Executors commissions are considered to be costs of

Reference no: EM13389285

1. Funeral expenses are deductible either on the federal estate tax return or on the decedent's last income tax return.

2.Executors' commissions are considered to be costs of administering property that are included in a decedent's gross estate and are, therefore, deductible from the gross estate.

3.Unpaid mortgages on property included in the gross estate for which the decedent was liable are allowable as deductions from the gross estate in arriving at the adjusted gross estate.

4.Expenses in the administration of nonprobate assets are deductible if incurred on behalf of assets includible in the gross estate.

5.There are certain deductions that may be taken on either the federal estate tax return or the estate's income tax return.

6.The maximum marital deduction is the greater of $250,000 or one-half of the adjusted gross estate.

7.The estate tax marital deduction is allowed on the full gross estate tax value of the property left to the spouse, regardless of whether taxes, mortgages, or administration expenses are payable out of the marital interest.

8.The marital deduction will be reduced if taxes are payable out of the marital share of the estate.

9.Both the decedent and the surviving spouse must be citizens of the United States for transfers to such survivor to qualify for a marital deduction.

10.Only probate property qualifies for the marital deduction.

Reference no: EM13389285

Questions Cloud

Why is it significant for a company to have one or more : you know that your team will be travelling to all of the different divisions of the corporation to assist in that

Find the total explicit total implicit and total economic : at the beginning of the year an audio engineer quit his job and gave up a salary of 175000 per year in order to start

In fiscal year 2011 starbucks corporation sbux had revenue : in fiscal year 2011 starbucks corporation sbux had revenue of 11.70 billion gross profit of 6.75 billion and net income

Discuss your selected research design for the project what : primary task response within the discussion board area write 200-300 words that respond to the following questions with

Executors commissions are considered to be costs of : 1. funeral expenses are deductible either on the federal estate tax return or on the decedents last income tax

Explain how manufacturers or service providers and : 1. explain how manufacturers or service providers and consumers benefit from sales promotions.2.explain at least two

What fraction of total variation in sales of bright side : the director of marketing at vanguard corporation believes that sales of the companys bright side laundry detergent s

The research paper should be comprehensive and include : develop a three- to four-page analysis excluding the title and reference pages on the projected return on investment

The purpose of the discussion board is to allow students to : the purpose of the discussion board is to allow students to learn through sharing ideas and experiences as they relate

User Account

All Pages