Identify the correct option out of the given statements

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Chapter 19, Problem 10P

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Identify the correct option out of the given statements

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What is the homestead allowance? Choose the correct.a. A reduction of $20,000 in estate assets prior to computing the amount of federal estate taxes.b. The amount of property conveyed in a will to a surviving spouse.c. An allotment from an estate to a surviving spouse and/or minor and dependent children before any claims are paid.d. A decrease in the value of property on which state inheritance taxes are assessed. The reduction is equal to the value of property conveyed to a surviving spouse.

What is the homestead allowance? A reduction of $20,000 in estate assets prior to computing the amount of federal estate taxes. The amount of property conveyed in a will to a surviving spouse. An allotment from an estate to a surviving spouse and/or minor and dependent children before any claims are paid. A decrease in the value of property on which state inheritance taxes are assessed. The reduction is equal to the value of property conveyed to a surviving spouse.

The executor of an estate is filing an income tax return for the current period. Revenues of $25,000 have been earned. Which of the following is not a deduction allowed in computing taxable income? Choose the correct.a. Income distributed to a beneficiary.b. Funeral expenses.c. A personal exemption.d. Charitable donations.