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Question 10 If the estate's value is less than the basic exclusion amount, there is no need to file an estate tax return to make the portability election. True O False

Question 10 If the estate's value is less than the basic exclusion amount, there is no need to file an estate tax return to make the portability election. True O False

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 10 If the estate's value is less than the basic exclusion amount, there is no need to file an estate tax return to make the portability election. O True O False Question 11 There is not likely to be a choice of whether to take a deduction on form 706 or form 1040. O True O False Question 12 A decedent's spouse and children are the only people who can disclaim property and continue to benefit from that property. O True O False
Transcribed Image Text:Question 10 If the estate's value is less than the basic exclusion amount, there is no need to file an estate tax return to make the portability election. O True O False Question 11 There is not likely to be a choice of whether to take a deduction on form 706 or form 1040. O True O False Question 12 A decedent's spouse and children are the only people who can disclaim property and continue to benefit from that property. O True O False
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