Match Each Statement with the Correct Choice

question 26

Short Answer

Match each statement with the correct choice. Some choices may be used more than once or not used at all.
a.Step-up in basis
b.Step-down in basis
c.Gift of U.S. savings bonds
d.Gift of depreciable property that has § 1245 or § 1250 recapture of depreciation potential
e.Donor's basis on date of gift (appreciated property given)*
f.The amount of the deceased spouse's gross estate does not change
g.Fair market value on date of gift (depreciated property given)*
h.Expected surviving spouse is already wealthy
i.Income in respect of a decedent (IRD)
j.Expected surviving spouse is in good health
k.No correct choice is given
*No gift tax involved
-Measure of income tax deduction on a gift of property to charity.

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Definitions:

Average Daily Receipts

This metric calculates the average amount of money received by a company on a daily basis over a specific period.

Disbursement Float

The time delay between when a check is written and the actual withdrawal of funds from the account.

Book Balance

Refers to the amount of funds on record that a company has in its financial accounts at a specific point in time, not necessarily reflecting pending transactions.

Outstanding Cheques

Cheques that have been written and recorded in the accounting records but have not yet been cashed or cleared through the banking system.