2023 Case 7 Estate Planning

Accounting When you dispose of a property and end up with a gain or a loss, it may be treated in one of 2 ways. What are they? When you dispose of personal-use property, you usually do not have a capital gain. Why not? To calculate any capital gain or loss, you need to know the following 3 amounts: the proceeds of disposition the adjusted cost base (ACB) the outlays and expenses incurred to sell your property Using these three amounts, what is the formula to calculate your capital gain or loss? 4. Capital Gains are reported on Schedule 3. What line does the sale of Personal Use Property go on?

Which of the following statements regarding a cash flow plan for an estate is CORRECT? A cash flow plan for an estate should be flexible enough to account for unexpected expenses. A cash flow plan for an estate should indicate when the estate's cash inflows and outflows are expected to occur. In developing a cash flow plan, an executor should explore possible ways of reducing the estate's cash needs.

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18 When negotiating with homeowners in foreclosure, what must you do before discussing the numbers? A O Contact the lender to open negotiations on a short sale. Tour the property with the homeowners. Get copies of their loan documents and notices from the lender. DO Build their motivation.

Q5) Planning for protection needs ensures that _______________.   a. there will be sufficient financial resources for one’s retirement b. there will be sufficient savings to purchase a new home c. the children’s education expenses will be well planned for d. all financial obligations can be met in the event of death, disablement or critical illness

Hw.19.   Sophia sold a painting that she held as an investment on an online auction website for $100. She bought the painting for $20 at a garage sale years ago. Sophia should report what amount as a capital gain on her Schedule D (Form 1040)? A. $0 B. $20 C. $80 D. $100

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What is the maximum time an aggrieved person has to apply to the Real Estate Recovery Fund after final judgement a. 1 year b. 2 years c. 3 years. d. 5 years

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