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- These statements are presented to you for evaluation:Statement I – In order that a property previously taxed may be claimed as a deduction from the gross estate, such property must have been acquired by the present decedent either by gratuitous or onerous title within five years prior to his death.Statement II – When the exclusive property of the decedent was mortgaged to secure a loan obtained by the decedent for the education of the legitimate children of the spouses, the mortgage debt shall be a deduction from the exclusive properties of the decedent.In your evaluation of the foregoing statements: Group of answer choices Both statements are false. Only Statement I is true. Both statements are true. Only Statement II is true.Amount receivable by the estate of the deceased, his executor or administrator as a beneficiary under policy taken by the decedent upon his own life is: * excluded from gross income. part of gross income whether the beneficiary is revocable or irrevocable. part of gross income if the beneficiary is irrevocable. none of the aboveAll the following are exampies of non-taxable income, except Select one O a. Proceeds received as beneficiary of a life insurance contract due to the death of the insured O b. income from illegal activities OC Shares of stock received as an inheritance O d. Cash received as a gift Oe All of these are non-taxable
- under what circumstances are property taxes and certain other expenses owed at death deductable on both Form 706 and Form 1041?Assuming that a decedent left no valid last will and testament, which of the following assets will pass by the laws of intestate succession? Property in an inter vivos trust established by the decedent in which the decedent was the income beneficiary at the time of death, and the decedent's children were remainder beneficiaries Property held by the decedent and his spouse as tenants in common Property held by the decedent and his spouse as community property Property in an inter vivos trust established by the decedent's father in which the decedent was the income beneficiary at the time of death, and the decedent's children were remainder beneficiaries A) I and II B) I, II, and IV C) II and III D) III and IVA federal tax levied on the value of the inheritance of a deceased person to transmit his or her property and life insurance at death is called a(n) tax. Multiple Choice O O trust income gift inheritance estate estate income
- Which of the following assets would be transferred by applicable intestate succession statutes at an intestate decedent's death? A) An income interest at death in the assets of an irrevocable trust that she established and funded B) Assets the decedent gifted prior to death in which she had no retained interest at death C) Assets that she owned and had made a payable on death (POD) designation prior to her death D) An asset in which the decedent held a tenancy in common interest at deathA decedent who was married at the time of his/her death will have a gross estate composed of His/her capital property His/her common property His/her capital property, the spouse’s paraphernal property and the common property His/her capital property and the common propertyThe following are not included as allowable deductions starting January 1, 2018, which is still included ? Fees for religious rites and ceremonies prior to interment Judicial expenses for estates under extrajudicial proceedings Claims against the estate Attorneys fees paid by the heirs to their respective lawyers
- Which of the following income is taxable? * A. Proceeds of life insurance policy paid to the heirs or beneficiaries upon the death of the insured. B. Employment gratuities in exchange for services rendered by employees. C. Retirement benefit under RA 7641 D. Gains from the sale of bonds with maturity of more than 5 yearsThe general rule is that someone who inherits property has a tax basis in that property equal to its FMV on the date of the decedent’s death. But there are two exceptions to this rule. Explain both of them briefly.John is the owner of an annuity that is in the accumulation phase. Jean is named as beneficiary. If John dies, the value of the annuity will A) be taxed to John's estate as a capital gain B) be kept by the company that issued the contract C) be paid to Jean D) not be included in his gross estate