A man left an estate for his widow and three children, Ampadu, Achayo and Afrifa to be shared according to the provision in his will. Afrifa, the youngest son gets one-third and the one-third of the remaining goes to Achayo. Ampedu received half of the remainder. Half of what still remains goes to the widow. If the widow received $103,500.00 as her share of the value of the estate, calculate the amount received by each child.

Q: Rami and Wendy are married, and they own a parcel of realty, Blackacre, as joint tenants with the…

A: Probate Estate:This refers to the portion of a deceased person's estate that is subject to probate…

Q: Mr. Ernesto dela Cruz, had the following during the taxable year: • P1,500,000 for outliving his…

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Q: How much is included in Stephanie's probate estate related to the revocable living trust? $0

A: Since the trust was revocable, Stephanie retained the power to modify or revoke the trust during her…

Q: Bruce and June were married. At the time of Bruce's death, they owned the following: land as tenants…

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Q: net income for tax purpose

A: Net income refers to the amount that is earned by an individual or an organization after deducting…

Q: Paul gave a gift (land) on January 1, 20x4, with an FMV of $80,000 to Shirely. Paul originally…

A: Land given to Shirley is a gift which was originally bought at $100000. FMV at the time of gift is…

Q: Jude and Kyra have a withdrawal right in trust that allows them to withdraw one-half of the assets…

A: It is the amount of tax payable by an individual who transfers something to any other individual…

Q: Which one of the following most closely approximates Ruby's taxable gift for this transfer?

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Q: What is the Amount Realized, Type and amount of Basis, and Gain or Loss of the following Lois gives…

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Q: Viv is single age made a gift of 40,000 to her friend joe in 2023. How much is Viv"s taxable gift

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Q: Each of the items listed below was incurred by José, the cash basis, calendar year decedent. Under…

A: Item Incurred Form(s) Reported on a. Wages (last paycheck received after the date of death) Form…

Q: With regard to the irrevocable trust, how much is included in Gene's gross estate?

A: The value of the irrevocable trust at the time of Gene's death would be included in his gross estate…

Q: Kevin received stock as a gift from his uncle. The stock was worth $4,820 as of the date of the gift…

A: Capital gains are the profits realized from the sale of a capital asset, such as stocks, real…

Q: Jimmy owns two parcels of real estate, Tara and Sundance. Tara is worth $125,000 and Sundance is…

A: Gross estate includes the value of all the valuable property which were owned by the person at…

Q: Juan dies and is survived by his wife, Marie. Under Juan’s will, all of his otherwise uncommitted…

A: Deduction Deduction means a reduction in taxable income. It reduces the taxable income which leads…

Q: Judy’s mother, Sarah, died on July 2, 2018, leaving Judy her entire estate. Included in the estate…

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Q: Carl and Karina file a joint return. Karina earned a salary of $39,000 and received dividends of…

A:

Q: John is the owner of an annuity that is in the accumulation phase. Jean is named as beneficiary. If…

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Q: Hal's gross estate must include:

A: Estate includes = Land amount * share

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Q: During the current year, Ethel exchanges a business land for different business land in a like-kind…

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Q: H sold land to his sibling for $280,000. The land is used for farming and at the time of the sale…

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Q: Many years ago James and Sergio purchased property for $450,000. Although they are listed as equal…

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Q: Step purchased a $150,000 life insurance policy and named her three adult children as beneficiaries.…

A: Based on the policy's wording "in equal shares to my children who survive me" and assuming Stef's…

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.