A State's Escheat Laws

question 63

Multiple Choice

A state's escheat laws:

• A) Allow the state to take over property that a taxpayer has not claimed.
• B) Are part of the income tax audit operations.
• C) Both a. and b.
• D) Neither a. nor b.

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Definitions:

Cash

Money in the form of coins or banknotes, especially that held to conduct day-to-day transactions.

Opportunity Cost

The benefit that is missed or given up when an investor, individual, or business chooses one alternative over another.

Proposed Use

An intended or suggested way of utilizing something, often laid out in plans or discussions before implementation.

Cash

Physical money, such as coins and bills, or balances in checking or savings accounts, available for use immediately.