Deceased tax Study guides, Study notes & Summaries

WI Life Insurance Exam Questions and Answers Already Passed What is the purpose of the Wisconsin State Life Insurance Fund? a) to offer low-cost life insurance to state residents b) To protect insured against insolvent insurers c) To advertise different types of life insurance policies available in the state d) To provide life insurance through licensed intermediaries a An employee is insured under her employer's group life plan. If she terminates her group coverage, which of th...

All of the following are likely to contain a legal description of a parcel of real property EXCEPT a: Select one: a.Mortgage. b.Tax statement. c.Preliminary title report. d.Deed. - Answer- Tax statement. If a person dies intestate, the estate passes to the deceased person's heirs according to the: Select one: a.Federal escheat laws. b.State's statue of descent and distribution. c.Judgment of the executor. d.Deceased person's will. - Answer- State's statue of descent and dist...

What is the money in the Recovery Trust Account used for? A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction B) To pay commission that agents were wrongfully deprived of C) For taxes for the state of Texas D) For TREC to recover the funds to keep their computer systems up to date - correct answer -A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction Wesley just bou...

TEST BANK FOR SOUTH WESTERN FEDERAL TAXATION COMPREHENSIVE VOLUME COMPLETE ALL ALL CHAPTERS 1-15 (REVISED VERSION). The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations. a. True b. False ANSWER: False RATIONALE: The Sixteenth Amendment validated only the tax on individuals. The income tax on corporations had been previously sanctioned by the courts. 2. Before the Sixteenth Amendment to the Constitution was ra...

Hawaii Real Estate Review Quiz 3 100% Correct Solved A professional Appraiser can render all but one of the following: A) An opinion of value B) A conclusion of value C) A judgement of value D) A determination of value - Correct Answer ️️ -D) A determination of value One of the distinguishing characteristics of joint tenancy is that the: A) Tenants possess separate estates B) Tenants may possess unequal interests in a single estate C) Interests of a deceased tenant pass to the remai...

"As an executor of an estate, a Bank Trust Department typically: a. Does not have a fiduciary duty. b. Is charged with the responsibility to marshal assets, pay debts, and make distributions per terms of the will. c. Can only serve if granted special permission by the regulatory authorities in addition to the bank's general fiduciary powers. d. Must have capital in excess of the normal capital required to exercise general trust powers. " - Answer-B "As an executor of an estate, a Ban...

NC Life Insurance Cash Value Money accumulation in a permanent policy which the policy owner may borrow as a policy loan or receive if the policy is surrendered before maturity. Upon maturity or endowment the cash value is paid to the policy owner. Cash value may be used as a source of supplemental income. Non- Participating Policies Insurance policies which do not pay dividends to policy owners. Participating Policies Policies that may pay annual dividends to policy owners. ...

Which of the following is income in respect of a decedent? A) Cash received from a grandmother's estate. B) Royalties received on the deceased father's published book; the right to receive these royalties was distributed from the father's estate. C) Certificate of deposit received as a gift. D) Both cash received from a grandmother's estate and royalties received on the deceased father's published book; the right to receive these royalties was distributed from the father's estate. - co...

What is the money in the Recovery Trust Account used for? A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction B) To pay commission that agents were wrongfully deprived of C) For taxes for the state of Texas D) For TREC to recover the funds to keep their computer systems up to date - A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction Wesley just bought a house with...

TEST BANK FOR SOUTH WESTERN FEDERAL TAXATION COMPREHENSIVE VOLUME COMPLETE ALL CHAPTERS 1-15 (REVISED VERSION). The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations. a. True b. False ANSWER: False RATIONALE: The Sixteenth Amendment validated only the tax on individuals. The income tax on corporations had been previously sanctioned by the courts. 2. Before the Sixteenth Amendment to the Constitution was ratifi...