Questions from Federal Taxation

Q: At the time of his death this year on September 4,

At the time of his death this year on September 4, Kenneth owned the following assets. Fair Market...

Q: At the time of her death on September 4, Alicia held

At the time of her death on September 4, Alicia held the following assets....

Q: Assume the same facts as in Problem 38 with the following modifications

Assume the same facts as in Problem 38 with the following modifications. What amount is included in Alicia’s gross estate? • Mitch is killed in a rock slide while mountain climbing in November, and th...

Q: At the time of Matthew’s death, he was involved in the

At the time of Matthew’s death, he was involved in the following transactions. • Matthew was a participant in his employer’s contributory qualified pension plan. The plan balance of $2 million is paid...

Q: Which of the valuation penalties is likely to arise when an aggressive

Which of the valuation penalties is likely to arise when an aggressive taxpayer reports: a. A charitable contribution? b. A business deduction? c. A decedent’s taxable estate?

Q: At the time of his death on July 9, Aiden was

At the time of his death on July 9, Aiden was involved in the following real estate. Fair Market Val...

Q: In 2012, Gordon purchased real estate for $900,000

In 2012, Gordon purchased real estate for $900,000 and listed title to the property as “Gordon and Fawn, joint tenants with right of survivorship.” Gordon predeceases Fawn in 2018 when the real estate...

Q: Assume the same facts as in Problem 42, except that Gordon

Assume the same facts as in Problem 42, except that Gordon and Fawn are husband and wife (not brother and sister). a. What are the gift tax consequences in 2012? b. What are the estate tax consequence...

Q: In each of the independent situations below, determine the transfer tax

In each of the independent situations below, determine the transfer tax (i.e., estate and gift) consequences of what has occurred. (In all cases, assume that Gene and Mary are married and that Ashley...

Q: While vacationing in Florida in November, Sally was seriously injured in

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, S...