Form 706, United States Estate Tax Return, was filed for John Doe in 2016. His gross estate tax was $250,000. Which group of credits is allowable in computing his net estate tax?
A. Applicable credit amount and marital deduction credit.
B. Credit for foreign death taxes and credit for taxes paid on prior transfers.
C. Credit for funeral expenses and credit for charitable contributions.
D. Credit for gift taxes and credit for casualty and theft losses.
Answer: B. Credit for foreign death taxes and credit for taxes paid on prior transfers.
Business
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Calculate the total marketing and sales expenses incurred by a business if it produces 30,000 units at $15 per unit and its net marketing contribution is $225,000
A) $300,000 B) $150,000 C) $625,000 D) $225,000 E) $450,000
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A general partnership is an association of two or more persons to carry on as co-owners of a business for profit
Indicate whether the statement is true or false
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