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- Jake is a chemist who never has owner real estate. Barney subdivides real estate as his primary business activity. They form a partnership. Two years later, the partnership sells one of its real properties at a gain after extensive marketing efforts. What are the tax consequences to the partners?(6).Tim and Allison are married and have two children, ages 8 and 13. Allison is a "nonworking" spouse who devotes all of her time to household activities. Estimate how much life insurance Tim and Allison should carry to cover Allison. Life insurance need
- If Margo and Bruce purchase and operate an ice cream store, for tax purposes they have formed a partnership. True or FalseCora, 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…Tom Brown is 36 years old and has never been married. Frank, age 13, is Tom1s nephew who lived with hin all year. Tom provided all of his support and provifded over half the cost of keeping up the home. Tom earned 44,000 in wages Tom is legally blind and cannot be claiment as a dependent by another taxpayer. Tom and Frank are U.S citizens, have valid social securities numbers, and lived in the U.S. the entire year. Do the individual income tax return? If need to use a state use mississippi
- Shaan and Anita are married and have two children, ages 8 and 10. Anita is a "nonworking" spouse who devotes all of her time to household activities. Estimate how much life insurance Shaan and Anita should carry. Insurance needRodney is 67, is filing as single. He is diagnosed legally blind. What amount of standard deduction does Rodney qualify for on his 2023 return?Jack and Liz live in a community-property state and their vacation home is community property. This year they transferred the vacation home to an irrevocable trust that provides their son, Tom, a life estate in the home and the remainder to their daughter, Laura. Under the terms of the trust, Tom has the right to use the vacation home for the duration of his life, and Laura will automatically own the property after Tom's death. At the time of the gift, the home was valued at $500,000, Tom was 35 years old, and the 57520 rate was 5.4 percent. Use discount tables Exhibit 25-4, Required: a. What is the amount, if any, of the taxable gifts? b. Would your answer be different if the home was not community property and Jack and Liz elected to gift-spilt? Complete this question by entering your answers in the tabs below. Required A Required B What is the amount, if any, of the taxable gifts? Taxable gift to Laura by each Trocable gift to Tom by each Amount $ 33,520 $ 27,000 Required>
- Sebastian and Sunny are married. They are currently contemplating filing as married filing separately. Under current law, spouses filing separately must A) use the standard deduction if the other spouse uses the itemized deductions or vice versa. B) both use standard deduction. C) both use itemized deductions. D) either both use itemized deductions, or both use standard deduction.At the time of his death on July 9, Aiden held rights in the following real estate: The apartment building was purchased by Chloe, Aiden’s mother, and is owned in a joint tenancy with her. The tree farm and pastureland were gifts from Chloe to Aiden and his two sisters. The tree farm is held in joint tenancy, and the pastureland is owned as tenants in common. Aiden purchased the residence and owns it with his wife as tenants by the entirety. How much is included in Aiden’s gross estate based on the following assumptions? Aiden dies first and is survived by Chloe, his sisters, and his wife. Aiden dies after Chloe, but before his sisters and his wife.At the time of his death on July 9, Aiden held rights in the following real estate: The apartment building was purchased by Chloe, Aiden’s mother, and is owned in a joint tenancy with her. The tree farm and pastureland were gifts from Chloe to Aiden and his two sisters. The tree farm is held in joint tenancy, and the pastureland is owned as tenants in common. Aiden purchased the residence and owns it with his wife as tenants by the entirety. How much is included in Aiden’s gross estate based on the following assumptions? 3. Aiden dies after Chloe and his sisters, but before his wife. 4. Aiden dies last (i.e., he survives Chloe, his sisters, and his wife).
