Match Each Statement with the Correct Choice

question 55

Short Answer

Match each statement with the correct choice. Some choices may be used more than once or not used at all.
a.Living trusts
b.Income in respect of a decedent (IRD)
c.Conservation easement
d.Discretionary extension of time to pay estate tax (§ 6161)
e.Estate freeze-corporations
f.Extension of time involving interest in closely held business (§ 6166)
g.Special use valuation as to certain realty (§ 2032A)
h.Recapture potential under §§ 1245 and 1250 eliminated
i.Alternate valuation date (§ 2032)
j.Election to split gifts (§ 2513)
k.No correct choice is given
-Election by estate can affect income tax basis of surviving spouse's share of community property.

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Definitions:

Machine-Hours

The total hours that machinery is operated during a specific period for production purposes.

Departmental Predetermined Overhead Rates

These rates are calculated to allocate manufacturing overhead costs to specific departments, based on estimated or actual overhead and activity levels.

Machine-Hours

A measure of production time using machinery; used as a basis for allocating manufacturing overhead costs to products.

Machine-Hours

A measure of the total time that machines are operating during a specific period.