in the Balance Sheet credit column for Accumulated Depreciation. The work sheet at the end of August has $6,700 in the Balance Sheet credit column for Accumulated Depreciation. What was the amount of the depreciation expense adjustment for the month of August?
A) amount can not be determined B) $6,700 C) $5,350 D) $1,350
The major characteristic that is used to differentiate intermediaries from one another is whether they:
a. create specialization of labor. b. create economies of scale. c. raise profit margins for independent middlemen. d. take title to the products they sell.
Which of the following is produced by a standardized formula and is used by banks to determine the level of risk in loaning money to a people?
A) balance sheet B) net income C) financial statement D) net worth E) credit score