Chris gave Tara, her non-citizen spouse, real estate that has an
appraisal value of $800,000. It...
Chris gave Tara, her non-citizen spouse, real estate that has an
appraisal value of $800,000. It was Chris’s only taxable gift for
this year. In 2015, he gave her his XYZ stock that is worth
$200,000. How much would be reported each year as a taxable
gift?
When an inventor died, he left the majority of his estate to
fund five prizes, each...
When an inventor died, he left the majority of his estate to
fund five prizes, each to be awarded annually in perpetuity
starting one year after he died.
a. If he wanted the cash award of each of the five prizes to be
$35,000 and his estate could earn 9% per year, how much would he
need to fund his prizes?
b. If he wanted the value of each prize to grow by 4% per year
(perhaps to keep up...
45.LO.7 While vacationing in Florida in November, Sally was
seriously injured in an automobile accident. Sally...
45.LO.7 While vacationing in Florida in November, Sally was
seriously injured in an automobile accident. Sally died several
days later. How are the following transactions handled for tax
purposes?
A. Bruce, Sally's son and executor, incurred $6,200 in travel
expenses in flying to Florida, retrieving the body, and returning
it to Frankfort, Kentucky, for burial.
B. Sally had pledged $50,000 to the building fund of her church.
Bruce paid this pledge from the assets of the estate.
C. Prior to...
A nonresident alien, married, died on September 2018. He left
the following:
Conjugal properties, Philippines, 5,000,000...
A nonresident alien, married, died on September 2018. He left
the following:
Conjugal properties, Philippines, 5,000,000
Exclusive properties, Philippines, 2,000,000
Conjugal properties, USA, 10,000,000
Exclusive properties, USA, 5,000,000
The following deductions were claimed:
Actual funeral expenses, 1,250,000
Judicial expenses, 800,000
Claims against the estate, 1,725,000
Transfer for Public Use, 200,000
Medical expense, 875,000
Included in the Philippines gross estate (conjugal) were the
following:
Domestic shares, 500,000
Share in a partnership, 1,000,000
Other tangible personal properties, 3,500,000
The Philippine exclusive properties...
When Alfred Nobel died, he left the majority of his estate to
fund five prizes, each...
When Alfred Nobel died, he left the majority of his estate to
fund five prizes, each to be awarded annually in perpetuity
starting one year after he died (the sixth one, in economics,
was added later). a. If he wanted the cash award of each of the
five prizes to be $42 comma 000 and his estate could earn 8% per
year, how much would he need to fund his prizes? b. If he wanted
the value of each prize...
At the time of her death, Katelyn was (or had been) involved in
the following trust...
At the time of her death, Katelyn was (or had been) involved in
the following trust arrangements. As to these trusts, how much is
included in Katelyn’s gross estate?
Trust A. Created by Katelyn ten years ago as a revocable trust
with $1 million in assets. The trust provides for a life estate to
Katelyn, remainder to her siblings. When Katelyn died Trust A’s
assets were valued at $5.1 million.
Trust B. Created by Joe’s will (Katelyn’s father) and provides...
Sam
had a $300,000 life insurance policy with a gift purpose worth
$80,000. Is there a...
Sam
had a $300,000 life insurance policy with a gift purpose worth
$80,000. Is there a taxable gift if his son was the beneficiary?
What amount is included in the gross estate if Sam died in 2015?
What would the adjusted taxable gift be?
Carol Crow, who was divorced and resident of Georgia, died on
June 1. In the decedent's...
Carol Crow, who was divorced and resident of Georgia, died on
June 1. In the decedent's safe deposit box, the executors of the
estate found the following:
(1) Securities valued at $30,000 on the date of death. These were
registered in her name and her son's name as joint owners. Carol
and her son purchased the securities in 2004 for $10,000. Each
contributed $5,000 to the purchase.
(2) Realty titles to a residence in Ohio valued at $4,550,000 and
to...