Question: When a sole proprietor dies, _ _ _ _ _ . 1 . the personal representative of the estate can run the business 2 .

When a sole proprietor dies, _____.
1. the personal representative of the estate can run the business
2. the business loses its tax exemptions
3. the debts of the business become the debts of the estate
4. the debts of the business can be erased

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Hi , I have done all the journals and entires in general ledgers as well as subsidiary (subsidairy is matching . problem is in unadjusted trial balance which is not matching please help where my...

Q:

Hi , I have done all the journals and entires in general ledgers as well as subsidiary (subsidairy is matching . problem is in unadjusted trial balance which is not matching please help where my...

Q:

COMPUTE FEDERAL INCOME TAX PAYABLE OR RECEIVABLE FOR THE TAXPAYERS. YOU MUST SHOW ALL APPLICABLE LINES OF THE FIT FORMULA FOR INDIVIDUALS. Tommy and Sara OMara, a married couple, have two children,...

Q:

TASK: MAKE A BRIEFING OF TEN (10) SENTENCES Abstract Although a glimmer of hope might suggest that the economy is inching back upward after the economic downturn of the past six years, classic fraud...

Q:

A key purpose of a corporation is to protect its owners from personal liability for the acts or omissions of the corporation's owners. TrueFalse 2.Independent contractors are usually not agents of...

Q:

1. Many household services professionals such as carpenters, plumbers, and electricians do business as sole proprietors. If they make a promise to their customers that their work (not the products...

Q:

Show me the steps to solve One of the advantages of being classified as a self - employed contractor is that there are considerably more available expenses. True or False? Multiple Choice Which of...

Q:

1. How does financial accounting differ from tax accounting? 2. Jason is single and uses the calendar year for his tax year. He died on May 15, 2019. When is his final income tax return due! 3. If a...

Q:

Due Day 3 Respond to the following in a minimum of 175 words: For this discussion, please use either an existing new business idea or an imaginary new business. Assume that you are opening the...

Q:

HW 1 3 - Use 2 0 2 3 rules. Be sure to identify each item s character. At the end of each amount that requires a character, you will have ordinary income or loss, capital gain or loss which is also...

Q:

A lead ball at 30C is dropped from a height of 6.2 km. The ball is heated due to the air resistance and it completely melts just before reaching the ground. The molten substance falls slowly on the...

Q:

Important advantage of using new and delete operators in C++ is (A) Allocation of memory (B) Frees the memory previously allocated (C) Initialization of memory easily (D) Allocation of memory and...

Q:

Print Item 1 Cash and cash equivalents include assets that: Multiple Choice have stable long-term value. are short-term, highly liquid, and purchased by the entity within three months of maturity....

Q:

Solve B. 6a2-23a +20. a +2 2a2-a-10 2a-5