Describe the responsibilities of a personal representative in the administration of an estate.
What will be an ideal response?
The responsibilities of a personal representative include: 1) ensuring that an inventory is taken of the estate's assets and that the assets are appraised, 2) providing notice to creditors or potential claimants against the estate so that they can file and prove their claims within a specified time, normally five months, 3) seeing that any properly payable funeral or burial expenses are paid and that the creditors' claims are satisfied, and 4) filing estate tax returns and paying any income tax due for the partial year prior to the decedent's death.
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An important opportunity in green sourcing is waste reduction opportunities.
Answer the following statement true (T) or false (F)
Three tactics to elicit information from the other negotiator when they mistrust you is to share information and encourage reciprocity, negotiate multiple issues simultaneously, and make multiple ________ at the same time.
Fill in the blank(s) with the appropriate word(s).
Beatriz and James are married and own real property under a tenancy by the entirety. This means that ________.
A. they are tenants in common with the added requirement of marriage B. upon the death of either, the property passes automatically to the surviving spouse C. the tenancy cannot be severed even in case of a divorce D. either spouse can transfer property by will if the other is still living
Orlov Corporation purchased 8,000 shares of Matsey Corporation common stock for $40 per share on January 1, 2009 . Matsey reported net income of $120,000 for 2009 and paid dividends of $42,000 during 2009 . As of December 31, 2009, the market value of Matsey Corporation common stock was $40 per share. Assuming the shares owned by Orlov represent 10 percent of the total outstanding stock of
Matsey, the entry to record the receipt of dividend income in Orlov Corporation's books is: a. Cash 8,000 Dividend Income 8,000 b. Cash 4,000 Dividend Income 4,000 c. Cash 4,200 Dividend Income 4,200 d. Cash 12,000 Dividend Income 12,000