Jeff died owning farmland in a closely-held business.
Jeff died owning farmland in a closely-held business. He wishes to
leave $100,000 to his recently divorced wife, Ann, and the farm to his son, George. All but which of the following estate tax elections should the executor of Jeff’s estate consider?
Question 18 options:
A QTIP marital deduction for the $100,000
Special use valuation for the farmland.
Deferral of estate tax for the closely-held business
Alternate valuation for the assets in the estate
Question 19 (1 point)
In general, all but which of the following may present on opportunity for a postmortem income tax election?
Question 19 options:
A U.S savings bond where the decedent did not elect to accrue and report income interest.
Election of a fiscal year for the estate
The decedent made an installment sale in the year of death
Filing a joint return for the year of death, where the surviving spouse remarries before the end of the year
Question 20 (1 point)
A trust with one income beneficiary earns $20,000 of income for the year. It distributes $15,000 of that income to the beneficiary. On how much income will the trust be taxed on?
Question 20 options:
$0
$5,000
$15,000
$20,000
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