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Chapter 11 - Tax Matters Associated with Probating an Estate
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1
Both tax attorneys and CPAs are often called upon to assist a(n) _________________ in dealing with tax matters.
A)will
B)estate
C)trust
D)petition
2
Filing an IRS Form _________________ is voluntary.
A)1041
B)706
C)1040
D)56
3
The IRS website is _________________.
A)www.irs.edu
B)www.irs.net
C)www.irs.com
D)www.irs.gov
4
Form _________________ reports money received as an independent contractor.
A)1099
B)1040
C)1041
D)706
5
_________________ are an allowable deduction for an estate.
A)Attorney fees
B)Appraiser fees
C)Administration expenses
D)All of the above
6
In 2009, the unified tax credit increases to _________________.
A)$2,000,000
B)$1,500,000
C)$675,000
D)$3,500,000
7
The _________________ is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.
A)estate tax
B)annuity
C)fair market value
D)deduction
8
The _________________ is the value of a note based on what someone would pay for it, even though it is not yet due.
A)annuity
B)fair market value
C)discount rate
D)estate tax
9
IRS Form _________________ should be submitted to the IRS as soon as possible after the appointment of the personal representative because it is needed to open the estate bank account.
A)SS-4
B)1040
C)56
D)1041
10
Schedules included in Form _________________ relate to the assets, expenses, and liabilities of the estate.
A)SS-4
B)56
C)1041
D)706





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