As a Result of an Auto Accident from Which She

question 155

True/False

As a result of an auto accident from which she later died,Irene totaled a Bentley worth $95,000.If the insurance company covers $60,000 of the loss,Irene's estate can claim a deduction of $35,000 in arriving at the taxable estate.

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Definitions:

AFL

The American Federation of Labor, a national federation of labor unions in the United States.

Small Employers

Businesses with a relatively small number of employees, which may face different challenges and regulatory standards than larger organizations.

Manufacturing Companies

Businesses involved in the production of goods in large quantities, typically using machinery and involving the assembly of components or the processing of raw materials.

AFL-CIO Split

The division within the American Federation of Labor and Congress of Industrial Organizations, a major trade union center in the United States, often referring to historical rifts or disputes leading to the creation of separate labor federations.