Classify Each of the Independent Statements Appearing Below

question 166

Short Answer

Classify each of the independent statements appearing below.
a.Some or all of the interest included in the decedent's gross estate.
b.None of the interest included in the decedent's gross estate
-Cash dividends on stock owned by the decedent (declaration date preceded death but record date was after death).

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Definitions:

Lower-middle Class

Refers to a social group that is between the working class and the middle class, often characterized by moderate income levels, some post-secondary education, and white-collar or skilled blue-collar jobs.

Blue Collar

A description characterizing skilled and semi-skilled workers who perform manual labor or work in service or clerical jobs.

Upper Class

An elite and largely self-sustaining group who possess most of the country’s wealth; they constitute about 1 percent of the U.S. population.

Caste System

A form of social stratification in which status is determined by one’s family history and background and cannot be changed.