These statements are presented to you for evaluation: Statement I – When property is transferred in contemplation of death for insufficient consideration, such property shall be collated to the estate at  its fair market value as of the time of death of the transferor. Statement II – Proceeds of life insurance policy taken by the decedent upon his own life shall be excluded from the gross estate if the designation of the beneficiary is irrevocable, whether such beneficiary is the estate or a third person. In your evaluation of the foregoing statements: Group of answer choices Only Statement II is true. Only Statement I is true. Both statements are false. Both statements are true.

1. If John had deposited N$ 100 000 of his lump sum into a NamPost saving accountand earned interest on the savings account, the interest received by John would notbe taxable.a) Falseb) True2. Specifically included in John’s Gross Income should be any amount, excluding allvoluntary award, received or accrued in respect of services rendered or to berendered.a) Trueb) False 3. Desmond Xaweb 68-year old pensioner owns three tuck shops in Kunene Region. Hehas lived his whole life in Namibia and has never left the country. Desmond is alsothe owner of a house located a few kilometres outside Okahandja. After his death inJanuary this year, Desmond’s grandson, Dion, inherited the house. The house wasvalued at N$ 2 500 000 by an independent real estate evaluator. After facing cashflow problems, Dion decided to sell the house for N$ 2 000 000 during the sameyear. Will the proceeds from the sale of house by Dion be considered of incomenature?a) Trueb) False 4.24. Lisa Kutako, a property developer…

Which of the following, if satisfied in addition to the five-year rule, would allow a distribution from a Roth IRA to be considered a qualified distribution? O 1) The distribution is made on or after the date on which the owner attains age 50. 0:2) The distribution is made to a beneficiary of the owner before the date of the owner's death. 3) The distribution is attributable to the owner being disabled. 4) The distribution is used to pay for a much-needed vacation to Puerto Rico. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

54 Accountant’s and lawyer’s fees spent during settlement of estate, though non-deductible, are in the nature of?  Group of answer choices  Funeral expenses  Deductions from gross estate  Medical expenses  Judicial expenses