Three Months After Emma Timkin Died, Her Executor Received the Final

question 46

Multiple Choice

Three months after Emma Timkin died, her executor received the final $10,000 installment of Emma's Super Lottery winnings from the state. Which of the following statements is true?

• A) The $10,000 is subject to neither income nor estate tax, because it was received after Emma's death.
• B) The $10,000 is both included in Emma's gross estate, and subject to tax on her estate's income tax return.
• C) The $10,000 is subject to tax only on her estate's income tax return.
• D) The $10,000 is included only in Emma's gross estate.

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Definitions:

Outcomes

Denotes the results or consequences that derive from specific actions, procedures, or behaviors.

Improvements Needed

A phrase commonly used to indicate areas or aspects that require enhancements, optimizations, or corrections.

Strategic

Pertaining to the identification of long-term or overall aims and interests and the means of achieving them, often within organizational or national contexts.

Performance Management

A systematic process by which an organization involves its employees in improving effectiveness towards the achievement of the company's goals and objectives.