Is an interest in a limited liability company, life insurance that the decedent held on the...

Is an interest in a limited liability company, life insurance that the decedent held on the life of their parents, and household goods reported on form 706, scheduled F?

Expert Solution

Yes, Interest in a limited liability company, life insurance that the decedent held on the life of their parents, and household goods reported on form 706, scheduled F.

According to the provisions under IRS form 706 is required to be filled by executor of the decedent's estate.

Schdule F of form 706 states - Other Miscellaneous property that are required to be mention in form specifically includes the :

1 Interest in a limited liability company

2.life insurance that the decedent held on the life of their parents

3.household goods

ekkarill92 answered 2 years ago

If property owned by the decedent at the time of death is not held by the...

If property owned by the decedent at the time of death is not held by the estate six months later, such property is valued at its disposition date for alternate valuation purposes. Under what conditions is the executor allowed to choose the alternative evaluation date? Please cite an example.

Explain how an S-Corporation and a limited liability company and a limited liability company can be...

Explain how an S-Corporation and a limited liability company and a limited liability company can be formed? What are their restrictions and characteristics?

BLG is a limited liability Company

taxed as a partnership and has four shareholders each owning 25% of the outstanding Interests (Shares). The shareholders’ outside basis in their respective Interests is $1.00On February 20, 2018, POM LLCBLG is a limited liability Company, a single member limited liability company, sold its 25% in BLG Interests to ODY LLC, a limited liability company taxed as a Partnership, for $700,000 payable $100,000 cash at closing and a Promissory Note in the amount of $600,000 bearing interest at 5% with...

what are the characteristics of a limited liability company?

Question 1 A limited liability company offers the limited liability of a corporation. True False Question...

Question 1 A limited liability company offers the limited liability of a corporation. True False Question 2 A limited liability company must be formed in compliance with federal law. True False Question 3 Most states do not permit one-member limited liability companies. True False Question 4 A limited liability company is a citizen of every state of which its members are citizens. True False Question 5 For federal income tax purposes, a limited liability company can choose to be taxed...

a small description of corporation and limited liability company

(1) A privately held corporation has a limited life because it is tied to the physical...

(1) A privately held corporation has a limited life because it is tied to the physical lives of its owners. True or False (2) A corporation is a legal entity separate from its owners. True or False (3) Discuss the differences between common and preferred shares. (4) Buying shares in a corporation is attractive to investors because Multiple Choice (A) corporation has unlimited life. (B) All of these answers are correct. (C) Shareholders are not agents of the corporation. (D)...

38-1 Limited Liability Companies John, Lesa, and Tabir form a limited liability company John contributes 60...

38-1 Limited Liability Companies John, Lesa, and Tabir form a limited liability company John contributes 60 percent of the capital, and Lesa and Tabir each contribute 20 percent. Nothing is decided about how profits will be divided. John assumes that he will be entitled to 60 percent of the profits, in accordance with his contribution. Lesa and Tabir, however, assume that the profits will be divided equally. A dispute over the question arises, and ultimately a court has to decide...

3. Liability claims in the auto industry? Insurance A) How can one person be held responsible...

3. Liability claims in the auto industry? Insurance A) How can one person be held responsible for another’s actions? What is this type of legal responsibility called? B) Identify three categories of direct commercial liability exposures C) Explain contractual liability and the nature of a hold-harmless agreement. D) How do the insurer's interests sometimes confict with the professional's interest with respect to the opporunity

what is limited liability? why does the goverment grant limited liability to the owners of corporations?...

what is limited liability? why does the goverment grant limited liability to the owners of corporations? Why is limited liability more important for firms trying to raise funds from a large mumber of investors than for firms trying to raise funds from a small number of investors?

Question