I leave the cash balance deposited in the First National Bank (up to a total of $53,700) to Jack Abrams. I leave $18,100 cash toSuzanne Benton. I leave 1,220 shares of Coca-Cola Company stock to Cindy Cheng. I leave my house to Dennis Davis. I leave all of myother assets and properties to Wilbur N. Ed."a. Assume that the estate has the following assets: $38,000 cash in the First National Bank, $16,900 cash in the New HampshireSavings and Loan, 930 shares of Coca-Cola stock, 1,390 shares of Xerox stock, a house, and other property valued at $15,000.What distributions will be made from this estate?b. Assume that the estate has the following assets: $58,000 cash in the First National Bank, $6,900 cash in the New HampshireSavings and Loan, 1,390 shares of Coca-Cola stock, 600 shares of Xerox stock, and other property valued at $25,00O. Whatdistributions will be made from this estate?(Make estate distributions in the order mentioned in the question.)a. CashCashsharesCoca-Cola stockHouseOther propertyb. CashCashsharesCoca-Cola stockHouseOther propertyPrev1 of 3Next >MacBook Pro

Answered: I leave the cash balance deposited in…

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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A 87.
At the time of her death on September 4, Alicia held the following assets: Fair Market Value Bonds of Emerald Tool Corporation $900,000 Stock in Drab Corporation 1,100,000 Insurance policy (face amount of $400,000) on the life of her brother, Mitch 80,000* Roth IRAs $300,000 *Cash surrender value. Alicia also held a lifetime income interest in a trust (fair market value of trust assets $2,000,000) created by her late spouse Bert. (The executor of Bert's estate did not make a QTIP election.) In October, Alicia's estate received an interest payment of $11,500 ($6,000 accrued before September 4) paid by Emerald and a cash dividend of $9,000 from Drab. The Drab dividend was declared on August 19 and was payable to date of record shareholders on September 5. Although Mitch initially survives Alicia, she is the designated beneficiary of the insurance policy. The IRAs are distributed to Alicia's children. Mitch is killed by a rock slide while mountain climbing in…
The following information were from the estate of a married decedent who died on June 2016:Property: Family home acquired during marriage ₱15,000,000 Domestic shares inherited 6 years ago during marriage ₱10,000,000 Bank deposit, representing dividend earned during the marriage ₱1,000,000 Jewelry received as gift 8 years ago during marriage ₱2,000,000Expenses: Losses ₱1,000,000 Unpaid taxes ₱500,000 Unpaid mortgage ₱1,500,000 QUESTION: 1. ½ share of the surviving spouse is 2. Net taxable estate of the decedent is
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24) Individuals Opal and Ben form OB Corporation. Opal transfers land and a building with a $550,000 adjusted basis and a $625,000 FMV in exchange for 50% of the stock of the OB Corporation worth $610,000 and a $15,000 note. Ben transfers cash of $625,000 for 50% of the stock worth $610,000 and a note of the OB Corporation valued at $15,000. Opal's basis in the stock received is A) $560,000. B) $625,000. C) $610,000. D) $550,000.
David made the following lifetime gifts: (1) 23 October 2008 – A gift of £356,000 into a trust (2) 17 September 2013 – A gift of £47,000 to his nephew on the occasion of his marriage (3) 14 February 2015 – A gift to his wife of £100,000 (4) 26 August 2015 – A gift of £276,000 to a trust. Calculate the IHT payable on the lifetime transfers assuming that Andrew pays any IHT due on the first transfer into trust and the trustees pay any IHT due on the second transfer into trust. Clearly state who is responsible for paying the tax and the due date for payment. The nil rate bands are as follows: 2008/09 £312,000 2013/14 onwards £325,000
Prepare your answers using excel or clearly written computations. Show your work for maximum points. 1. Marie and Ramesh form Roundtree Corporation with the transfer of the following. Marie performs personal services for the corporation with a fair market value of $80,000 in exchange for 400 shares of stock. Ramesh contributes an installment note receivable (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares. Determine Marie and Ramesh’s current income, gain, or loss; calculate the basis that each takes in the Roundtree stock.
John invests office equipment with a fair market value of $63,000, manufacturing equipment with a fair market value of $76,000, and cash of $31,000. He owes $28,000, represented by a note on the manufacturing equipment. The amount of John's capital would be a. $170,000 b. $142,000. c. $31,000. d. None of these choices are correct.
n
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The terms of a will currently undergoing probate are: “A gift to my brother Chris of $40,000 cash; to my son Eric, $75,000 from my Redstone Savings Bank account; and to my daughter Lauryn, all of my remaining property.” At the time of death, the balance in the savings account was $60,000, and there was additional cash (after payment of funeral expenses and all claims against the estate) of $95,000. The gift to Chris is a
Mr. James Santiago created two (2) trusts designating Atty. Mars Bonafe and the Philippine Trust Company as trustees. The common beneficiary of the two (2) trusts was his son, James II, married, and with two (2) qualified dependent children. The following data were made available for the year 2009: Trust No. 1 Trust No. 2 Gross income P600,000 P700,000 Business expenses 300,000 400,000 Income distribution to beneficiary 100,000 200,000 James Santiago II Gross income P800,000 Business expenses 250,000 Income distribution received, gross of 15% creditable withholding tax 300,000 how much was the tax payable of James Santiago II

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