In 2020, the Basic Exclusion Amount for an Estate Tax

question 77

True/False

In 2020, the basic exclusion amount for an estate tax return is $11,580,000 before taking into account necessary inflation adjustments.

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Definitions:

Cash Dividends

Payments made by a corporation to its shareholder members, distributing a portion of the company's earnings.

Investing Activities

Transactions involving the purchase and sale of long-term assets and other investments, part of a company's cash flow statement.

Indirect Method

A method of preparing the cash flow statement where net income is adjusted for changes in balance sheet accounts to calculate cash from operating activities.

Accounts Receivable

Funds that customers owe to a business for goods or services that have been provided but remain unpaid.