If a person dies without leaving a valid will, how is the distribution of property regulated?

Q: What is the alternate date for valuing the assets of an estate? When should this alternate date be…

A: The alternate date for valuing the assets of an estate is the date after six months from the date of…

Q: What is the objective of the process of abatement? Choose the correct.a. To give legal structure to…

A:

Q: When should a property be sold?

A: Sale of property: The act of transferring the title to the buyer by the seller after receiving the…

Q: The holding period for property acquired by inheritance begins on the date of the decedent's death…

A: The concept given here is on period of holding asset from inheritance, whether be long term or short…

Q: give an example of a situation where someone has loaned an item of personal property to someone,…

A: Loans are the common ways of borrowing a sum of money from individuals or from financial…

Q: What is the difference between a testamentary trust and an inter vivos trust. A testamentary trust…

A: Testamentary trust: A testamentary trust is a trust that is made in the lifetime of the grantor but…

Q: how are carryovers of losses generally treated in ther final year of an estate?

A: Answer are as follows.

Q: If a loss from sale or exchange of property between related parties is disallowed and the property…

A: If a loss from sale or exchange of property between related parties is disallowed and the property…

Q: Which is subject to donor's tax?*   Merger of usufruct in the owner of the naked title. Delivery of…

A: Donor’s tax is tax imposed on the transfer of property through gifts or donations.  The transfer…

Q: What was the impact of the American Taxpayer Relief Act of 2012 on the conveyance of property?

A: Federal estate tax: This is the tax assessed and excised on the right to transfer the property.

Q: What are the responsibilities of the executor of an estate?

A: Anyone can be an executor. It is usually one of the nominees or the person benefitting from the…

Q: Outline the anti-avoidance provisions as they relate to the transfer of property to a child, a…

A: General Anti-avoidance Rule (GAAR) is a concept which generally empowers the Revenue Authority in a…

Q: Amounts receivable by the estate of the deceased, his executor or administrator as an insurance…

A: Under section 85(E) of the national internal revenue code, insurance shall be computation of the…

Q: Would it be legal for you to give a quitclaim deed for the Statue of Liberty to your friend?

A: Deed refers to the transfer of title from a grantor to a grantee through a written document called…

Q: What are some costs of home ownership that are not deductible?

A: Costs are the monetary value of expenditures for goods, services, labor, products, equipment, and…

Q: The amount of the casualty loss deduction for personal use property depends on whether the property…

A:

Q: What are the capital gains rules as applied to residential property owners?

A: To know the amount of capital gains on the residential property it is important to evaluate the…

Q: What is the proper methods of accounting for and administering an estate and the corresponding legal…

A: Estate planning: When a discussion arises on estate planning, accounting of the same means to…

Q: which constitutional amendment guarantees citizens the right to be"secure in their persons, their…

A: Fourth Amendment protects the users from unreasonable and warrantless searches and it specifies what…

Q: Which of the following is not a true statement?a. Testate refers to a person having a valid will.b.…

A: Testate means a person who has died and has a valid will to be executed   Whereas, Intestate means a…

Q: In an estate, which of the following is charged to income rather than to principal? Choose the…

A: Option c. Property taxes are charged to the income rather than principal.

Q: Which of the following are nontax characteristics of a qualified terminable interest property (QTIP)…

A: A Qualified Terminable Interest Property Trust enables the grantor to provide for his surviving…

Q: Accrued interest at the time of a decedent’s death would be interest income and considered part of…

A: Accrued interest is the amount of interest earned on a loan or other financial obligation but yet to…

Q: Is a foreclosure sale sometimes desirable or even necessary when the mortgagor is willing to give a…

A: A mortgage refers to a debt instrument which is secured by collateral of a piece of land or a real…

Q: Why might real estate be omitted from an inventory of estate property? Real estate is subject to a…

A: Option d. Real estate might be omitted from an estate of inventory because in some states, depending…

Q: Explain the exclusion for gain  on sale of personal residence. Does that exclusion apply to d sale…

A: Tax refers to the amount that is charged by the government on the income and gain earned by the…

Q: How to calculate the inheritance amount?

A: Inheritance Tax is a tax on the all property, possessions and money of someone who has died. In the…

Q: What is the purpose of the laws of distribution? To guide the distribution of personal property…

A: When there does not exist any valid will then the state law takes the control of the administration…

Q: What claims against an estate have priority?

A: Definition:   Priority claims of assets: When sufficient funds are not available then the order of…

Q: Can the exchange of personal-use property qualify as a like-kind exchange? Why or why not

A: Like-kind property refers to real estate assets of common nature that can be interchanged without…

Q: Accountant’s and lawyer’s fees spent during settlement of estate, though non-deductible, are in the…

A: 1.Funeral expenses is incorrect because it is an expense which is not incurred for funeral. 2.…

Q: In the initial accounting for an estate, why does the executor record only the assets?

A: Estate: Estate consists of the net worth of the individual. It includes all the land possession,…

Q: How does a devise differ from a legacy? A devise is a gift of money and a legacy is a nonmonetary…

A: For the purpose of distribution the estate gifts can be categorized as: devise and legacy. Real…

Q: Which of the following are ways by which title to personal property can be obtained? O a)…

A: Personal property is a term used to refer to those assets which are movable in nature.

Q: Are deeds the only acceptable way to legally transfers a property? Why or not?

A: The deed is legal document that is valid and is paid value and legally binding documents.

Q: If an asset of an estate has no readily ascertainable fair value, how should it be presented/valued…

A: All the assets of the estate are recorded at the fair market value and any other asset is found…

Q: state

A: The ethical implications of the estate, inheritance, and gift taxes are as follows :-  (I) Estate…

Q: What guidelines must be followed to classify a transaction as associated with the principal of an…

A: Generally accepted accounting principles are standard accounting principles, standards and…

Q: Which of the following is correct? The gain basis for property received by gift is the lesser of…

A: The tax basis of inherited or gifted property: Various tax rules are given under Federal tax in…

Q: What claims have priority to the distributions made by an estate?

A: Probate laws: After the death of decedent, in order to seek the problems of how his property should…

Q: The basis of property received by either spouse as a result of the divorce or separation is…

A: Introduction: The market value of a company's stock is also known as open market valuation. And it…

Q: Why might real estate be omitted from an inventory of estate property? Multiple Choice Real estate…

A: Answer: Correct option is A.

Q: Why might real estate be omitted from an inventory of estate property? Choose the correct.a. Real…

A: Option d. Real estate might be omitted from an estate of inventory because in some states, depending…

Q: Compare and contrast the basis of property acquired via purchase, conversion from personal use to…

A: Cost basis for personal assets converted to business assets:Cost basis refers to the unrealized cost…

Q: Days where rental property is used by the taxpayer to repair and maintain the property do not count…

A: The time when the taxpayer uses the property in order to repair and maintain, it would not be…

Q: What tasks does the executor of an estate perform?

A:

Q: What court will be responsible to hear the case a lawsuit based on dispute of real estate an…

A: There is judiciary system for every type of issues faced by the common people. There is a particular…

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.