Match Each Statement with the Correct Choice

question 122

Short Answer

Match each statement with the correct choice. Some choices may be used more than once or not used at all.
a. Step-up in basis
b. Step-down in basis
c. Gift of installment notes receivable
d. Gift of property that has § 1245 or § 1250 potential for recapture of depreciation
e. Donor's basis on date of gift (appreciated property given, no gift tax due)
f. The amount of the deceased spouse's taxable estate does not change
g. Fair market value on date of gift
h. Expected surviving spouse is in good health and 10 years younger
i. No income tax consequences to the beneficiary
j. Income in respect of a decedent (IRD)
k. No correct choice is given
-Deferral approach.

---

Definitions:

Civic Engagement

The involvement of individuals in the decision-making processes, community activities, and democratic life, often aimed at improving conditions for others or shaping community development.

Social Capital

The networks, relationships, and norms that facilitate collective action and cooperation for mutual benefit in societies.

Nonprofits

A rephrased term for organizations that focus on social, educational, or charitable missions instead of financial gain.

Total Combined Assets

The aggregate value of all assets owned by an entity, including cash, investments, property, and any other resources of value.