Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 19, Problem 8P
To determine
Identify the correct option out of the given statements.
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Which of the following life insurance proceeds is not included in the gross estate of the deceased?
A. Insurance proceeds with SSS.B. Insurance proceeds where the beneficiary is a third person revocably appointed.C. Insurance proceeds under a group insurance taken out by the employee for himself as beneficiary.D. Insurance proceeds covering the life of the insured decedent where the estate of the deceased, hisexecutor or administrator is the beneficiary whether or not the insured retained the power of revocation.
Which 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 plan
Chapter 19 Solutions
Advanced Accounting
Ch. 19 - Prob. 1QCh. 19 - Prob. 2QCh. 19 - Prob. 3QCh. 19 - Prob. 4QCh. 19 - Prob. 5QCh. 19 - Prob. 6QCh. 19 - Prob. 7QCh. 19 - Prob. 8QCh. 19 - What claims against an estate have priority?Ch. 19 - Prob. 10Q
Ch. 19 - Prob. 11QCh. 19 - Prob. 12QCh. 19 - Prob. 13QCh. 19 - How is the federal estate tax computed?Ch. 19 - Prob. 15QCh. 19 - Prob. 16QCh. 19 - Prob. 17QCh. 19 - Prob. 18QCh. 19 - Prob. 19QCh. 19 - Prob. 20QCh. 19 - Prob. 21QCh. 19 - Prob. 22QCh. 19 - Prob. 23QCh. 19 - Prob. 24QCh. 19 - Prob. 25QCh. 19 - Prob. 26QCh. 19 - Prob. 27QCh. 19 - Prob. 28QCh. 19 - Prob. 29QCh. 19 - Prob. 30QCh. 19 - Prob. 1PCh. 19 - Prob. 2PCh. 19 - Prob. 3PCh. 19 - Prob. 4PCh. 19 - Prob. 5PCh. 19 - Prob. 6PCh. 19 - Prob. 7PCh. 19 - Prob. 8PCh. 19 - Prob. 9PCh. 19 - Prob. 10PCh. 19 - Which of the following is a specific legacy? a....Ch. 19 - Prob. 12PCh. 19 - Prob. 13PCh. 19 - Prob. 14PCh. 19 - Prob. 16PCh. 19 - Prob. 21PCh. 19 - Prob. 22PCh. 19 - Prob. 23PCh. 19 - Prob. 24PCh. 19 - Prob. 25PCh. 19 - Prob. 26PCh. 19 - Prob. 27PCh. 19 - Prob. 28PCh. 19 - Prob. 29PCh. 19 - Prob. 30PCh. 19 - Prob. 31PCh. 19 - Prob. 32PCh. 19 - Prob. 33PCh. 19 - Prob. 34PCh. 19 - Prob. 35P
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- Amounts receivable by the estate of the deceased, his executor or administrator as an insurance under policy taken by the decedent upon his own life is: Excluded from the gross estate; Part of the gross estate whether the beneficiary is revocable or irrevocable Part of the gross estate if the beneficiary is revocable Part of the gross estate if the beneficiary is irrevocablearrow_forwardAssuming that a decedent left no valid last will and testament, which one of the following assets will pass by the laws of intestate succession? A) A money market account at his bank that was held in the decedent’s name that was payable on death (POD) in favor of his spouse B) A life insurance policy on the decedent/grantor’s life placed into an irrevocable life insurance trust (ILIT) for the benefit of the decedent’s children two years prior to the decedent’s death C) Assets placed in an inter vivos irrevocable trust in which the decedent/grantor was the sole income beneficiary and the decedent’s children were the remainder beneficiaries D) Assets held by the decedent and his or her spouse as community property in a community property state that were designated community property by a nuptial agreementarrow_forwardhow are carryovers of losses generally treated in ther final year of an estate?arrow_forward
- Under what circumstances does an estate have an executor? Select one: a.When the estate exceeds the dollar amount of the estate tax exemption. b.When the will establishes a trust fund. c.When there is no valid will. d.When the will is contested. e.When the will names a specific person to administer the estate.arrow_forward3arrow_forwardWhen several personal casualties occur during the year, the taxpayer computes a net gain or loss for each casualty. True or falsearrow_forward
- The following data pertain to the death of a resident alien: Property acquired by decedent prior to marriage Property acquired by surviving spouse prior to marriage Property inherited by decedent during marriage Property inherited by the surviving spouse during marriage Property acquired through labor during marriage Income derived from property inherited by the surviving spouse During marriage inclusive of income tax of 50,000 Time deposit (excluding interest before death, 90,000 and interest 600,000 700,000 800,000 900,000 1,000,000 450,000 After death, 60,000) 850,000 Required: Determine the gross estate under the following property relationships: 1. Conjugal partnership of gains regime: 2. Absolute community of property regime:arrow_forwardWhich one of the following statements identifies a purpose or characteristic of a survivorship life insurance policy? A) The premium will be more than the combined premiums on separate policies for each of the insured parties. B) A purpose is to provide estate liquidity at the death of the survivor of the insured parties. C) When the insured parties are a husband and wife, a purpose can be to allow the first spouse to die to receive the death proceeds free of transfer tax. D) The underwriting will concentrate most on the insured party that is likely to die first.arrow_forwardWhich of the following payments may be considered alimony? A. cash payment B. Child support 500 month C. Property settlement D. Payment on former spouces estatearrow_forward
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