Match Each Statement with the Correct Choice

question 155

Multiple Choice

Match each statement with the correct choice. Some choices may be used more than once or not at all.
-Credit for tax on prior transfers (under § 2013)

• A)In the current year, Debby, a widow, dies. Two years ago she inherited a large amount of wealth from her brother.
• B)Death does not defeat an owner's interest in property.
• C)Exists only if husband and wife are involved.
• D)A type of state tax on transfers by death.
• E)Must decrease the amount of the gross estate.
• F)Annual exclusion not allowed.
• G)Cumulative in effect.
• H)Right of survivorship present as to type of ownership.
• I)Avoids the terminable interest rule of the marital deduction.
• J)Exemption equivalent.
• K)Bypass amount.
• L)No correct match provided.

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Definitions:

Workers' Compensation

A form of insurance providing wage replacement and medical benefits to employees injured in the course of employment.

Private Pension Plans

Are prearranged plans administered by the organization that provides income to employees at their retirement.

Perquisite

Benefits or privileges provided to employees in addition to their regular salary, often seen as perks of the job.

Exclusive Country Clubs

Private clubs that offer recreational and social facilities to members, often characterized by selective membership processes.