Choose the Word or Phrase in [ ] Which Will

question 111

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.
-The unlimited marital deduction is available only if the recipient spouse is a [U.S.citizen and files a gift tax return | legal resident and does not have to file a gift tax return].

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Definitions:

Check Stub

A portion of a check that is retained as a record, detailing the amount, date, and other relevant information about the transaction.

Balance Brought Forward

The opening balance of an account that is carried over from the end of a previous period.

Check Amount

Check Amount refers to the specific monetary value written and payable on a check, representing the total to be transferred from the account of the drawer to the payee.

Balance Carried Forward

The amount of money carried from one period to the next in a financial statement or accounting ledger.