Need help with accounting tax homework - multiple choice?

Posted on 2014-04-21 07:35:00 in Accounting by NATHAN

1) The amount of the estate tax is directly related to the amount of taxable gifts?

True or False



2) Which of the following statements are true for both gratuitous and testamentary transfers?

a. A unified credit of up to $1 million reduces the tax on any transfer

b. An annual exclusion offsets any transfer up to $12,000

c. An election can be made to split a transfer between two spouses

d. A charitable and a marital deduction are allowed in computing the taxable transfer

e. All of the above



3) Which of the following is a true statement?

a. Executor's fees paid by an estate are deductible in computing the gross estate

b. Funeral expenses for the decedent paid by an estate are deductible in computing the adjusted gross estate

c. An executor can choose to deduct the decedent's funeral expenses on either the estate tax return or the estate's income tax return

d. An executor can only deduct the costs of administering the decedent's estate on the estate's income ta return.

e. Noe of the above

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