Match Each Statement with the Correct Choice

question 72

Multiple Choice

Match each statement with the correct choice. Some choices may be used more than once or not used at all.
-Surviving spouse disclaims inheritance in favor of bypass amount.

• 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:

Big Data

Refers to extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.

Interest-earning Account

A bank account that provides interest payments on the cash deposited into the account.

Annual Rate

The percentage return on an investment or rate of interest per year, not accounting for the compounding of interest within that year.

Annual Withdraw

Annual Withdraw refers to the amount of money that is taken out of an investment or savings account each year.