Question

In: Finance

Statement 1: An estate settled extra judicially requires probity Statement 2: Trustee expenses form part of...

Statement 1: An estate settled extra judicially requires probity

Statement 2: Trustee expenses form part of the judicial expense in computing the net estate.

a.Only statement 2 is false

b.Both statements are true.

c.Only statement 1 is false

d.Both statements are false.

A donor’s tax is imposed on the

a.Property donated

b.The donee

c.The right of donating

d.Donor

Transfer of properties through sale

a. Subject to capital gains tax

b.Subject to estate tax

c.Unlawful

d.Subject to donor’s tax

Under the old law to prevent excessive tax avoidance, transfer in contemplation of death is

a.Subject to income tax

b.Subject to donor’s tax

c.Subject to VAT

d.Subject to estate tax

Expert Solution

Question 1, Both the statements are true. Probity has to be established when settled extra judicially and Trustee expense form part of judicial expense

Question 2, Donor's tax is imposed on the donee as he is the person receiving the property without monetary consideration

Question 3, Transfer of properties through sale is subjected to income tax under the head capital gains

Question 4, To prevent excessive tax avoidance, transfer in contemplation of death is subject to estate tax and is imposed on the estate

jeff jeffy answered 2 years ago

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