Match Each Statement with the Correct Choice

question 25

Multiple Choice

Match each statement with the correct choice. Some choices may be used more than once or not used at all.
-Decedent owned stock that had depreciated in value.

• 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:

Bona Fide Occupational Qualification

A BFOQ refers to a job qualification that is essential for the operation of the business and can legally exclude certain individuals from employment.

Heritage Sites

Places of significance due to their cultural, historical, or natural importance, recognized and preserved for posterity and education.

Wheelchair Ramp

A slope installed in addition to or instead of stairs to allow wheelchair users and individuals with disabilities to access buildings.