The Assets Less Liabilities of a Deceased Individual Are Called

question 55

Short Answer

The assets less liabilities of a deceased individual are called a(n) ________.

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Definitions:

Exemption

A deduction allowed by law to reduce the amount of income that would otherwise be taxed. These are often provided for the taxpayer, their spouse, and dependents.

Full-Time Student

An individual enrolled in a higher education institution for the number of hours or courses the school considers to be full-time attendance.

Working as a Clerk

Employment involving performance of administrative duties, such as filing, keeping records, or assisting customers.

Qualifying Relative

A tax term that refers to a relative or even a non-relative who meets certain IRS criteria, allowing the taxpayer to claim them as a dependent for tax purposes.