Identify Which of the Following Statements Is True

question 74

Multiple Choice

Identify which of the following statements is true.

• A)If a marital deduction is elected on a QTIP trust transfer, property remaining in the QTIP trust is not included in the estate of the surviving spouse.
• B)The credit for state death taxes has been replaced with a deduction for state estate taxes.
• C)The unified credit is the only credit allowed against the estate tax.
• D)All of the above are false.

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Definitions:

Materials Price Variance

The difference between the actual cost of materials used in production and the expected (standard) cost.

January

is the first month of the year in the Gregorian calendar, often associated with fresh starts and planning.

Labor Rate Variance

The difference between the actual cost of labor and the standard cost, calculated by subtracting the standard labor cost from the actual labor cost.

February

February is the second month of the year in the Gregorian calendar, known for having 28 days in common years and 29 days in leap years.