A 7 surviving spouses share of the community property

  • Hunter College, CUNY
  • ECO 101
  • Notes
  • CoachScienceZebra8493
  • 43
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[a] 7. Surviving spouse’s share of the community property. [a] 8. Bank account held as joint tenant with mother. Mother provided all of the funds. Mother survives. [b] 9. Bank account held as tenants by the entirety with surviving spouse. Decedent provided none of the funds. [a] 10. Proceeds of an insurance policy on decedent’s life. Decedent’s son purchased the policy and is its owner and beneficiary. [b] 11. Decedent owned a policy on the life of his spouse with himself as the designated beneficiary. The spouse survives. [a] 12. Decedent holds a life estate in a trust created by her spouse who died five years ago. The executor of the spouse’s estate made no QTIP election as to the trust. Decedent’s son is the remainderman of the trust.
137. Among the assets included in Taylor’s gross estate are the following.Fair Market ValueDate of DeathSix Months AfterDate of DeathStock in Grebe CorporationStock in Rail CorporationOffice building$6,000,000800,000900,000$5,800,000850,000900,000Three months after Taylor’s death in 2011, her executor sells the Rail stock for $840,000.a.What is the amount of Taylor’s gross estate
if date of death value is used?b.What is the amount of Taylor’s gross estate if the alternate valuation date is elected?c.Suppose the accrued rents on the office building are as follows: $80,000 (date of death) and $75,000 (six months after death). How does this change the answers in parts a. and b.?d.Suppose all of Taylor’s assets pass to her surviving spouse. Does this have any impact on the choice of valuation date? Explain.
138. Ben and Lynn are married and have two pre-teen grandchildren. They want to contribute to a § 529 plan on behalf of their education. For 2011, what is the maximum amount they can transfer to the plan without making a taxable gift?
·Taupe Corporation stock (cost $400,000, FMV $800,000). On May 5, 2011, Taupe declared a cash dividend, payable on June 16, 2011, to shareholders as of the record date of June 3. Mary’s executor received the $40,000 dividend on the scheduled payment date.

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