Of the following statements regarding the estate tax, which is true? A decedent's taxable estate...
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Of the following statements regarding the estate tax, which is true? A decedent's taxable estate is never greater than the probate estate. The taxable estate is reduced by deductions for decedent liabilities, funeral costs, and administrative costs of settling the estate. The estate tax is not reduced by transfers to the decedent's spouse. The estate tax exclusion is not reduced by any lifetime gift tax exclusion used by the decedent. Question 34 2.5pt Of the following items, which is included in gross income? Municipal bond interest Unemployment compensation received Scholarship for tuition and books Inherited property During the current year, Jenna received the following: Compute Jenna's gross income. (Note: the NYC School Bond is a municipal bond.) $7,500 $3,400 $8,900 $3,900 Beth, age 40 , incurred and paid for the following items this year: She received insurance reimbursements of $3,000 and her AGI was $20,000. What is her maximum allowable medical expense deduction for the current year? (For this problem, medical expenses in excess of 10% of AGI are deductible) $7,300 $4,300 $2,300 $2,000
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