22. Troy and Anne have the following in their combined estate. Assume that in 2008, Troy to set up the standard A/B marital deduction/bypass trust arrangement for himself. If Troy dies in 2021, which of the following would be correct (Assume No Deductible Expenses or Prior Gifts)? Troy separate property Anne separate property Community property $16,900,000 $700,000 $1,600,000 A Trust Receives B Trust Receives $ 6,000,000 $11,700,000 $ - 0- $13,074,200 $11,700,000 $ 6,000,000 $17,700,000 $4,625,800 A. В. C. D. 23. In 2021, Richard gave gifts of $30,000 each to his church, his wife, his son, and his mother. Richard also created and funded a QTIP trust for his wife with $200,000 in which his daughter was to receive the remainder interest upon the death of the wife. A QTIP election will be made on Richard's gift tax return. What is the total value of the annual exclusions used by Richard? $30,000 $45,000 $60,000 $90,000 None of the above. A. В. C. D. E. 24. All the following items will be included in A's gross estate at his death EXCEPT: A. Municipal bonds exempt from federal income taxes owned by A. В. One-half the value of the residence A owns in joint tenancy with Mrs. A. The right to the income payable to A for lifetime derived from a wheat farm which is owned by a trust created by A's father. A power of appointment held by A over trust property of $100,000 allowing A to name anyone, including his creditors as a beneficiary. A $100,000 life insurance policy on A's life owned by A and payable to his wife under a lump sum beneficiary designation. C. D. Е.
22. Troy and Anne have the following in their combined estate. Assume that in 2008, Troy to set up the standard A/B marital deduction/bypass trust arrangement for himself. If Troy dies in 2021, which of the following would be correct (Assume No Deductible Expenses or Prior Gifts)? Troy separate property Anne separate property Community property $16,900,000 $700,000 $1,600,000 A Trust Receives B Trust Receives $ 6,000,000 $11,700,000 $ - 0- $13,074,200 $11,700,000 $ 6,000,000 $17,700,000 $4,625,800 A. В. C. D. 23. In 2021, Richard gave gifts of $30,000 each to his church, his wife, his son, and his mother. Richard also created and funded a QTIP trust for his wife with $200,000 in which his daughter was to receive the remainder interest upon the death of the wife. A QTIP election will be made on Richard's gift tax return. What is the total value of the annual exclusions used by Richard? $30,000 $45,000 $60,000 $90,000 None of the above. A. В. C. D. E. 24. All the following items will be included in A's gross estate at his death EXCEPT: A. Municipal bonds exempt from federal income taxes owned by A. В. One-half the value of the residence A owns in joint tenancy with Mrs. A. The right to the income payable to A for lifetime derived from a wheat farm which is owned by a trust created by A's father. A power of appointment held by A over trust property of $100,000 allowing A to name anyone, including his creditors as a beneficiary. A $100,000 life insurance policy on A's life owned by A and payable to his wife under a lump sum beneficiary designation. C. D. Е.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:22. Troy and Anne have the following in their combined estate. Assume that in
2008, Troy to set up the standard A/B marital deduction/bypass trust
arrangement for himself. If Troy dies in 2021, which of the following would be
correct (Assume No Deductible Expenses or Prior Gifts)?
Troy separate property
Anne separate property
Community property
$16,900,000
$700,000
$1,600,000
A Trust Receives
B Trust Receives
$ 6,000,000
$11,700,000
$ - 0-
$13,074,200
А.
В.
$11,700,000
$ 6,000,000
$17,700,000
$4,625,800
C.
D.
In 2021, Richard gave gifts of $30,000 each to his church, his wife, his son, and
his mother. Richard also created and funded a QTIP trust for his wife with
$200,000 in which his daughter was to receive the remainder interest upon the
death of the wife. A QTIP election will be made on Richard's gift tax return.
What is the total value of the annual exclusions used by Richard?
23.
А.
$30,000
$45,000
$60,000
$90,000
None of the above.
В.
C.
D.
Е.
24.
All the following items will be included in A's gross estate at his death EXCEPT:
А.
В.
Municipal bonds exempt from federal income taxes owned by A.
One-half the value of the residence A owns in joint tenancy with Mrs. A.
The right to the income payable to A for lifetime derived from a wheat
farm which is owned by a trust created by A's father.
A power of appointment held by A over trust property of $100,000 allowing
A to name anyone, including his creditors as a beneficiary.
A $100,000 life insurance policy on A's life owned by A and payable to his
wife under a lump sum beneficiary designation.
С.
D.
Е.
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