Which of the Following People Would Receive an Asset Should

question 112

Multiple Choice

Which of the following people would receive an asset should the beneficiary die before the owner of the asset?

• A)Remainderman
• B)Trustee
• C)Corpus beneficiary
• D)Contingent beneficiary

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Definitions:

Taxable Income

The amount of income used to calculate how much tax an individual owes to the government, considering all income sources and permissible deductions.

Charitable Organization

A nonprofit entity that operates for the public good, often focused on educational, religious, or humanitarian goals.

Publicly-traded Corporation

A company whose shares are openly sold and traded to the public on one or more stock exchanges.

Earnings and Profits

A measure used by the IRS to determine a corporation’s ability to pay dividends to its shareholders.