For each of the following situations, select the best answer concerning adjustments to principal and income of an estate. Assume that the will does not specify whether the item is to be classified as principal or income.(A) Adjustment to the principal of the estate.(B) Adjustment to the income of the estate.(C) Allocated between the principal and income of the estate in some fair manner.(D) Allocated between the principal and income of the estate determined by existence at date of death.________ 1. Homestead allowance________ 2. Insurance expenses________ 3. Executor's fee________ 4. Life insurance proceeds when estate is beneficiary________ 5. Investment commissions________ 6. Debts incurred prior to death________ 7. Water and other utility expenses________ 8. Liquidating
dividends________ 9. Dividend income________ 10. Funeral expenses________ 11. Extraordinary repairs on income-producing property________ 12. Attorney fees________ 13. Property taxes________ 14. Gains and losses on the sale of securities________ 15. Interest income________ 16. Court costs________ 17. Ordinary repairs on income-producing property________ 18. Accounting fees
What will be an ideal response?
(1) A; (2) B; (3) C; (4) A; (5) A; (6) A; (7) B; (8) A; (9) D; (10) A; (11) A; (12) C; (13) B; (14) A; (15) D; (16) C; (17) B; (18) C
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