Question

In: Accounting

How do state estate tax payment or state death tax payment affect the estate tax return...

How do state estate tax payment or state death tax payment affect the estate tax return

The amount of tax paid is excluded from the gross estate

The amount of tax paid is a deduction from the gross estate

The amount paid is a credit against the estate tax

They do not effect the estate tax return

Solutions

Expert Solution

Option D is correct, they do not effect the estate tax retudn.

Estate tax is calculated and then tax is paid which do not effect the return


Related Solutions

how do state estate tax payments or state death tax payments affect the estate tax return
how do state estate tax payments or state death tax payments affect the estate tax return
tax question How do state tax payment or state death tax payments affect the estate tax...
tax question How do state tax payment or state death tax payments affect the estate tax return?
Gift tax relationship with Estate Tax Describe how the gift tax is related to the estate...
Gift tax relationship with Estate Tax Describe how the gift tax is related to the estate tax. Give some examples.
Before her death, Lucy entered into the following transactions. Discuss the estate and income tax ramifications...
Before her death, Lucy entered into the following transactions. Discuss the estate and income tax ramifications of each of these transactions. A. Lucy borrowed $600,000 from her brother, Irwin, so that Lucy could start a business. The loan was on open account, and no interest or due date was provided for. Under applicable state law, collection on the loan was barred by the statute of limitations before Lucy died. Because the family thought that Irwin should recover his funds, the...
​How do different assumptions about network usage affect ROI? Do they affect the cost of the investment or the amount of the return?
How do different assumptions about network usage affect ROI? Do they affect the cost of the investment or the amount of the return? 
How do we account for Actual Return(s) on Plan Assets? How does the respective return affect...
How do we account for Actual Return(s) on Plan Assets? How does the respective return affect the Pension Liability?
The estate tax in the United States is a progressive tax on the estate of a...
The estate tax in the United States is a progressive tax on the estate of a deceased person before their property (real estate, stocks and bonds, business interests, etc.) is transferred to their heirs. In 1906, President Theodore Roosevelt proposed a federal estate tax, saying, "The man of great wealth owes a particular obligation to the State because he derives special advantages from the mere existence of government." The estate tax was passed in the Emergency Revenue Act of 1916...
How might electronic payment systems affect the UCC rules governing a buyer’s payment for goods? How...
How might electronic payment systems affect the UCC rules governing a buyer’s payment for goods? How might these systems affect the legal principles governing letter-of-credit transactions? If a contract involves a sale or lease of software that can be delivered, and accessed, online, what might be the effects in terms of such rights and remedies as cure, cover, replevin, and reclaiming goods?
How do store closures affect wages and spending? How do these factors affect employment? How do...
How do store closures affect wages and spending? How do these factors affect employment? How do these factors affect the demand curve? Will these factors cause the demand curve to move or shift? Explain.
Estate Planning A. In terms of minimizing tax liability, how would estate planning differ from a...
Estate Planning A. In terms of minimizing tax liability, how would estate planning differ from a partnership to a corporation? B. For estate planning purposes, what are the advantages of setting your business up as a corporation versus a partnership? Defend your response. C. Describe your company’s succession plan and whether or not it aligns with your company’s vision. D. Based on your responses, what estate planning strategy would be most effective in minimizing tax liability? Why? IV. Trusts A....
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT