AC FINAL

Vanessa Brown has a RRIF account and turned 70 years old in the current taxation year. Vanessa informs you that the fair market value of her RRIF assets at the beginning of the current taxation year is $475,000. Vanessa is a widow and does not have a common-law partner. What is Vanessa's minimum RRIF withdrawal for the current taxation year? A. $95,000  B. B. $25,000  C. $25,080 D. $23,750 1

Question #59 of 85   Question ID: 1251855 Your client is terminally ill. Her potential gross estate, valued at $12.9 million, includes the following assets: A life insurance policy on her life, with a death benefit of $500,000; her deceased husband is the named beneficiary A general power of appointment (valued at $500,000) over the assets of a trust established by her husband; her children are the designated remaindermen of the trust A $500,000 retained life estate in the family residence Your client also expects to receive a $500,000 bequest within the next four months from her deceased sister's estate; the client's children are the contingent beneficiaries of the bequest. Your client would like to transfer a portion of her estate to her two children while she is alive to reduce her potential estate tax liability to the greatest extent possible. Which one of the following exclusion techniques would be the most appropriate to reduce the value of your client's potential gross…

ESSAY QUESTION NO. 02 Mr. A, 90 years old and suffering from an Stage IV Terminal Lung Cancer, decided to sell for valuable and sufficient consideration a property to his son. After one year, Mr. A unfortunately died. In the settlement of Mr. A's estate, the BIR argued that the house and lot were transferred in contemplation of death and should therefore form part of the gross estate for estate tax purposes. Is the BIR correct?

Domestic

Question #83 of 85 Henry and Rita disagree about how to manage their finances after their marriage, and their children are concerned about receiving their inheritances. Which of the following strategies would you recommend to address these issues?     A) Have each spouse draft a will disinheriting the other     B) Have the families enter into a family settlement agreement     C) Have Henry and Rita title all of their assets as JTWROS after they get married     D) Have Henry and Rita execute a premarital property agreement

Pls answer with solution

Question #39 of 85   Question ID: 1251813 Samuel has a $5 million gross estate. His solely owned business is his major asset. All of his other assets are also solely owned. Samuel has never married, but does have two children. His financial advisor has suggested that Samuel title all of his assets in some form of will substitute to avoid the costs of probate, which are very high in Samuel 's state. Which of the following expenses could Samuel avoid by following his advisor's advice? A personal representative's fee The premium on a surety bond for the personal representative Appraisal fees to value estate assets Federal estate taxes     A) II and III     B) I and IV     C) I and II     D) III and IV

Ashvin

4. COMPUTE: Inheritance of brother 5. COMPUTE: Inheritance of girlfriend (mother of child) 6. COMPUTE: Inheritance of son

Question #35 of 85   Question ID: 1251806 Your client, age 65, has a gross estate valued at $7,000,000, which includes life insurance on his life with a death benefit of $750,000 and payable to his wife, age 35, as the named beneficiary. His primary objectives are: To minimize estate taxes on his death To be assured that his son from a previous marriage receives part of the life insurance proceeds To minimize the income tax burden on his beneficiaries The insurance technique that is most appropriate to enable your client to achieve all of his objectives is to have the death benefit     A) left with the insurer to be paid to his wife under an interest-only option.     B) paid to a trust that gives his wife a general power of appointment over the funds.     C) paid to a QTIP trust that restricts his wife’s right to the corpus and which gives the remainder to his son.     D) paid to his wife under a fixed-income option for the duration of her life.

Question #76 of 85   Question ID: 1251888 Husband and Wife have two children and decide to divorce. Husband later remarries. He is concerned about his new wife inheriting his estate without sufficient assets being distributed to his two children. Which of the following trusts would be most appropriate to ensure the children receive sufficient assets from Husband's estate?     A) A power of appointment trust that names the new wife as the sole income beneficiary and qualifies for the marital deduction, and the children as the remainder beneficiaries     B) A revocable living trust that names the new wife as the income beneficiary with a general power of appointment, and the children as the remainder beneficiaries     C) A testamentary trust that names the new wife as the sole beneficiary and states that it is Husband's wish for the new wife to distribute 10% of the assets to each child upon their 25th birthdays     D) A qualified terminable interest property trust (QTIP) that…

Question #59 of 85 Rhonda owns the following assets: A residence owned with her husband as joint tenants with right of survivorship A solely owned closely held business that comprises one-half of the value of her large estate A large collection of antique figurines Rhonda's will bequests $10,000 to her only niece and leaves the balance of her estate to her husband if he survives her. Because Rhonda can no longer obtain life insurance, she is looking for other methods to provide the liquidity needed for her estate. Which of the following actions would have the potential to improve the liquidity of Rhonda's estate? Retitling the residence she owns with her husband as tenants by the entirety Selling or giving away the antique figurines Eliminating the bequest in her will to her niece Her husband could waive the executor fees

Question #59 of 85 Rhonda owns the following assets: A residence owned with her husband as joint tenants with right of survivorship A solely owned closely held business that comprises one-half of the value of her large estate A large collection of antique figurines Rhonda's will bequests $10,000 to her only niece and leaves the balance of her estate to her husband if he survives her. Because Rhonda can no longer obtain life insurance, she is looking for other methods to provide the liquidity needed for her estate. Retitling the residence she owns with her husband as tenants by the entirety Selling or giving away the antique figurines Eliminating the bequest in her will to her niece Her husband could waive the executor fees Which of the following actions would have the potential to improve the liquidity of Rhonda's estate? A) II, III, and IV B) III and IV C) I and II D) I, II, and III

Please answer these questions, give me the right answers ( choices) please

subject-general account

Just prior to a major medical procedure, Cody gives his son, Liam, stock in Robin Corporation (fair market value of $1,624,200 and basis of $2,273,880). At the time of the gift, Cody held some unused capital losses. The surgery is unsuccessful, and after Cody's death, Liam sells the stock for $2,501,268. Question Content Area a. What is the income tax result for Liam? $fill in the blank c46f48f55fc1018_1 Question Content Area b. What if the gift had not been made and the stock passed to Liam as a bequest from Cody?

Case 1  Kim was single on December 31,2021. Her husband, Lee, passed away on march 20, 2018, and she has not remarried. Rebecca and Doug have always filed married filing jointly in previous tax years. Kim has two children each aged 15 and 11. Kim is 45 years old. Kim paid all the cost to keep up her home and support for her two children. Because of the gifts and inheritance the children have sizable investment portfolios. Two children received $3,000 in interest income (each) for 2021 Kim earned $58,000 in net self-employment income in tax year 2021. Each of the children received $400 in social security survivor benefits for the year, which Kim put into a college fund for their education. Please be sure to also prepare Both Children A and B's tax returns or account for their Tax.   Find Filing Status, Gross income, Adjusted Gross income, Standard deduction, Taxable income, Tax for each cases   Case 2 Kim was single on December 31,2021. Her husband, Lee, passed away on march 20, 2020,…

Hello tutor provide correct answer general accounting question

Required information Skip to question   [The following information applies to the questions displayed below.] Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets:   Personal assets $ 1,020,000 Cash and stock 25,900,000 Intangible assets (film rights) 81,000,000 Real estate 16,900,000   $ 124,820,000 Liabilities:   Mortgage $ 5,100,000 Other liabilities 6,000,000   $ 11,100,000   a. Tom made a taxable gift of $7.00 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars.

Provide correct answer the accounting question

QUESTION 17 Alison owns a painting that she received as a gift from her aunt 10 years ago. The aunt created the painting. Alison has displayed the painting in her home and has never attempted to sell it. Recently, a visitor noticed the painting and offered Alison $5,000 for it. If Alison decides to sell the painting, classify the following as Yes, if it is a tax issue or No, if it is not a tax issue as they relate to the sale of the painting. Will Alison have a carryover basis for the painting equal to her aunt's basis for the painting? will Alison have a zero tax basis for the painting? Can she elect the altenative valuation for the gift from her aunt? Will the sale result in a taxable gain of $5.000? Is the painting an ordinary asset or a capital asset?

vin.3

Problem 6-8Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old child, Stan. For 2019, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan's income on Brian and Kim's return. Click here to access the income tax rate schedules and the trust and estate tax rate schedules. a.  For purposes of the tax on a child's unearned income, calculate Stan's taxable income.$ b.  Calculate Stan's net unearned income.$ c.  Calculate Stan's earned taxable income.$ d.  Calculate Stan's tax for 2019. $