Income in respect of a cash-basis decedent
A. Covers income earned before the taxpayer's death but not collected until after death.
B. Receives a stepped-up basis in the decedent's estate.
C. Must be included in the decedent's final income tax return.
D. Cannot receive capital gain treatment.
Answer: A. Covers income earned before the taxpayer's death but not collected until after death.
You might also like to view...
Advertising is
A) identical to public relations. B) a non-marketing tool in the promotional mix. C) used specifically to promote goods, but not services. D) a paid form of nonpersonal promotion by a sponsor. E) a form of direct-response marketing.
Acme Medical Equipment, an MNC, pursues a similar strategy in each market in which the firm competes and typically experiences very predictable operations. Which control system would most likely be best for Acme Medical Equipment?
A) responsibility center control B) generic organizational control C) planning process control D) operations control