10. What is the homestead allowance? a. A reduction of $20,000 in estate assets prior to computing...
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10. What is the homestead allowance?
a. A reduction of $20,000 in estate assets prior to computing the amount of federal estate taxes.
b. The amount of property conveyed in a will to a surviving spouse.
c. An allotment from an estate to a surviving spouse and/or minor and dependent children before any claims are paid.
d. A decrease in the value of property on which state inheritance taxes are assessed. The reduction is equal to the value of property conveyed to a surviving spouse.
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Related Book For 
Advanced Accounting
ISBN: 9780073379456
9th Edition
Authors: Joe Ben Hoyle, Timothy S. Doupnik, Thomas F. Schaefer, Oe Ben Hoyle
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