Questions from Federal Taxation

Q: Bonnie died on June 1, 2017, survived by her husband

Bonnie died on June 1, 2017, survived by her husband, Abner, and two sons, Carl and Doug. Bonnie’s only lifetime taxable gift was made in October 2015 in the taxable amount of $6.25 million. She did n...

Q: Assume the same facts as in Problem C:13-57

Assume the same facts as in Problem C:13-57 except the joint tenancy land was held in the names of Bonnie and her son Doug, joint tenants with right of survivorship. Also assume that Bonnie provided 5...

Q: In general, when is the estate tax due? What are

In general, when is the estate tax due? What are some exceptions?

Q: In general, at what amount are items includible in the gross

In general, at what amount are items includible in the gross estate valued? (Answer in words.) Indicate one exception to the general valuation rules and the reason for this exception.

Q: Three individuals recently formed Krypton Company as a limited liability company (

Three individuals recently formed Krypton Company as a limited liability company (LLC). The three individuals—Jeff, Susan, and Richard—own equal interests in the company, and they all have substantial...

Q: A client requests that you explain the valuation rules used for gift

A client requests that you explain the valuation rules used for gift tax and estate tax purposes. Explain the similarities and differences of the two sets of rules.

Q: Compare the valuation for gift and estate tax purposes of a $

Compare the valuation for gift and estate tax purposes of a $150,000 group term life insurance policy on the transferor’s life.

Q: Explain how shares of stock traded on a stock exchange are valued

Explain how shares of stock traded on a stock exchange are valued. What is the blockage rule?

Q: A decedent transferred land to an adult child by gift two years

A decedent transferred land to an adult child by gift two years before death. Is the land included in the decedent’s gross estate? In the estate tax base?

Q: From a tax standpoint, which of the following alternatives is more

From a tax standpoint, which of the following alternatives is more favorable for a client’s estate? a. Buying a new insurance policy on his life and soon thereafter giving it to another person b. En...