Questions from Federal Taxation

Q: George Tanner died October 2, 2016, survived by his son

George Tanner died October 2, 2016, survived by his son Thomas and his daughter Gigi Tanner Stewart and her children, Sam and Cindy. George was the sole stockholder of Tanner, Inc., a C corporation. G...

Q: Philip Seymour Hoffman died in February 2014, survived by three children

Philip Seymour Hoffman died in February 2014, survived by three children (Cooper, Tallulah, and Willa) and their mother Marianne O’Donnell. His estate was estimated to have a net value of $35 million....

Q: Soon you will be meeting with a client who is considering moving

Soon you will be meeting with a client who is considering moving to one of several other states and who currently does not have a will. You want to do some research regarding how property often passes...

Q: Your firm has prepared the estate tax return (Form 706)

Your firm has prepared the estate tax return (Form 706) for the Estate of Belinda Baker, a widow who died January 13, 2017. Besides substantial amounts of cash, mostly in certificates of deposit, she...

Q: Arthur Zolnick died at age 84 on June 7, 2016.

Arthur Zolnick died at age 84 on June 7, 2016. In March 2008, he transferred $4 million of stock to a charitable remainder annuity trust (CRAT) from which he named himself to receive $200,000 per year...

Q: Steve Silver, a new client, owns stock in HyTeche,

Steve Silver, a new client, owns stock in HyTeche, Inc., which recently had an initial pub lic offering. In early 2017, his stock is valued at $8 million. His only other asset is $9 million of cash. U...

Q: Matt Patterson died in early 2017 with a $4.5

Matt Patterson died in early 2017 with a $4.5 million gross estate and no deductions other than a potential marital deduction. He bequeathed all his property to his spouse, Nancy, with the provision t...

Q: Gaylord Gunnison (GG) died January 13, 2017, and

Gaylord Gunnison (GG) died January 13, 2017, and his gross estate consisted of three properties—cash, land, and stock in a public company. The amount of cash on the date of his death was $2.9 million,...

Q: Describe two ways in which the transfer tax (estate and gift

Describe two ways in which the transfer tax (estate and gift tax) system is a unified system.

Q: Andrew contributed investment land having an $18,000 basis and

Andrew contributed investment land having an $18,000 basis and a $22,000 FMV along with $4,000 in money to the ABC Partnership when it was formed. Two years later, the partnership distributed the inve...