Match Each Statement with the Correct Choice

question 38

Multiple Choice

Match each statement with the correct choice. Some choices may be used more than once or not used at all.
-Measure of income tax deduction on a gift of depreciated property to charity.

• A)Step-up in basis
• B)Step-down in basis
• C)Gift of installment notes receivable
• D)Gift of property that has potential for recapture of depreciation
• E)Donor's basis on date of gift appreciated property given, no gift tax due)
• F)The amount of the deceased spouse's taxable estate does not change
• G)Fair market value on date of gift
• H)Expected surviving spouse is in good health and 10 years younger
• I)No income tax consequences to the beneficiary
• J)Income in respect of a decedent IRD)
• K)No correct choice is given

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Definitions:

Interrelated

Elements or concepts that are connected and have an impact on each other.

Recursive

A method or algorithm that solves problems by repeatedly calling itself with simpler inputs until reaching a base case.

Drafting

The process of creating preliminary versions of documents or drawings that will be revised and refined.

Revising

The act of modifying or altering texts to improve accuracy, coherence, and congruence with the intended message.