In a Community Property State,jointly Owned Property Left to the Surviving

question 99

Multiple Choice

In a community property state,jointly owned property left to the surviving spouse will have a basis after the estate is settled equal to

• A)the decedent's basis before death.
• B)the total fair market value of the entire property at the date of death (if the alternative valuation date was not elected).
• C)half of the fair market value of the entire property at the date of death (if the alternative valuation date was not elected).
• D)half of the basis just before death,plus half of the fair market value at the date of death (if the alternative valuation date was not elected).

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Definitions:

Finished Goods

Units of product that have been completed but not yet sold to customers.

Ending Balance

The amount of money in an account at the end of a financial period, after all additions and subtractions have been accounted for.

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours expected, multiplied by the standard hourly labor rate.

Labor Rate Variance

The difference between the actual hourly wage paid to workers and the standard or expected hourly wage.