Questions from Federal Taxation

Q: Janet Mason timely filed a 2015 gift tax return to report the

Janet Mason timely filed a 2015 gift tax return to report the gift on June 3, 2015, of closely held stock in Mason Meat Co., Inc. The tax return, which your firm prepared, reflected a value of $1,500...

Q: Consult the case Estate of Edward S. Redstone, 145 T

Consult the case Estate of Edward S. Redstone, 145 T.C. No. 11 (2016), a rather complicated case, and answer the following uncomplicated questions: a. When did the alleged gift occur, and when did the...

Q: On August 3, 2014 Ginger Grayson, a widow, transferred

On August 3, 2014 Ginger Grayson, a widow, transferred $55,000 to each of two Sec. 529 plans (qualified tuition programs), one for grandson Greg Grayson and one for granddaughter Gayle Grayson. Her ta...

Q: Alex owns 60% of the Hot Wheels LLC, which is

Alex owns 60% of the Hot Wheels LLC, which is treated as a partnership. He plans to give 15% of the LLC (one fourth of his interest) to his daughter Haley for her high school graduation. He plans to p...

Q: Your manager wants you to participate in delivering a staff training course

Your manager wants you to participate in delivering a staff training course on the basics of gift taxation. Your assignment is to discuss Crummey trusts. You want to increase your knowledge of some of...

Q: What was the Sec. 7520 rate for May, June,

What was the Sec. 7520 rate for May, June, and July 2016?

Q: George and Martha, spouses, made a number of gifts during

George and Martha, spouses, made a number of gifts during 2017. Their accountant is trying to help them decide whether to elect gift splitting. If they elect gift splitting, each spouse will have $4 m...

Q: Ilene Ishi is planning to fund an irrevocable charitable remainder annuity trust

Ilene Ishi is planning to fund an irrevocable charitable remainder annuity trust with $100,000 of cash. She will designate her sister, age 60, to receive an annuity of $5,000 per year for 15 years and...

Q: Your long-time client, Harold (Hal) Holland will

Your long-time client, Harold (Hal) Holland will meet with your supervising partner next week for an estate planning appointment. Hal has been married to Winona Holland for 25 years. Hal is age 68 and...

Q: Your client is Jon Jake, the executor of the Estate of

Your client is Jon Jake, the executor of the Estate of Beth Adams, a widow. Mrs. Adams died 11 years after the death of her husband, Sam. Mr. Jake seeks assistance in the preparation of the estate tax...