Need to be answered first. East question can be numbered and each answered lettered like the first example

1. Which of the following is reported on Form 706, Schedule F? A) An interest in a limited liability company. B) Life insurance that the decedent owned on the life of his or her parent. C) Household goods. D) All of the above.

Which of the following would be reported on Schedule L? The decedent's medical bills. Expenses of filing a deed to title a piece of land in the name of a joint tenant. Expenses for a headstone. All of these would be reported on Schedule L.

Accountant fees can be claimed as a deduction in an amount equal to all off the following EXCEPT: Estimated. Agreed upon. Paid. Only accountant fees actually paid can be deducted.

Where can administration expenses be deducted? Form 706. Form 1041. Either Form 706 OR Form 1041, but not both. Both Form 706 AND Form 1041.

Where can a decedent's funeral expenses be deducted? Form 706, Schedule J. Form 1041. Either Form 706 OR Form 1041, but not both. Both Form 706 AND Form 1041.

Alice died with the following property: land owned individually, a joint checking account with her niece, stocks owned individually, and life insurance on her life payable to her niece. Which schedules must her executor complete? Schedules A, B, C, D, and E. Schedules A, B, C, E, and F. Schedules C, D, and F. Schedules A, B, D, and E.

Paul sold TLC stock valued at $22,000 to his son, Sam, for $12,000. Pauls basis in the stock is $17,000. Which of the following is correct? Paul reports a gift of $22,000 on Form 709 and a capital loss of $10,000 ($12,000 $22,000) on Form 1040. Sams basis in the stock is $12,000. No reporting is required because the transfer was between immediate family members. Paul is not required to report the $10,000 gift ($22,000 $12,000) and is not allowed to deduct the $5,000 loss ($12,000 $17,000 basis). If Sam sells the stock, his basis for gain is $17,000 and his basis for loss is $12,000. Paul reports a gift of $22,000. Sams basis in the stock is $12,000.

Can be answered after initial response to top questions (for a quicker response). Can be commented afterwards

The income and expenses of a corporation for federal income tax purposes are referred to as what type of income? Book. Nontaxable. Accounting. Tax.

Emma died owning real estate with a value of $500,000. Emma received the property in 1994 as a gift from her mother, Charlotte. At the time of the gift, the property was worth $250,000. Charlotte purchased the property in 1991 for $180,000. Upon Emma's death, the property passes through inheritance to Jane. No estate tax return (Form 706) is due or filed. Which of the following is true about the basis of the property? Emma's basis in the property before her death is $180,000, and Jane's basis in the property is $500,000. Emma's basis in the property before her death is $250,000, and Jane's basis in the property is $250,000. Emma's basis in the property before her death is $250,000, and Jane's basis is $500,000. None of the above.

Alex dies holding a general power of appointment over the assets of a trust. On what schedule on Form 706 does he report the value of the interest? Schedule E. Schedule F. Schedule H. It is not included in his estate.

Which of the following can be taken into account when valuing publicly traded stock? Ex-dividends. Restrictions on the stock. Blockage discount. All of the above.

In 2016, which of the following is NOT true: The estate tax applicable exclusion amount is $5,450,000. The executor may elect to use modified carryover basis. The highest marginal tax rate is 40%. The applicable credit amount is portable. That is, if it is not used by the first spouse to die, the surviving spouse may use the unused credit, sheltering up to $10,900,000 at the second death.

Which of the following must file Form 1310? The decedent's spouse filing a joint return. The decedent's sister, who is not a court-appointed personal representative and files the final return with a balance due. A court-appointed personal representative filing a return that shows a balance due. The decedent's son, who is not a court-appointed personal representative and files the final return showing a refund.

Ashley Peterson died on June 30, 2016. Pursuant to her will, her estate will distribute $20,000 to each of her three children each year until the estate is settled. In 2016, the estate had $30,000 of distributable net income (DNI). How much will each child report on his or her 2016 tax return? Note: The distribution is not a specific bequest. $0 $10,000 ordinary income. $20,000 ordinary income. $30,000 ordinary income.

What is income in respect of a decedent (IRD)? Income that accrues prior to the decedent's death but is received after death. Funds that are paid to the decedent's estate because of his or her death. Income that accrues and is payable after the decedent's death. Income that accrues and is paid 30 days prior to the decedent's death.

Sally Robbins gifted depreciable business equipment to her brother, John. Which of the following statements with respect to that gift is NOT correct? Sally reports the gift on Form 709 at its current fair market value. Johns basis in the property is the same as Sallys adjusted basis at the time of the gift. John must report any gain on his sale of the equipment as Section 1245 recapture (ordinary income) to the extent of the depreciation claimed by Sally, whether or not he uses the property for business purposes. Sally must report gain on her Form 1040 equal to the difference between the value and adjusted basis of the property, or the total depreciation she claimed, whichever is less.