Questions from Federal Taxation

Q: Joy died on November 5, 2017. Soon after Joy’s death

Joy died on November 5, 2017. Soon after Joy’s death, the executor discovered the following insurance policies on Joy’s life. Joy transferred ownership of policies...

Q: Refer to Problem C:13-45. What is the

Refer to Problem C:13-45. What is the net addition to Joy’s taxable estate with respect to the insurance policies if all the property passing under Joy’s will was l...

Q: Assume the same facts as in Problem C:13-47

Assume the same facts as in Problem C:13-47 except that Yuji’s will also provided for setting up a trust to be funded with $400,000 of property with a bank named as trustee. His wife is to receive all...

Q: Assume the same facts as in Problem C:13-48

Assume the same facts as in Problem C:13-48 and that before Yuji’s death in 2017 his wife already owned property valued at $300,000. Assume that each asset owned by each spouse increased 8% in value b...

Q: Sam Snider died February 14, 2016, survived by his spouse

Sam Snider died February 14, 2016, survived by his spouse Janet and several children. Sam had not made any taxable gifts. Sam’s gross estate was $7 million. In each of the following independent situat...

Q: Bess, a widow, died in October 2017. Her gross

Bess, a widow, died in October 2017. Her gross estate, which totaled $7 million, included a $100,000 life insurance policy on her life that she gave away in 2015. The taxable gift that arose from givi...

Q: Joseph Jernigan died in 2017 with a taxable estate of $4

Joseph Jernigan died in 2017 with a taxable estate of $4.1 million. He was survived by his spouse Josephine and several children. He made taxable gifts of $100,000 in 1974 and $650,000 in 2000. The pr...

Q: In May 2008, Jasper Mason died, survived by his spouse

In May 2008, Jasper Mason died, survived by his spouse Amber Mason and four adult children. His gross estate was valued at $3 million, and he had Sec. 2053 deductions of $120,000. His will left the pe...

Q: Three years ago, Mario joined the MN Partnership by contributing land

Three years ago, Mario joined the MN Partnership by contributing land with a $10,000 basis and an $18,000 FMV. On January 15 of the current year, Mario has a basis in his partnership interest of $20,0...

Q: Sam and Taylor, residents of New Jersey, entered into a

Sam and Taylor, residents of New Jersey, entered into a domestic partnership in New Jersey in October 2004. However, they never obtained a marriage license. Sam died in March 2017, survived by Taylor....