Once the More-Than-50% Business Usage Test Is Passed for Listed

question 59

True/False

Once the more-than-50% business usage test is passed for listed property,it does not matter if the business usage for the property drops to 50% or less during the recovery period.

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Definitions:

Beneficiary

An individual or entity that receives benefits or is designated to receive benefits, such as from a will, trust, insurance policy, or other contract.

Estate Planning

The process of making advance arrangements for the disposal of an individual's estate, often to minimize taxes and legal complications.

Intestate

The condition of having died without a valid will, leading to the distribution of the deceased's estate according to state laws.

Probate

A rephrased definition: The court-supervised process of authenticating a deceased person’s will, settling their debts, and distributing their estate to the rightful heirs.