Choose the Word or Phrase in [ ] Which Will

question 143

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-Most estates break-up because the deceased had [an improper estate plan | no estate plan].

---

Definitions:

FMV

Fair Market Value, the price at which property would change hands between a willing buyer and a willing seller, neither being under compulsion to buy or sell.

Distribution

The payment of dividends or assets to shareholders or partners from a corporation, partnership, or another type of entity.

Partnership

A type of business structure where two or more people share ownership, as well as the responsibility for managing the business and the income or losses it generates.

Ordinary Income

Income earned through salaries, wages, commissions, and interest, subject to standard tax rates.