Andrea Dies on April 30

question 63

Multiple Choice

Andrea dies on April 30. Which, if any, of the following items is included in her gross estate?

• A) Rents for the month of May (received on May 2) on an apartment building she owned.
• B) Rents for the month of March (received on May 2) on an apartment building she owned.
• C) Insurance recovery from a fire that occurred on November 1 and destroyed Andrea's residence.
• D) A loan made by Andrea to her daughter and forgiven by Andrea in a prior tax year.

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Definitions:

Recessions

Periods of economic decline when real GDP falls for two consecutive quarters, indicating a significant reduction in economic activity across the economy.

Inflation Rate

A rate, described in percentages, indicating how prices for various goods and services are climbing, which in turn decreases the value of money.

GDP Deflator

A measure of the level of prices of all new, domestically produced, final goods and services in an economy, used to deflate or adjust the nominal GDP to real GDP.

Intermediate Good

A product used as an input in the production of a final good or service.