Which of the following would not be included in the corpus or principal of an estate?
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(12) Which of the following would not be included in the corpus or principal of an estate?
a. |
accrued interest and declared dividends on investments held by decedent |
b. |
personal valuables |
c. |
life insurance proceeds where designated beneficiary is the estate |
d. |
all of the above are included |
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- In an estate, which of the following is charged to income rather than to principal? Choose the correct.a. Funeral expenses.b. Investment costs.c. Property taxes.d. Losses on the sale of investments.In accounting for an estate or trust, how is the distinction between principal and income determined?In recording the transactions of an estate, when are liabilities recorded? Choose the correct.a. When incurred.b. At the date of death.c. When the executor takes responsibility for the estate.d. When paid.
- Suppose the trustor died prior to the fulfillment of the trust purpose, will the assets form part of his estate?Which of the following is usually not accounted for as an adjustment to a trust's income? Multiple Choice Lease cancellation fees. Rent expense. Investment costs and commissions. Insurance expense. Property taxes.In an estate, which of the following is charged to income rather than to principal? Funeral expenses. Investment costs. Property taxes. Losses on the sale of investments.
- Statement 1: Proceeds of life insurance received by the beneficiary of the insured is a return on capital. Statement 2: The excess of proceeds over total premiums paid which is received by the beneficiary of the insured decedent is gross income and is taxable. * a. Both statements are true b. Both statements are false c. Only statement 1 is true d. Only statement 2 is trueIdentify which is taxable? A. Proceeds of life insurance received by heirs B. Excess amount received over premiums paid by insured upon surrender of policy C. Compensation for personal injuries of an employee D. Indemnification for moral damagesBriefly summarize the differences between principal and income transactions for estates and trusts . Why is the classification important in estate and trust accounting ?
- In an executor's accounting for an estate, debts and other obligations are recorded Select one: a.as soon as discovered. b.only if they are past due. c.on the date of payment. d.at book value. e.as a reduction of income.1. Statement 1: If the proceeds of life insurance are held by the insurer under an agreement to pay interest thereon, the interest payments shall be included in gross income. Statement 2: The value of property acquired by gift, bequest, devise or descent, including it fruits and income, shall be excluded from the gross income. a. Both statements are true b. Both statements are false c. Only statement 1 is true d. Only statement 2 is true 2. Case 1: Avy made a total of P5,000 contributions for SSS, Philhealth, Pag-ibig, and union dues. The P5,000 contributions form part of Avy's gross compensation. However, in computing her taxable compensation, such amount must be excluded. Case 2: Avy suddenly got sick and was hospitalized for 1 month. She received a certain amount of benefit from SSS. Her hospital bills were also reduced by her philhealth benefit. The amount received by Nora from SSS and the reduction in her hospital bills constitute taxable compensation to Nora. a. Both…Which of the following is NOT a separately stated item? Section 179 expense deduction. Charitable contributions. Ordinary income (loss) from other partnerships, estates, and trusts. Capital gains (losses).