Nó không đòi hỏi những dịch vụ trình bày một phần, nhưng cung cấp hướng dẫn cho kế toán là hoạt động để cung cấp cho họ. (ii) của bên thứ ba sử dụng. Các bên thứ ba nói chung là bất kỳ người nào bên ngoài thực thể trình bày báo cáo tài chính tiềm năng. | 41 -10 ESTATES AND TRUSTS heirs or devisees must be reimbursed if any assets are subsequently discovered from which the debts could have been paid. In many instances if the decedent was an owner of a closely held business he may have entered into some form of a buy sell agreement with his co-owners. The agreement usually provides that the executor shall sell the decedent s interest in the business to one or more co-owners or to the business entity itself at the price set forth therein in exchange for cash. Depending on the arrangement the buy-sell agreement will be referred to as either a cross purchase or entity redemption or corporate stock redemption agreement. The decedent s agreement to be bound by the terms of the agreement contractually binds the executor to sell the decedent s interest in the business pursuant to the terms of the agreement. This sales price also works to establish the estate tax value of the business interest in the gross estate. The decedent anticipating his need to provide liquidity for the estate may have established and funded an irrevocable life insurance trust. In this arrangement the trust applies for a life insurance policy on the decedent s life. The trustee is both the owner and beneficiary of the policy. Upon the decedent s death the trustee collects the insurance proceeds. While neither the trustee nor the executor is contractually bound to do so the trustee usually purchases assets from the estate hence providing the needed liquidity. This technique also eliminates the need for the executor to sell assets in a rush at liquidation or estate sale prices. The executor should be sure to review the decedent s personal papers thoroughly and interview the surviving spouse and business associates or partners to determine the existence of a buy-sell agreement or irrevocable life insurance trust. xvi Administration Expenses. Reasonable and necessary outlays made by the representative in collecting and distributing assets will be allowed
