Allan left the following bank deposits upon his death:
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Allan left the following bank deposits upon his death:
- A bank- 1,000,000
- B bank- 2,000,000
- C bank- 3,000,000
How much is the final tax required to be withheld by the bank assuming the heirs will opt for final tax?
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- MunabhaiNiels died with a receivable collectible from Ernest Rutherford. Ernest Rutherford has assets amounting to P400,000, and liabilities amounting to P1,000,000, and included among Ernest's liabilities is an obligation on unpaid taxes payable to the government amounting to P100,000. Neils also mortgaged his property to the bank in consideration for a loan worth P1,000,000. The property is worth P1,500,000. P300,000 of the loan was paid by Niels before her death. In relation to the mortgage, how much may be claimed as a deduction? P700,000 P1,000,000 P1,200,000 P1,500,000Father dies in 2018 and leaves his entire estate of $6,350,000 to Son. Father’s estate pays $250,000 of federal estate taxes and $100,000 of Illinois estate taxes. Son dies in 2019 with a total estate of $10,000,000. Other than the unified credit, what credits are available to Son’s estate? Would you answer change if Son died in 2019 and Father died in 1986?
- Melissa is a very generous single woman. Before this year (2023), she gave over $12,920,000 in taxable gifts over the years and has completely exhausted her applicable credit amount. In the current year, Melissa gave her daughter Riley $100,000 and promptly filed her gift tax return. Melissa did not make any other gifts this year. How much gift tax must Riley pay the IRS because of this transaction? A.$0 B.$33,200 C.$40,000 D.$45,000sn each of the following cases, discuss how the taxpayers might respond to a tax rate increase in a manner consistent with the income effect. a. Mr. Edwards earns $32,000 a year as an employee, and Mrs. Edwards doesn’t work.b. Mr. Frank earns $22,000 a year as an employee, and Mrs. Frank earns $10,000 a year as a self-employed worker.c. Mr. George earns $22,000 a year as an employee, and Mrs. George earns $10,000 a year as an employee.
- Dave has $30,000,000 in assets and is 63 years old. He is married to Olivia. They have never made any gifts before. Assume a personal lifetime exclusion of $11,000,000. a) Assume he makes a gift of $23,000,000 to his extremely worthy nephew Brian. What are the exact (use numbers) tax consequences of this transactions to Dave and Brian? b) He gives $1,000,000 to Anne-Marie. c) Dave and his wife die while skiing near his vacation home in the snow. They have $7,000,000 at their time of death. After their somber half-million dollar funeral, the family deals with the estate tax. What is the estate tax paid? d) Assume all the same facts from A, B, and C, but Dave’s will also states that he would rather die than pay any estate tax. You are his tax advisor. How would you ensure he pays nothing if his wife is not willing to consider divorce? Use specific numbers.The following three statements concern the tax treatment of the interest accrued at the date of death on U.S. Savings Bonds owned by the deceased. Of the three statements, which is (are) correct? 1) Any income taxes paid on the deceased's final return are deductible on the estate tax return assuming an estate tax existed at the time of death. 2) The executor is required to include any such accrued interest on the deceased's final income tax return. 3) Such interest may be treated as "income in respect of a decedent." A Doe lue of justed bts, fu ock of eeting ore of cedenMichelle had a $200,000 long-term capital gain when she sold part of her Bitcoin in 2021, increasing her total taxable income to $450,000. If she files her return as Head of Household, how much tax would she owe on her capital gain?
- Determine the effects of the following on a cash basis taxpayer's gross income for 2023 and 2024. If an amount is zero, enter "0". Gross Income2023 Gross Income2024 a. On the morning of December 31, 2023, the taxpayer received a $1,500 check from a customer. The taxpayer did not cash the check until January 3, 2024. $fill in the blank 1 $fill in the blank 2 b. On the morning of December 31, 2023, the taxpayer received a $1,500 check from a customer. The customer asked the taxpayer not to cash the check until January 3, 2024, after the customer's salary check could be deposited. $fill in the blank 3 $fill in the blank 4 c. On December 31, 2023, the taxpayer received a $1,500 check from a customer. The check was not received until after the bank had closed on December 31, 2023. The taxpayer did not cash the check until January 3, 2024.Allan left the following bank deposits upon his death: - A bank- 1,000,000 - B bank- 2,000,000 - C bank- 3,000,000 How much is the amount to be reported as part of gross estate assuming the heirs of allan opted for final tax?Last year, lana purchased a $100,000 account receivable for $90,000. During the current year, Lucy collected $97,000 on the account. What are the tax consequences to Lucy associated with the collection of the account receivable? No subsequent collections are expected. a.$7,000 gain b.$3,000 loss c.$13,000 loss d.$2,000 gain
