To Be on the Forbes List of the 400 Wealthiest

question 61

Multiple Choice

To be on the Forbes list of the 400 wealthiest people and families in the United States, you would have to have wealth of at least 

• A) $500 million
• B) $1 billion
• C) $2 billion
• D) $100 billion

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Definitions:

Section 1231 Property

Business property that combines features of capital assets and depreciable property, potentially offering favorable tax treatment on gains.

Trade or Business

An activity carried out for the purpose of earning income or profit, involving regular and continuous operations in a particular field.

Depreciation

An accounting method to allocate the cost of a tangible asset over its useful life, reflecting wear and tear, decay, or obsolescence.

Gift Tax

A tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return.