Please answer these questions , give me the right answers (choices) please QUESTION 41Mo, Larry and Curley are co-owners of a piece of real property. Larry owns 20%. What form of co-ownership is this?O a) Tenants on CommonO b) Joint TenantsO c) Tenancy by the Entiretyd) Pen TenantsQUESTION 42True or False: If a person dies without a will and without heirs, their property may be forfeited to the State in which they reside. This legal principle is known as:O a) ApoplexyO b) PrurienceO c) ReversionO d) Escheat

QUESTION 41 Mo, Larry and Curley are co-owners of a piece of real property. Larry owns 20%. What form of co-ownership is this? O a) Tenants on Common O b) Joint Tenants O C) Tenancy by the Entirety O d) Pen Tenants QUESTION 42 True or False: If a person dies without a will and without heirs, their property may be forfeited to the State in which they reside. This legal principle is known as: O a) Apoplexy O b) Prurience O c) Reversion O d) Escheat

QUESTION 41 Mo, Larry and Curley are co-owners of a piece of real property. Larry owns 20%. What form of co-ownership is this? O a) Tenants on Common O b) Joint Tenants O C) Tenancy by the Entirety O d) Pen Tenants QUESTION 42 True or False: If a person dies without a will and without heirs, their property may be forfeited to the State in which they reside. This legal principle is known as: O a) Apoplexy O b) Prurience O c) Reversion O d) Escheat

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter27: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 14DQ

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Dd.124.
LO.3 Sarah has investments in four passive activity partnerships purchased several years ago. Last year the income and losses were as follows: In the current year, she sold her interest in Activity D for a 10,000 gain. Activity D, which had been profitable until last year, had a current loss of 1,500. How will the sale of Activity D affect Sarahs taxable income in the current year?
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9 Roberta transfers property with a tax basis of $495 and a fair market value of $546 to a corporation in exchange for stock with a fair marl corporation assumed a liability of $190 on the property transferred. What is the amount realized by Roberta in the exchange? 36:42 TRENEMEN SHEMAL THE TRUT Multiple Choice $273 $356 $495 $546
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Walter receives cash of $60,700 and land with a fair market value of $242,800 (adjusted basis of $145,680) in a current distribution. His basis in his partnership interest is $51,595 before the distribution. If an amount is zero, enter "0". a. What amount of gain must Walter recognize as a result of the current distribution?$ What is Walter's basis in the land received?$ b. What amount of gain must the partnership recognize as a result of the distribution?$ c. What is Walter's basis in his partnership interest immediately after the distribution?
1. Total amount of the exclusive property of the decedent under Absolute Community of Property regime 2. Total amount of the common properties of the spouses under the Conjugal Partnership of Gains regime
Check all question and give answer
How much is the gross estate under Conjugal Partnership of Gains? P12,510,000P18,510,000P22,310,000P23,610,000
purchase of the partnership interest? Would Erin have benefited from a § 754 election made in connection with her mmercial office building. The fair market value of the building is $600,000; L Glenda and Hector are partners in the GH partnership that owns a D0,U00 cie is $1,000,000. The building is subject to a mortgage of $500,000. The A Da each of Glenda's and Hector's partnership interest is $500,000. Hetor sells his partnership interest to Inez for $50,000. The partnership bes not make a § 754 election. Does the absence of the election make a difference?
b. $ d. $0 7. David Collins died during the current year. The personal representative of David's estate reviewed the following assets. Stocks in David's name only Investment property in a trust that David has the right to revoke Primary home owned jointly with his wife (wife did not contribute to the purchase) Insurance policy owned by and insuring David with the proceeds payable to his daughter Vacation home owned jointly with his son (son did not contribute to the purchase) Cash placed in an irrevocable trust by David eight years ago with David's friend as trustee What is the value of David's gross estate for estate tax purposes? a. $3,500,000 b. $4,250,000 c. $5,300,000 d. $6,400,000 $ 2,000,000 1,500,000 1,000,000 800,000 500,000 600,000