60.1K
Verified Solution
Link Copied!
Why must a final income tax return be filed for a deceased individual?
a.For tax purposes, she is deemed to have disposed of all of her assets on the date of death.
b.To avoid taxes from being levied on the beneficiaries of the estate.
c.To pay probate taxes levied by some provinces.
d.To pay inheritance taxes normally levied at the provincial level.
Why do most wills contain a clause that limits the liability of an executor who makes a mistake while acting in good faith?
a.To ensure the honesty of the executor.
b.The executor can be held legally liable for mistakes made in administering a will.
c.The executor may favour one beneficiary over another in distributing the assets of the estate.
d.Most executors are unprepared for the responsibilities of settling an estate and make mistakes.
Answer & Explanation
Solved by verified expert
