Reference no: EM132597347
Question 1: A decedent's interest and taxes are deductible on both Forms 706 and 1041 only if:
A. The decedent's will did not provide instructions.
B. Either item is a deduction in respect of a decedent (DRD).
C. The items were not allowable on the decedent's final return.
D. Both items were received after the decedent's death and were properly includable on their final return.
Question 2: The sale of the decedent's personal residence may result in:
A. A short-term loss.
B. A loss that is not allocated to principal, therefore not limited to $3,000.
C. A loss caused by the expenses of the sale when these expenses are not deducted on Form 706 as an administrative expense.
Question 3: Which statement regarding book capital accounts and the tax capital account is incorrect?
A. Both can have a negative balance.
B. The book capital account and the tax capital account may vary due to depreciation.
C. The book capital account reflects adjusted basis while the tax capital account reflects the fair market value.
D. The book capital account and the tax capital account may vary because of a revaluation of assets.
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