In 2005 Mandy and Hal mother and son purchased land for 600000 as joint tenants

In 2005 mandy and hal mother and son purchased land

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53.In 2005, Mandy and Hal (mother and son)purchased land for $600,000 as joint tenantswith right of survivorship. Of the $600,000purchase price, Mandy provided $300,000and Hal $300,000 (of which $200,000 hadbeen received as a gift from Mandy). Hal diesfirst when the land is worth $3,000,000. As tothe land, Hal's gross estate must include:$500,000 $300,000contribution- $200,000gift =100,000 100,000 /600,000(totalpurchaseprice) x3,000,00054.In 2015, and with $100,000, Ronaldestablishes a joint savings account with hiscousin, Allison. In 2017, Allison withdraws the$100,000 and disappears. Ronald made a giftto Allison in 2017.True55.In 2015, Thalia purchases land for $900,000and lists title in the names of her daughtersas follows: "April and Theresa, joint tenantswith right of survivorship." In 2017, April andTheresa purchase an apartment building for$1 mil as equal tenants in common. Aprilfurnished $400,000 and Theresa furnished$600,000 of the cost. April dies first in 2018when the land is worth 1.5 mil and theapartment building is worth $2 mil. One ofthe results of these transactions is: a. April made a gif to Theresa of $100,000 in2017 b. None of the land is included in April'sgross estate c. April's gross estate includes $800,000 ($2mil x 40%) as to the apartment building d. April's gross estate includes $1,750,000 asto these propertiesApril's grossestateincludes$1,750,000as to theseproperties 3,500,000x .5 =$1,750,000(equaltenant incommon)56.In 2017, Dulcea dies reporting ataxable estate of $2 mil. In prioryears, Dulcea's taxable giftstotaled $4.49 mil. How is theexclusion amount applied?57.In 2017, grandparents contributejointly owned funds to a 529qualified tuition plan on behalfof their granddaughter. Themaximum annual exclusionallowed to them is $140,000(14,000 x 2 (number of donors) x5 (number of years allowed)True Since the funds arejointly owned, twodonors are involved.Consequently, themaximum annualexclusion becomes$140,000 (14,000 x 2(number of donors) x 5(number of yearsallowed)58.In 2017, Janet makes a taxablegift of $5.49 million, the firsttaxable gift that she ever hasmade. Does Janet owe anyFederal gift tax for the year?59.In 2017, Sanjay makes a taxablegift of $2,000,000. In prior years,Sanjay's taxable gifts totaled$4.49 mil. How does theexclusion amount apply?60.In community property states,not all property acquired aftermarriage by either spouse iscommunity property.True Generally, propertyinherited or acquired bygift is separate property.61.In determining whether adividend issued on stock held bya decedent is included in thegross estate, the record date(rahter than the declaration orpaymenet dates) controls.

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