O Either A or B Mark for follow up Question 29 of 105. in June 2016, Cynthia die
ID: 2601583 • Letter: O
Question
O Either A or B Mark for follow up Question 29 of 105. in June 2016, Cynthia died. She lived with her sister Roxanne until the time of her death. Her only asset was the home she owned jointly with Roxanne with right of survivorship. It was worth $7 million at death. Cynthia left no will, and Roxanne did not apply to the court to be named administrator. Assuming that Cynthia purchased the home with he statement is correct? r own funds, which 0 No estate return need be filed because there is no one named by the court to file it Roxanne must file the estate tax return because she is in possession of Cynthia's asset and, for tax purposes, is therefore considered to be her personal representative O No estate tax return need be filed because Cynthia's estate is under the fling threshold. O Roxanne must appoint an executor over the estate to file Cynthia's return. Mark for follow up Question 30 of 105.Explanation / Answer
In the given scenario, Roxanne becomes Cynthia’s legal representative as Roxanne is the closest relative of Cynthia. As per the regulations, it is the responsibility of legal representative of deceased to file the tax returns. Therefore, Roxanne is required to file the estate tax returns.
Hence, Option 2 is correct in the given scenario.
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