An Example of Income in Respect to a Decedent (IRD)

question 80

Multiple Choice

An example of income in respect to a decedent (IRD) for a cash method of accounting taxpayer is

• A) salary earned but not received prior to death.
• B) interest earned but not received prior to death.
• C) gain from an installment sale entered into before death.
• D) All of the above are examples.

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Definitions:

Dividends

Payments made by a corporation to its shareholders from its profits or reserves.

LLPs

Limited Liability Partnerships, a legal structure for businesses where partners have limited liabilities.

Professional Practice

The conduct and work that someone in a specific profession, committed to ethics and standards, engages in.

Legal Group

A team of legal professionals who provide advice and representation on legal matters.