Under the Tax Relief Reconciliation Act of 2001,the Exclusion Amount

question 110

True/False

Under the Tax Relief Reconciliation Act of 2001,the exclusion amount for Federal estate tax purposes is to remain at $1 million from 2002 onward and not increase.

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Definitions:

Internal Control

A process designed to provide reasonable assurance regarding the achievement of objectives in effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.

Cash Disbursements

The payment of cash by a business for its operational expenses, vendor invoices, and other liabilities.

Major Expenditures

Large amounts of money spent on significant aspects of business operations, such as purchasing assets, research and development, or significant repairs.

Custody

The protective care or guardianship of someone or something, often used in the context of the legal guardianship of a child or the care of assets.