Assuming that no stipulation is made in the will, indicate in the answer space p
ID: 2537402 • Letter: A
Question
Assuming that no stipulation is made in the will, indicate in the answer space provided by placing the letter A, B, or C for each of the following items indicating whether the item would affect A=principal accounts only, B=income accounts only, or C=both principal and income accounts of an estate. For example, the answer could show 1=D; 2=D; 3=D…10=D (would use A, B, or C, not D in answer).
(1)
Gain on sale of an estate asset
(2)
Loss on sale of an estate asset
(3)
Redemption of a bond four months after death on which there was accrued interest on date of death
(4)
Distribution to an income beneficiary
(5)
Income taxes due on decedent's taxable income to date of death
(6)
Location of an asset after filing the inventory of estate assets
(7)
Fee paid for professional management of both principal and income property
(8)
Costs incurred in probating the will
(9)
Rental income earned after date of death
(10)
Dividends declared after date of death
(1)
Gain on sale of an estate asset
(2)
Loss on sale of an estate asset
(3)
Redemption of a bond four months after death on which there was accrued interest on date of death
(4)
Distribution to an income beneficiary
(5)
Income taxes due on decedent's taxable income to date of death
(6)
Location of an asset after filing the inventory of estate assets
(7)
Fee paid for professional management of both principal and income property
(8)
Costs incurred in probating the will
(9)
Rental income earned after date of death
(10)
Dividends declared after date of death
Explanation / Answer
Answer:
Particular
Answer
Explanation
-1
Gain on sale of an estate asset
A
principal accounts
only
-2
Loss on sale of an estate asset
A
principal accounts
only
-3
Redemption of a bond four months after
death on which there was accrued interest on date of death
C
both principal and income accounts of an estate
-4
Distribution to an income beneficiary
B
Income accounts only
-5
Income taxes due on decedent's taxable income to date of death
A
principal accounts
only
-6
Location of an asset after filing the inventory of estate assets
A
principal accounts
only
-7
Fee paid for professional management of both principal and income property
C
both principal and income accounts of an estate
-8
Costs incurred in probating the will
A
principal accounts
only
-9
Rental income earned after date of death
B
Income accounts only
-10
Dividends declared after date of death
B
Income accounts only
Particular
Answer
Explanation
-1
Gain on sale of an estate asset
A
principal accounts
only
-2
Loss on sale of an estate asset
A
principal accounts
only
-3
Redemption of a bond four months after
death on which there was accrued interest on date of death
C
both principal and income accounts of an estate
-4
Distribution to an income beneficiary
B
Income accounts only
-5
Income taxes due on decedent's taxable income to date of death
A
principal accounts
only
-6
Location of an asset after filing the inventory of estate assets
A
principal accounts
only
-7
Fee paid for professional management of both principal and income property
C
both principal and income accounts of an estate
-8
Costs incurred in probating the will
A
principal accounts
only
-9
Rental income earned after date of death
B
Income accounts only
-10
Dividends declared after date of death
B
Income accounts only