The U.S. tax code allows ________ to transfer the entire estate to the survivor tax-free, assuming the recipient is a U.S. citizen
A) a generation-skipping clause
B) gift taxes
C) a common disaster clause
D) tenancy in common
E) an unlimited marital deduction
Answer: E
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Treasury notes with a maturity of six months or less that are issued by the Federal Government are cash equivalents
a. True b. False Indicate whether the statement is true or false
Which of the following audit risk components may be assessed in qualitative terms?
A. Risk of material misstatement. B. Detection risk. C. Neither risk of material misstatement nor detection risk. D. Both risk of material misstatement and detection risk.
Anticipation inventory is ______.
A. inventory held in excess of a firm’s cycle stock B. to avoid expected fall in demand C. also called seasonal inventory D. stock-out avoidance inventory
On March 1, 2019, the company paid $6,000 rent in advance for a 12-month period. On December 31, 2019, the company's adjustment for expired rent would include:
A. a $1,000 debit to Rent Expense; a $1,000 credit to Prepaid Rent. B. a $5,000 debit to Rent Expense; a $5,000 credit to Prepaid Rent. C. a $5,000 debit to Prepaid Rent; a $5,000 credit to Rent Expense. D. a $6,000 debit to Prepaid Rent; a $6,000 credit to Rent Expense.