The Ellie Trust, a Calendar Year Entity, Wants to Make

question 39

Multiple Choice

The Ellie Trust, a calendar year entity, wants to make a gift to a charity that is deductible on its year 1 Form 1041. The gift must be made by Ellie:

• A) During year 1.
• B) During year 1 or 2.
• C) On or before April 15, year 2.
• D) On or before September 30, year 2.

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Definitions:

Videographer

A professional or skilled individual who captures moving images on video, either as a hobby or for commercial purposes.

Job Order Cost System

An accounting system that accumulates costs for each individually identified job or order, tracking materials, labor, and overhead.

Process Cost System

An accounting system that accumulates costs for each process or department within a factory, suitable for continuous production environments.

Conversion Costs

The combination of direct labor costs and manufacturing overhead costs that are incurred to convert raw materials into finished goods.