In 2017,an Estate Is Not Taxable Unless the Sum of the Taxable

question 75

Multiple Choice

In 2017,an estate is not taxable unless the sum of the taxable estate and taxable gifts made after 1976 exceeds

• A)$2,141,800.
• B)$5,450,000.
• C)$5,000,000.
• D)$5,490,000.

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Definitions:

Current Assets

Assets expected to be converted into cash, sold, or consumed within one year or in the normal operating cycle of the business, whichever is longer.

Current Liabilities

Financial obligations a company is due to pay within one year or within its normal operating cycle if longer.

FICA Withholdings

The portion of earnings withheld by employers for Social Security and Medicare taxes under the Federal Insurance Contributions Act.

Gross Earnings

The total amount of income earned by a company before deductions such as taxes and expenses.