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:

Insurable Interest

A basic requirement for the issuance of an insurance policy, indicating that the person purchasing the policy has a stake in the safety or preservation of the insured item or person.

Equipment

Tangible assets used in the operation or activities of a business or entity, ranging from office supplies to machinery.

Arbitration Clause

A contract provision that requires parties to settle disputes through arbitration rather than litigation in courts.

Credible Insurance

Insurance coverage provided by a reputable and financially stable company that can be trusted to pay out claims as stipulated by the policy.