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In: Finance

1. In 2018, the Utah Legislature approved the issuance of $9 million in bonds to cover...

1. In 2018, the Utah Legislature approved the issuance of $9 million in bonds to cover rebuilding of the state-owned liquor store on Foothill Drive. The bonds will be paid with the income made by store by selling alcoholic beverages. The type of bonds that are financing the renovation project are called:

a. Revertible

b. Deferred

c. Infrastructural

d. General obligation

e. Revenue

2. Imagine that you have a rich aunt who died in September of 2017. She never married, had no children, and wants to leave all her $6 million estate to you because of those fabulous neck massages that you used to give her. In light of the federal estate tax rules, how much will you pay in estate taxes?

a. $0

b. $20,000

c. $204,000

d.$480,000

e. $2.4 million

3. The Tax Cuts and Jobs Act passed in December of 2017 dramatically increased the amount of money that is exempted or excluded when calculating any estate tax. The new law did not change, however, the rule that any exemption not used by one spouse at the time of his or her death can be used at the time of the other spouse's death. This rule is called:

a. Equity adjustment

b. Probate balancing

c. Recalibration

d. Portability

e. Generational skipping

Expert Solution

jeff jeffy answered 3 months ago

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