Which of the following would not be included in the corpus or principal of an estate?
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Which of the following would not be included in the corpus or principal of an estate?
a. |
accrued interest and declared dividends on investments held by decedent |
b. |
personal valuables |
c. |
life insurance proceeds where designated beneficiary is the estate |
d. |
all of the above are included |
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- In an estate, which of the following is charged to income rather than to principal? Choose the correct.a. Funeral expenses.b. Investment costs.c. Property taxes.d. Losses on the sale of investments.Suppose the trustor died prior to the fulfillment of the trust purpose, will the assets form part of his estate?Which of the following is usually not accounted for as an adjustment to a trust's income? Multiple Choice Lease cancellation fees. Rent expense. Investment costs and commissions. Insurance expense. Property taxes.
- Which of the following items is not charged against the income of an estate? a. Ordinary repairs to income-producing property b. Expenses incurred to protect income flow c. Loss on the sale of an estate asset d. All of the above are charged against the incomeBriefly summarize the differences between principal and income transactions for estates and trusts . Why is the classification important in estate and trust accounting ?What guidelines must be followed to classify a transaction as associated with the principal of an estate or as an income transaction? Select one: a.The decedent's intentions or state laws b.Generally accepted accounting principles c.The Internal Revenue Code d.State estate laws e.Federal estate laws
- In the initial accounting for an estate, why does the executor record only the assets?The journal entry made by the trustee to liquidate the assets and liabilities should include an estate deficit of:What is the process of abatement? Select one: a.The establishment of how the creditors will be paid. b.Payment of the claims of creditors. c.An attempt to determine the deceased's intentions when the terms of the will are unclear. d.Selling of assets included in an estate to be able to pay creditors. e.A reduction of various bequests when the estate is not adequate to satisfy them completely.
- Which of the following are nontax characteristics of a qualified terminable interest property (QTIP) trust? The income may go to multiple beneficiaries. The donor or decedent's executor qualifies the trust assets for the marital deduction by making a timely election The principal of the trust is paid to the surviving spouse's estate if the election to qualify the assets for the marital deduction was not made upon creation of the trust. The grantor of the trust determines who receives the remainder interest in the trust assets. A)II, III, and IV B)I and III C)IV only D)II and IVWhich of the following techniques is commonly used in estate planning to minimize estate taxes? A) Gifting assets to family members shortly before death B) Establishing a trust for beneficiaries C) Transferring assets into a taxable brokerage account D) Not creating a will or estate planWhich is subject to donor's tax?* Merger of usufruct in the owner of the naked title. Delivery of property by the trustee to the beneficiary Cancellation of indebtedness of a debtor out of gratuity support payment to children