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- How does statute 674 apply to the facts below by answering the the three questions? Please indicate what part of the statute provides clarity to the specific question. 1. G is in the process of creating a trust which pays income for life to each of G's two children, S and D, remainder to G's grandchildren. G retains the power to distribute principal to S and D, subject to a reasonably definite health and support standard. G is considering retaining the power to add the spouses of S and D, if they marry, to the class of beneficiaries. Alternatively, G is considering retaining the power to add only after-born or adopted children of G, S, and D to the class of beneficiaries. a) What are the tax consequences to the trust and the grantor of the retained power to distribute principal to S and D? b) What are the tax consequences to the trust and the grantor of the proposed retained power to add the spouses of S and D as trust beneficiaries? c) What are the tax consequences to the trust and…Anna paid her income tax on June 20, 2019. She filed a claim for refund on May 2, 2020and received the Commissioner’s decision denying her claim on May 31, 2021 1) suppose the two period is about to lapse but she has not yet received the Commissioner’s decision on her claim what action should be taken by Anna?Camila timely filed her 2020 tax return on April 15, 2021. Under ordinary circumstances, what is the last day she can file an amended tax return? April 15, 2023; October 15, 2023; April 18, 2024; October 15, 2024
- Elijah and Anastasia are husband and wife who have five married children and nine minor grandchildren. For 2020, what is the maximum amount they can give to their family (including the sons and daughters-in-law) without using any of their unified transfer tax credit?Tom’s wife, Janet, has an HDHP through her employer; therefore, she is allowed to contribute to an HSA. Tom also has an HDHP through his employer and he contributes to his HSA. Tom has a family plan for him and his daughters. Janet has an individual plan. What is most likely the maximum amount that Tom and Janet can contribute to their HSAs in 2022?Assume Nathalie dies today. Based on their current situation, what asset would be subject to probate fees?a) nathalie's spousal and individual RRSPb) nathalie's cottagec) Nathalie 50% ownership interest in the couple's principsi residence and their joint investment account.d) nathalie's death will not result in tax liability this year.
- (13) When completing his 2019 Form W-4, Fred Allert indicated he was married with three dependent children and a nonworking spouse. How many withholding allowances could he have claimed on his W-4? a.3 b.6 c.7 d.5 e.None of these choices are correct.Robert started working in his first job in 2019. Will he be able to claim the Canada employment amount? a)Yes b)No9
- Assume Darrin transfers ownership of the life insurance policy on his life to an Irrevocable Life Insurance Trust (ILIT) and retains the right to borrow against the policy. Assume Darrin dies five years later. Which of the following is correct regarding the treatment of the proceeds of the life insurance policy? O The proceeds will always be included in Darrin's federal gross estate. The proceeds will be included in Darrin's federal gross estate if he has any outstanding loans against the life insurance policy. O The proceeds will be included in Darrin's federal gross estate if Darrin continued paying the policy premiums after the life insurance policy was transferred to the ILIT. O The proceeds will never be included in Darrin's federal gross estate.Your client and his wife plan to purchase a new home. They want a form of property ownership that: will transfer title at death outside the probate process; will allow each spouse, while alive, to have a vested one-half interest in the property; guarantees that the surviving spouse will receive the property when the other spouse dies; and allows lifetime disposition by one spouse of their property interest without requiring the consent of the other spouse. Assuming that all the forms of ownership below are available in the state where the property is located, what is the form of titling that will best achieve all of their objectives? A) Community property B) Tenancy by the entirety C) Joint tenants with right of survivorship D) Tenants in commonAssume Nathalie dies today. Based on their current situation, what asset would be subject to probate fees?a) nathalie's spousal and individual RRSPb) nathalie's cottagec) Nathalie 50% ownership interest in the couple's principsi residence and their joint investment account.d) nathalie's death will not result in tax liability this year.