Question

   an unlimited maternal deduction applies when there is an outright Bisquick I'm stuck to a...

   an unlimited maternal deduction applies when there is an outright Bisquick I'm stuck to a longtime companion US citizen spouse surviving spouse who was a non US citizen or all of the above

Homework Answers

Answer #1

Solution:-

An unlimited maternal deduction applies when there is an outright:-

US citizen spouse surviving

Explanation:-

The unlimited marital deduction applies only to surviving spouses that are United States citizens. A Qualified Domestic Trust (or QDOT) may be obtained to provide unlimited marital deductions for non-qualified spouses. A bequest through a QDOT defers estate tax until principal is distributed by the trustee, a U.S. citizen, or corporation who also withholds the estate tax. Income on principal distributed to the surviving spouse is taxed as individual income. After the surviving spouse becomes a U.S. citizen, principal remaining in a QDOT may then be distributed without further tax.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
   an unlimited maternal deduction applies when there is an outright Bisquick I'm stuck to a...
   an unlimited maternal deduction applies when there is an outright Bisquick I'm stuck to a longtime companion US citizen spouse surviving spouse who was a non US citizen or all of the above
I'm currently stuck on Level 3 for the following assignment. When passing my program through testing...
I'm currently stuck on Level 3 for the following assignment. When passing my program through testing associated with the assignment it is failing one part of testing.   Below is the test that fails: Failed test 4: differences in output arguments: -c input data: a b c -c expected stdout: b observed stdout: a b expected stderr: observed stderr: ./test: invalid option -- 'c' Unsure where I have gone wrong. MUST BE WRITTEN IN C++ Task Level 1: Basic operation Complete...
1.( T or F ) An individual who directly owns real estate and earns net rental...
1.( T or F ) An individual who directly owns real estate and earns net rental income for the tax year January 1 – December 31, 2018 will have an effective tax rate of 29.6% on it. 2.( T or F ) Jumbo LLC, is treated as a partnership and is owned by 50% by two individuals, Rod and Tom. Jumbo LLC acquired Bighorn Center, an industrial rental property for $2 million and collects rent from tenants. When Bighorn Center’s...
Bentley has paid $40,000 in premiums on a whole life policy with a $250,000 death benefit....
Bentley has paid $40,000 in premiums on a whole life policy with a $250,000 death benefit. The policy has paid a dividend of $1,000 per year for the past 10 years. If Bentley surrenders the policy today for it’s cash value of $55,000, what will be the amount of gain subject to taxation? A. $55,000 B. $15,000 C. $25,000 D. $0 Which of the following statements regarding entity purchase buy-sell agreements is correct? A. When one of the owners dies,...
The Estate Tax One of the richest men in the world, Warren Buffett (as of 2010),...
The Estate Tax One of the richest men in the world, Warren Buffett (as of 2010), suggests that repealing the estate tax will benefit only the richest Americans. In 2010, this is the top 2% of the United States population. To put this in more common terms, 98 of every 100 people who die face no estate tax whatsoever. Nevertheless, many younger Americans assume that the group of richest Americans will eventually include them. Listen to the short Warren Buffet...
Chick-fil-A is dominating the U.S. fast-food market. Whereas McDonald’s, Subway, Burger King, and Taco Bell trudge...
Chick-fil-A is dominating the U.S. fast-food market. Whereas McDonald’s, Subway, Burger King, and Taco Bell trudge along at the top of the heap, Chick-fil-A has quietly risen from a South- east regional favorite to become the largest chicken chain and the eighth-largest quick-service food purveyor in the country. The chain sells significantly more food per restaurant than any of its competitors—twice that of Taco Bell or Wendy’s and more than three times what the KFC Colonel fries up. And it...
What tools could AA leaders have used to increase their awareness of internal and external issues?...
What tools could AA leaders have used to increase their awareness of internal and external issues? ???ALASKA AIRLINES: NAVIGATING CHANGE In the autumn of 2007, Alaska Airlines executives adjourned at the end of a long and stressful day in the midst of a multi-day strategic planning session. Most headed outside to relax, unwind and enjoy a bonfire on the shore of Semiahmoo Spit, outside the meeting venue in Blaine, a seaport town in northwest Washington state. Meanwhile, several members of...
Gender Bias in the Executive Suite Worldwide The Grant Thornton International Business Report (IBR) has described...
Gender Bias in the Executive Suite Worldwide The Grant Thornton International Business Report (IBR) has described itself as "a quarterly survey of business leaders from across the globe … surveying 11,500 businesses in 40 economies across the globe on an annual basis." 1 According to the 2011 IBR, the Asia Pacific region had a higher percentage (27 percent) of female chief executive officers (CEOs) than Europe and North America. Japan is the only Asia Pacific region exception. The report further...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how the firms resources incompetencies support the given pressures regarding costs and local responsiveness. Describe entry modes have they usually used, and whether they are appropriate for the given strategy. Any key issues in their global strategy? casestudy: Atlanta, June 17, 2014. Sea of Delta employees and their families swarmed between food trucks, amusement park booths, and entertainment venues that were scattered throughout what would...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT