Match Each Statement with the Correct Choice

question 4

Multiple Choice

Match each statement with the correct choice. Some choices may be used more than once or not used at all.
-Decedent owned Roth IRA that has appreciated.

• 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:

Viscous Lava

Lava that has a thick, sticky consistency due to its high silica content, which causes it to flow slowly.

Scoria

A type of volcanic rock characterized by its vesicular texture and low density, formed from cooling lava.

Vesicular Basalt

A type of igneous rock characterized by a porous structure due to gas bubbles trapped in the lava during solidification.

Pillow Basalts

Pillow basalts are bulbous, spherical lava formations created when lava erupts underwater or flows into water, rapidly cooling and solidifying.