Income In Respect Of A Decedent - Answer Key

1. D

All of the following would be considered income that is still owed to the decedent; therefore, they would all qualify as an IRD.

2. B

IRD income is included in the gross estate of the decedent. If the estate tax is paid on the IRD income in the decedent's estate tax return, then the beneficiary of the IRD income can take a tax deduction on their individual return on Schedule A as a deduction NOT subject to the 2% miscellaneous itemized deduction.

3.
C

The beneficiary of the IRD income must continue to report the income and pay any tax due.

Introduction

You May Also Like

Related Articles
  1. Trading Strategies

    What To Do With Stocks That Hit All-Time ...

  2. Trading Strategies

    Understanding The Price Vs. Time Equation

  3. Chart Advisor

    3 Commodity Stocks Poised For A Move ...

  4. Personal Finance

    How To Calculate Beta Of A Private Company

  5. Trading Strategies

    Market Timing Tips & Rules You Should ...

Trading Center