Sam Has Written a Will with the Following Clause,"I Leave

question 73

Multiple Choice

Sam has written a will with the following clause,"I leave $80,000 to Dave." This gift is:

• A) specific gift.
• B) general gift.
• C) residuary gift.
• D) per capita gift.
• E) per stirpes gift.

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Definitions:

State Income Tax

Taxes imposed by individual states on the income of residents and sometimes non-residents, varying widely in rates and structures across the states.

Additional Assessment

Additional taxes levied by a taxing authority following an audit or amended tax return.

Miscellaneous Itemized Deductions

Various deductions that could be taken when calculating an individual's taxable income, subject to specific rules and limitations.

Gambling Losses

Financial losses resulting from wagering, which can be deducted up to the amount of gambling winnings on a taxpayer’s return.