Which of the following are characteristics of the probate process? It provides for distribution of property to the ultimate beneficiary in a quick and timely manner. It provides an orderly procedure for the filing and payment of claims. It provides for systematic administration of the decedent's probate estate. It provides for administration of the decedent's estate with the details only available to the public on a strictly need to know basis.

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…

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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: Statement I: An estate represents the assets of a deceased person after all liabilities and taxes…

A: An estate is the total worth the person owned in the form of asset after deducting all the taxes and…

Q: Which of the following statements, if any, represents a benefit of the probate process? 1. The cost…

A: The probate process is a process that involves the legal transfer of property or possession of a…

Q: He or she should have geographical proximity to the major assets of the estate. He or she should not…

A: Personal representative are needed when there is no will left to settle the property and assets.…

Q: liquidate t

A: At the time of liquidation we have used Realisation account to show the surplus of deficit. We need…

Q: Briefly summarize the differences between principal and income transactions for estates and trusts .…

A: In simpler terms estate indicates the property owned by an entity.  In accounting terms the estate…

Q: What is the process of abatement? Select one: a.The establishment of how the creditors will be…

A: An abatement is a reduction or an exemption on the level of taxation faced by an individual or…

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: In recording the transactions of an estate, when are liabilities recorded? When incurred. At the…

A: Identify the correct option out of the given statements:   Debt, taxes and other obligations are…

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: Briefly summarize the differences between principal and income transactions for estates and trusts.…

A: one important accounting concept is the differences between principal and income of estate or…

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: 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: How does a devise differ from a legacy? Choose the correct.a. A devise is a gift of money and a…

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Q: Revenue from property taxes should be recorded in the General Fund: O When received. O When there is…

A: The revenues earned by the government or state from the taxes, fees, interest etc. are recorded in…

Q: The payment of legacies by an estate must follow an order of priority that requires general legacies…

A: The payment of legacies by an estate need not follow an order of priority that requires general…

Q: How does an executor discover the claims against an estate?

A: A claim is an assert in a case with or without providing evidence or proof.

Q: oceeds are paid out to the beneficiaries, and the IRS later becomes aware that the benefits were…

A: Usually, insurance proceed paid to the beneficiaries are not included in the income of…

Q: What is the purpose of the process of abatement? How does the executor of an estate utilize this…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: under what circumstances are property taxes and certain other expenses owed at death deductable on…

A: Circumstance: When the amounts due were paid by the decedent prior to death. But the payments were…

Q: Which of the following is not a goal of probate laws? Choose the correct.a. To gather and preserve…

A: Probate Law: Probate refers to the general administering of a deceased person's will or the estate…

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: What are the objectives of probate laws?

A: Probate law: After the death of the decedent how his property should be located, how his debts are…

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: 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: How much must be received by the creditors, respectively

A: In the event of bankruptcy, creditors are paid in a proper order prescribed. First secured creditors…

Q: What is the purpose of the charge and discharge statement that the executor of an estate issues?

A: Charge and Discharge Statement: To show the progress of the settlement of the estate, the executor…

Q: A court will appoint a trustee.  True or False

A: A trustee is a person or a company who is entrusted with the property or the organization for a…

Q: Explain the sequence of BIR audit and assessment. What are the remedies that the taxpayer may avail…

A: A BIR audit is an audit wherein a BIR revenue officials issue a file of Letter of Authority (“LOA”)…

Q: These statements are presented to you for evaluation: Statement I – When property is transferred in…

A: The total financial amount of an individual's assets and property at the time of death is referred…

Q: Which of the following is Which of the following is not a true statement? Testate refers to a…

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

Q: Which of the following is not a goal of probate laws? To gather and preserve all of the decedent’s…

A: Probate laws allow for a structured way to process and distribute an decedent's estate. The…

Q: A will is a legal document outlining the plan for one’s: Group of answer choices -goals of the…

A: Will is a legal document which provides a plan for the disposition of the assets of the deceased.

Q: Explain and account for the distinction between principal and income in the context of estate and…

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Q: What can be understood from Probate laws?

A: Probate law: After the death of the decedent how his property should be located, how his debts are…

Q: Which of the following methods will NOT achieve the client's goal of distributing property at death…

A: In case of death of person it is necessary to transfer the wealth to the proper person for that…

Q: Why are claims against an estate put into an order of priority? Choose the correct.a. To help the…

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Q: The general real estate practice term for the standard by which real estate commission disputes are…

A: Disclaimer:- “Since you have asked multiple question, we will solve the first question for you. If…

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

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Q: What is the objective of the process of abatement? To give legal structure to the reductions that…

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Q: Which of the following statements are correct regarding the characteristics of a conservatorship…

A: A conservatorship i.e guarduabship of the estate is appointed…

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…