us organization and restricted to be used for program expenses of the latter. *Cash in Bank-1,000,000.00 *Receivables from his ex-girlfriend-500,000.00 *Car from a rent a Car services-200,000
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A resident decedent died leaving the following property. In his last will, he stated to donate the
industrial land to a religious organization and restricted to be used for program expenses of the
latter.
*Cash in Bank-1,000,000.00
*Receivables from his ex-girlfriend-500,000.00
*Car from a rent a Car services-200,000.00
*House and Lot in Ayala-2,000,000.00
*Motor registered the name in his son- 180,000.00
*Industrial Land - 800,000.00
1. Determine the Gross Estate of the decedent: ___________
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- To whom is the income allocated, why, and how much: When Worf’s parent’s died, the made him the beneficiary of a trust which holds real estate as well as income producing assets. Worf distributes one of the rental properties to Alexander outright. Alexander collects the rent from the tenants and manages the properties. In 2011, his revenue less his costs was 50K, and in 2010 his revenue less his costs was 32K.Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $572,600. He receives condemnation proceeds of $543,970 and invests the proceeds in stocks and bonds. If an amount is zero, enter "0". a. Calculate Yancy's realized and recognized gain or loss. Yancy's realized loss is $________________, and Yancy's recognized loss is $_________________. b. If the condemnation proceeds are $598,367, what are Yancy's realized and recognized gain or loss? Yancy's realized gain is $_______________, and Yancy's recognized gain is $_______________. c. Assume the house is rental property. Yancy's adjusted basis is $572,600 and he receives condemnation proceeds of $543,970 and invests the proceeds in stock. What are Yancy's realized and recognized gain or loss? Yancy's realized loss is $______________, and Yancy's recognized loss is $________________Sanaeil Center for Education, a nonprofit organization, learns that it has been named as the remainder beneficiary of an irrevocable charitable remainder trust. When the donor dies, the trust income will be distributed to the donor's spouse until their death, at which point the nonprofit is expected to receive the beneficial interest, with an estimated actuarial value of $500,000 as a permanent endowment. What journal entry would the nonprofit organization record at the time the irrevocable trust is created?
- Dan owned a small rental property, which was condemned by the county to expand a local park. His adjusted basis in the property was $40,000 and he received a payment of $75,000 from the county. A year later he purchased a similar piece of real estate for $70,000. What is Dan’s recognized gain on the involuntary conversion of his rental property? a. 0 b. $35,000 c. $30,000 d. $10,000 e. $5,000John died leaving Mary a house worth $700,000, company stock worth $10 million, a vehicle worth $20,000, and other personal items worth $5,000. Determine and explain the value of John’s estate property and show the alternate valuation date. Remember to discuss when the fair market values and sale values are used.During her lifetime, Elaine made several property transfers, including the following: a) The $11,0000 in cash for each of her nieces and nephews that she placed in a revocable trust last year for their benefit b) The $10,000 she paid four years ago to Dr. Meyers to pay off her father's medical bill c) The $28,000 remainder interest given to her daughter, Elsie, two years ago in a irrevocable Grantor Retained Income Trust that Elaine established and funded d) The $10,000 she paid to State University for Elsie's books, and room and board six years ago e) The $29,000 in cash she gave six years ago to her husband Rolf Assume that each of these transfers constitutes Elaine's only transfer to each transferee during the year in which the transfer was made. As her Financial adviser, which of the following transfers would you tell her are fully or partially includible in her total gifts for the purpose of calculating her federal gift tax liability? Explain your response.
- Your client, a carpenter, donated one of his handcrafted wooden desks to his church, a qualified public charity. The church sold the desk at an auction for $3,500, which is comparable to the standard price for the client's other woodwork. He calculated his costs as follows: Wood $1,000 Other materials $300 Rent for workshop $500 Time and services $1,700 This is his only charitable contribution. He itemizes deductions and has an adjusted gross income of $80,000. What is the maximum current year income tax deduction allowable for the client's charitable contribution? A)$3,500 B)$1,800 C)$500 D)$1,300Cardo, a GSIS employee, died in a car accident. His heirs collected the following proceed of life insurance policies:AXA Life, revocable, designated to his wife Alyana - 500,000Sunlife, irrevocable, designated to his son - 700,000AON life insurance, revocable, designated to his estate - 300,000PhilAm Life, irrevocable, designated to his administrator - 400,000Accident Insurance – 500,0000GSIS benefits - 150,0001.Determine the Gross Estate of Mr. Yap: ________________2.What are the non-taxable proceed of life insurance?Dan receives a duplex as a gift from his uncle. The uncle's basis for the duplex and land is $110,000. At the time of the gift, the land and building have FMVS of $64,000 and $96,000, respectively. No gift tax is paid by Dan's uncle at the time of the gift. Read the requirements. Requirement a. To determine gain, what is Dan's basis for the land? (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) To determine gain, Dan's (the donee's) basis for the land is Requirement b. To determine gain, what is Dan's basis for the building? (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) To determine gain, Dan's (the donee's) basis for the building is Requirement c. Will the basis of the land and building be the same as in Parts a and b for purposes of determining a loss? , the basis of the land and building the same as in Parts a and b for purposes of determining a loss because
- Donna Stober's estate has the following assets (all figure approximate fair value): Investments in stocks and bonds $1,552000 House 756,000 Cash 74,900 Investment land 60,800 Automobiles (three rare vehicles) 59,000 Other assets 108,000 The house, cash, and other assets are left to the decendent's spouse. The investment land is contributed to a charitable organization. The automobiles are to be given to the decendent's brother . The investments in stocks and bonds are to be put into a turst fund. The income generated by this trust will go to the decendent's spouse annually until all of the couple's children have reached the age of 25. At that time, the…Jerry Tasch’s will has the following provisions: $150,000 in cash goes to Thomas Thorne. All shares of Coca-Cola go to Cindy Phillips. Residence goes to Kevin Simmons. All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri. Prepare journal entries for the following transactions: Discovered the following assets (at fair value): Collected interest of $7,000. Paid funeral expenses of $20,000. Discovered debts of $40,000. Located an additional savings account of $12,000. Conveyed title to the residence to Kevin Simmons. Collected life insurance policy. Discovered additional debts of $60,000. Paid debts totaling $100,000. Conveyed cash of $150,000 to appropriate beneficiary. Sold the shares of Polaroid for $112,000. Paid administrative expenses of $10,000.After the death of Lennie Pope, his will was read. It contained the following provisions:∙ $110,000 in cash goes to decedent’s brother, Ned Pope.∙ Residence and other personal property go to his sister, Sue Pope.∙ Proceeds from the sale of Ford stock go to uncle, Harwood Pope.∙ $300,000 goes into a charitable remainder trust.∙ All other estate assets are to be liquidated with the cash going to Victoria Jones.a. Prepare journal entries for the following transactions that subsequently occur:(1) Discovered the following assets (at fair value): Cash . . . . . . . . . . . . . . . . . . . . $ 19,000Certificates of deposit .. . . . . .90,000Dividends receivable . . . . . . . . . 3,000Life insurance policy . . . . . . . . 450,000Residence and personal effects . . . . . . . . . . . . . . . . 470,000Shares of Ford Motor Company . . . . . . . . . . . . . . . . 72,000Shares of Xerox Corporation . . . . . . . . . . . . . . . . . . . 97,000 (2) Collected life insurance policy.(3) Collected dividends…
