Although Qualified Tuition Plans Under § 529 Are Treated Favorably

question 126

True/False

Although qualified tuition plans under § 529 are treated favorably for gift tax purposes, such plans are included in the gross estate upon the grantor's death.

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Definitions:

Factory Floor Area

The physical space within a manufacturing facility where goods are produced or processed.

Traditional Costing System

An accounting method that allocates manufacturing overhead based on the volume of products produced, often using a single predetermined overhead rate.

Manufacturing Overhead Costs

Indirect costs incurred in the production process, including costs associated with maintaining factory equipment and facilities.

Factory Burden

Also known as manufacturing overhead, it includes all production costs except direct labor and direct materials.