In a Unilineal Descent System, an Individual __________

question 3

Multiple Choice

In a unilineal descent system, an individual __________.

• A) belongs to only one line of descent
• B) belongs to two distinct lines of descent
• C) may belong to multiple lines of descent
• D) changes his or her line of descent several times throughout his or her life

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Definitions:

Tax-free

Earnings on which no tax is due to the government. This can include certain types of interest, inheritance, or gifts.

SIMPLE Retirement Plan

A tax-deferred retirement plan offered by small employers, including self-employed individuals, allowing employees and employers to contribute to an Individual Retirement Account (IRA).

Qualified Pension

A pension plan that meets the requirements of the Internal Revenue Code and the Employee Retirement Income Security Act (ERISA), offering tax advantages to the contributing entity.

Coverdell Education Savings Account

A tax-advantaged savings account designed to pay for education expenses, from elementary through higher education.