In which if any of the following independent

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Personal Financial Planning
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Chapter 15 / Exercise 5
Personal Financial Planning
Billingsley/Gitman
Expert Verified
102. In which, if any, of the following independent situations can the
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Personal Financial Planning
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Chapter 15 / Exercise 5
Personal Financial Planning
Billingsley/Gitman
Expert Verified
alternate valuation date be elected?Value of Gross EstateEstate Tax ResultDate of AlternateDate ofAlternateDeathDateDeathDate
103. At the time of his death, Trent owned some common stock.Date of DeathValue Six Value Months LateAgua Corporation$1,500,000$1,100,000Orange Corporation1,300,0001,400,000The Aqua Corporation stock is sold by the executor of the estate seven months after Trent’s death for $1,300,000. If the alternate valuation date is properly elected, the value of Trent’s estate as to these stocksis: r
104. In which, if any, of the following independent situations has Jean made a gift?
105. In which, if any, of the following independent situations has Fred made a gift?
a. Fred established a revocable trust, income payable to himself for life and, upon his death, remainder to his children.b. Fred dies owning a U.S. savings bond with ownership listed as: “Fred, payable to Sue on Fred’s death.” Sue redeems the bond.c. Fred sends $25,000 to Alice’s oral surgeon in payment of her dental implants. Alice is Fred’s sister and does not qualify as his dependent.d. Fred pays Eva $800,000 in a property settlement of her marital rights. One month later Fred and Eva are divorced.*e. None of the above.
106. In which of the following situations has a gift occurred?
107. Stacey inherits unimproved land (fair market value of $6 million) from her father on June 1, 2010. Martha disclaims her interest in the property as follows: one-third on December 1, 2010; one-third on January 3, 2011; and the remaining one-third on May 31, 2011. In all cases, the disclaimers pass the interest to her son (the next heir under state law). The Federal gift tax applies to Stacey for:

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