Match Each Statement with the Correct Choice

question 122

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 installment notes receivable
d. Gift of property that has § 1245 or § 1250 potential for recapture of depreciation
e. Donor's basis on date of gift (appreciated property given, no gift tax due)
f. The amount of the deceased spouse's taxable estate does not change
g. Fair market value on date of gift
h. Expected surviving spouse is in good health and 10 years younger
i. No income tax consequences to the beneficiary
j. Income in respect of a decedent (IRD)
k. No correct choice is given
-Deferral approach.