At Kevin's date of death he owned a house valued at $250,000. He originally purchased it for $125,000. Six months after his death it is valued at $255,000. You inherit this house. What is your basis?
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- Several years ago, sisters Jan and Jill, purchased an apartment complex and titled it as joint tenancy with right of survivorship. At the time of the purchase, Jan was in a better financial position so she paid the $500,000 purchase price. They have split the income and expenses equally. The property has increased in value to $1,000,000. If Jan dies today, how much will be included in her gross estate? $0 $1,000,000 $500,000 $250,000Clara received from her Aunt Sona property with a FMV at the date of the gift of $30,000. Aunt Sona purchased the property five years ago for $35,000. If Clara sold the property for $33,000, what is her gain or loss on the sale?Siblings William and Harry own a castle as Joint Tenants with Rights of Survivorship. William contributed $200,000 and Harry contributed $10,000 many years ago to purchase the farm land. The farm is currently valued at $2,000,000. : What are William and Harry’s ownership interests in the farm land? : If Harry died today, what amount of the value of the farm land would be included in his gross estate?
- When Barry’s grandmother passed away, she gave Barry a diamond ring that was worth $6,000 at the time of death. Barry’s grandmother had purchased the ring for $5,400. What is Barry’s basis in the ring if he sells it for $7,000? What if he sells it for $5,000? What if he sells it for $5,800?My father purchased his home in 1974 for $38,000. He sold it in 2020 for $225,000. What rate of appreciation (interest) did the price of his home experience?Gerry's grandmother bequeathed stock to Gerry at her death five years ago. The grandmother paid $100 for the stock and it was valued at $5,000 when the grandmother died. Gerry gave the stock to his daughter Emily two years ago. The stock was valued at $4,000 at the date of transfer. Emily sold the stock today for $4,500. What is her gain or loss on the sale? $0 Loss of $500 Gain of $500 Gain of $4,400
- 3) Bob and Kelly are business partners at the firm of Dewey Cheatham and Howe. They purchased a fishing cabin together on the St. Lawrence river. Each contributed $150,000 . Toward the price of $300,000 After they owned the property for ten years Bob passed away . The cabin was valued at 500,000 on the date of bobs death . What is included in Bob's estate? What if they are father and daughter and Bob makes 3x the money that Kelly makes ?You have been notified by the family attorney that you are the sole heir to your lost uncle's estate. You have two options for receiving the inheritance: receive $500,000 at the end of each of the next 10 years or receive a lump sum payment of $2,500,000. Determine which is the better option.Alan inherited $100,000 with the stipulation that he"invest it to financially benefit his family." Alan and his wife Alice decided they would invest the inheritance to help them accomplish two financial goals: purchasing a Park City vacation home and saving for their son Cooper's education. INVESTMENT: Initial Investment; Investment horizon VACATION HOME: $50,000; 5 years COOPER'S EDUCATION: $50,000; 18 years. Alan and Alice have a marginal income tax rate of 32 percent (capital gains rate of 15 percent) and have decided to investigate the following investment opportunities. Growth Stock: 5 years, Future Value = $$65,000: What is the Annual After-Tax Rate of Return: _____________% : 18 years, Future Value = $140,000: What is the Annual After-Tax Rate of Return: _____________%
- Florence purchased stock 4 years ago for $20,000. Last year she gifted the stock to her son when the fair market value was $15,000. This year her son sold the stock for $18,000. What is her son's recognized gain or loss on the sale?Jill's spouse Bob died six months ago. Their daughter is 20 years old and in university. Bob did not have a Will. As Jill is the surviving married spouse, she will receive $200,000 and then she and her daughter will each receive 50% of the remainder. The $200,000 refers to the dollar value of the estate assets that are distributed to the surviving spouse before the assets are distributed among all potential beneficiaries. This $200,000 is called. A holograph assets В preferential share C liquidation assets notarized share E widower's shareHeather makes cash contributions during the current year of $30,000 and donates property worth $40,000 to a local hospital. She purchased the property several years ago for $32,000. Her adjusted gross income is $100,000. a. What is Heather's maximum deduction if the property is ordinary income property? b. What is Heather's maximum deduction if the property is long-term capital gain property?
