For Each of the Following Situations, Select the Best Answer

question 49

Essay

For each of the following situations, select the best answer concerning adjustments to principal and income of an estate.Assume that the will does not specify whether the item is to be classified as principal or income.
(A) Adjustment to the principal of the estate.
(B) Adjustment to the income of the estate.
(C) Allocated between the principal and income of the estate in some fair manner.
(D) Allocated between the principal and income of the estate determined by existence at date of death.
___ 1.Homestead allowance
___ 2.Insurance expenses
___ 3.Executor's fee
___ 4.Life insurance proceeds when estate is beneficiary
___ 5.Investment commissions
___ 6.Debts incurred prior to death
___ 7.Water and other utility expenses
___ 8.Liquidating dividends
___ 9.Dividend income
___ 10.Funeral expenses
___ 11.Extraordinary repairs on income-producing property
___ 12.Attorney fees
___ 13.Property taxes
___ 14.Gains and losses on the sale of securities
___ 15.Interest income
___ 16.Court costs
___ 17.Ordinary repairs on income-producing property
___ 18.Accounting fees

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Definitions:

Occipital-Parietal

Referring to the occipital and parietal lobes of the brain, areas involved in processing visual and spatial information.

Acromioclavicular Joint

The joint at the top of the shoulder that connects the acromion (a part of the shoulder blade) to the clavicle (collarbone).

Obedience

Compliance with commands or instruction from an authority figure, often studied in psychology to understand social influence and control mechanisms.

Bystander Intervention

The act of stepping in to prevent or halt an inappropriate or dangerous situation, often used in contexts of bullying or assault prevention.