Ted Died on May 3

question 101

Multiple Choice

Ted died on May 3. At the time of his death, he owned a beach house valued at $250,000. On June 10, the beach house was completely destroyed by a hurricane and there was no insurance coverage. If the executor elects to use the alternate valuation date, the executor will

• A)include the beach house in the gross estate at $250,000.
• B)take a casualty loss of $250,000 on the estate tax return.
• C)take a casualty loss of $250,000 on the estate's income tax return.
• D)include the beach house in the gross estate at $0.

Recognize the role of probability and risk assessment in decision-making processes.

Analyze the impact of framing and presentation of information on decision outcomes.

Explain the evolutionary perspective on human decision-making and problem-solving.

Understand the concepts of bounded rationality and dual-process theory in decision-making.

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Definitions:

Experimenter Bias

A bias where researchers' expectations influence the outcome of a study unintentionally.

Ethical Guidelines

A set of principles designed to guide professionals in conducting their work with integrity and respect for others.

Psychological Research

The scientific study of the human mind, behavior, and mental processes through various research methodologies and experiments.

Anecdotal Evidence

Informal evidence based on personal stories or experiences, not considered scientifically rigorous.