52 Nicanor wrote a will on August 22, 2021, saying that, “I will that, upon my death, all my properties be given to my ex-girlfriend”. Nicanor has too many girlfriends during his lifetime and from the words of the will, the beneficiary cannot be identified. The will was dated and signed by him. The will is: Group of answer choices Unenforceable Rescissible Void Valid

52 Nicanor wrote a will on August 22, 2021, saying that, “I will that, upon my death, all my properties be given to my ex-girlfriend”. Nicanor has too many girlfriends during his lifetime and from the words of the will, the beneficiary cannot be identified. The will was dated and signed by him. The will is: Group of answer choices Unenforceable Rescissible Void Valid

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. MC.02-075 Ren and Mina are divorced and under the terms of their written divorce agreement signed on December 30, 2016, Ren was required to pay Mina $1,500 per month of which $600 was designated as child support. He made 12 such payments in 2022. Additionally, Ren voluntarily paid Mina $1,200 per month for 12 months of 2022, no portion of which was designated as child support. Assuming that Mina has no other income, her tax return for 2022 should show gross income of a. $7,200 b. $10,800 c. $18,000 d. $0
Cora, 79, has an estate that includes her personal residence valued at $120,000 and $18,000 in a bank account that is solely in her name. She would like to arrange her estate so that she maintains exclusive control of the assets during her lifetime, but at her death the assets will pass to her friend, Mabel, outside of probate. Based on Cora's goals and situation, which of the following are correct statements about will substitutes that she could use? She should put her bank account in tenancy in common with Mabel. She should title her personal residence in joint tenancy with her friend, Mabel. She should execute a will that names her friend, Mabel, as the legatee of the bank account and the devisee of the personal residence. She should place the bank funds in a payable on death (POD) account with Mabel as beneficiary. She should change the title on her personal residence to indicate a life estate reserved for her lifetime and a remainder to her friend, Mabel. A)IV and V…
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Problem 13-84 (LO. 8, 9) Karl purchased his residence on January 2, 2019, for $260,000, after having lived in it during 2018 as a tenant under a lease with an option to buy clause. On August 1, 2020, Karl sells the residence for $315,000. On June 13, 2020, Karl purchases a new residence for $367,000. If an amount is zero, enter "0". a. What is Karl's recognized gain? His basis for the new residence?Karl's recognized gain is $fill in the blank aa8a5403c02a012_1, and his basis for the new residence is $fill in the blank aa8a5403c02a012_2. b. Assume that Karl purchased his original residence on January 2, 2018 (rather than January 2, 2019). What is Karl's recognized gain? His basis for the new residence? Karl's recognized gain is $fill in the blank f8cfe3ffcff0ffc_1, and his basis for the new residence is $fill in the blank f8cfe3ffcff0ffc_2. c. In part (a), what could Karl do to minimize his recognized gain?To minimize his recognized gain, he can continue to…
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Problem 19-36 (LO. 7) At the time of her death, Ariana held the following assets. Personal residence (title listed as "Ariana and Peter, tenants by the entirety with right of survivorship") Savings account (listed as "Ariana and Rex, joint tenants with right of survivorship") with funds provided by Rex Certificate of deposit (listed as "Ariana, payable on proof of death to Rex") with funds provided by Ariana Unimproved real estate (title listed as "Ariana and Rex, equal tenants in common") Insurance policy on Ariana's life, issued by Lavender Company (Ariana's estate is the designated beneficiary) Insurance policy on Ariana's life, Issued by Crimson Company (Rex is the designated beneficiary, but Ariana can change beneficiaries) Fair Market Value $900,000 40,000 100,000 500,000 300,000 400,000 Assuming that Peter and Rex survive Ariana, how much is included in Ariana's probate estate? Ariana's gross estate? (Refer to text Section 18-3a as needed.) Ariana's probate estate includes $…
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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…
LO.2 Alfred owned a term life insurance policy at the time he was diagnosed with a terminal illness. After paying $18,300 in premiums, he sold the policy to a company that is authorized by the state of South Carolina to purchase such policies. The company paid Alfred $125,000. When Alfred died 18 months later, the company collected the face amount of the policy, $150,000. As a result of the sale of the policy, how much is Alfred required to include in his gross income?