An Executor May Elect to Include "Income in Respect of a Decedent

question 29

True/False

An executor may elect to include "income in respect of a decedent" either in the gross estate on the Federal estate tax return or in gross income on the fiduciary Federal income tax return.

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Definitions:

Protective Function

A role often played by governmental bodies to ensure the safety and security of its citizens, through measures like law enforcement and military defense.

Legal Enforcement

The process of ensuring compliance with laws, regulations, and rules through sanctions or penalties.

Contracts

Legally binding agreements between two or more parties that establish obligations, rights, and responsibilities.

Derived Benefits

Advantages obtained indirectly from an activity or service, such as economic benefits from environmental conservation.