Martha Died and by Her Will, Specifically Bequeathed, and the Executor

question 77

Multiple Choice

Martha died and by her will, specifically bequeathed, and the executor distributed, $20,000 cash and a $70,000 house to Harold. The distributions were made in a year in which the estate had $65,000 of DNI, all from taxable sources. The maximum Harold will be required to report as gross income as a result of these distributions is

• A)$0.
• B)$20,000.
• C)$65,000.
• D)$70,000.

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Definitions:

Tissue and Organ Bank

Facilities or repositories that collect, store, and distribute human tissues and organs for transplantation and research.

Uniform Anatomical Gift Act

A legal framework set in the United States to regulate the donation of organs and tissues for transplantation.

Transplant Services

Medical services related to the transplantation of organs or tissues from a donor to a recipient to replace damaged or absent parts of the body.

U.S. Department of Labor

A federal agency responsible for ensuring safe work conditions, minimum wage, overtime pay, and employment discrimination laws in the U.S.