Identify Which of the Following Statements Is True

question 95

Multiple Choice

Identify which of the following statements is true.

• A)The estate tax on interests in certain closely held businesses may be paid in installments over a 15-year period if elected.
• B)An executor may elect to postpone payment of the estate tax attributable to a remainder or reversionary interest until six months after the interests of the other person(s)terminate.
• C)A corporation with 25 owners can be classified as a closely held business if the decedent's gross estate holds 10% of the stock.
• D)All of the above are false.

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Definitions:

Economic Systems

The structured and organized methods by which societies allocate resources, distribute goods and services, and manage economic activity.

Factors of Production

are the inputs necessary for the creation of goods and services, which typically include land, labor, capital, and entrepreneurship.

Economic Function

The role or purpose that an economic activity serves in the broader economy, contributing to overall economic performance.

Profits and Losses

Financial gains achieved when revenue exceeds expenses, or deficits incurred when expenses outstrip revenue.