Chapter 1, Problem 8DQ

Jennifer recently gave a check for $30,000 and securities with a fair market value of $200,000 to her former husband pursuant to a divorce. The $30,000 represents alimony and the securities were transferred pursuant to the property settlement. The property settlement is nontaxable to her former husband. What tax issues should Jennifer consider?

Do you own a home?If yes, how much property tax you pay? From the township, you must have received a letter indicating how much property tax you paid last year and what is the accessed value your property for this year. Does this letter contain fair market value, assessment rate and property tax rate for your property? Comment on why this amount varies from one township to another.

Richard sold a parcel of land belonging to him to Ping through his agent, Francisco, without executing a special power of attorney in favor of Francisco. The deed of sale between Richard and Ping was written and notarized. Just from the foregoing facts, is the sale valid?

Please answer these questions, give me the right answers ( choices) please

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. Assume all taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Rick and Cindy Davis are married and file a joint return. They live at 3223 Taccone Ave., Apt. 37, Medford, MA 02155. Rick is an elementary school teacher in the Medford Public School system and Cindy is currently a homemaker after losing her job in late 2019. Cindy's social security number is 412-34-5671 (date of birth 10/11/1981) and Rick's is 412-34-5670 (date of birth 3/19/1979). Rick's W-2 contained the following information: Wages (box 1) Federal W/H (box 2) = Social security wages (box 3) = $ 70,245.55 $ 5,924.43 = $ 70,245.55 Social security W/H (box 4) = $ 4,355.22 Medicare wages (box 5) = $ 70,245.55 Medicare W/H (box 6) = $ 1,018.56 Rick and Cindy have interest income of $237 from a savings account at Boston…

45.  Michelle lives in a state that allows use of a beneficiary deed to transfer property at death. She owns her home in her sole name. She wants this asset to go to Bertram, her only child, at her death. Which one of the following is a correct statement regarding use of a beneficiary deed in this situation?     A) A beneficiary deed can only transfer personal property at death.     B) She will incur gift tax if she records the deed.     C) If she uses a beneficiary deed, she will not be able to live in the house until her death.     D) If Bertram predeceases her, Michelle will be able to name another beneficiary to receive title to the home at her death.

Statement 1: Pedro died giving Juan the power to appoint a person who will inherit                            his house and lot.  Juan however, can only choose among Ana, Lorna or                            Fe.  Juan decided to transfer the property to Fe through the former                            decedent’s will.  The transfer from Juan to Fe is subject to estate tax. Statement 2:  During Peter’s lifetime, he decided to give John as a gift his car subject to                          the condition that if John does not become a CPA within 3 years, Peter                          shall revoke the transfer.  In the second year however, Peter died.  The                          car should form part of Peter’s gross estate. Only statement 1 is correct   Both statements are correct Only statement 2 is correct   Both statements are incorrect

Jamal, who lives in a common law state, would like to place his new bride on the deed to a residence that is currently in his own name. His goals regarding this residence and the transfer are: He does not want the transfer to cause him to use any of his gift tax applicable credit amount. He wants to be able to use the annual exclusion for the transfer. He wants the survivor of himself and his wife to receive title to the deceased spouse's interest in the residence. He does not want his wife to be able to convey her interest in the residence without his consent. He does not want more than 50% of the fair market value of the house to be included in his gross estate if he is the first to die. On the death of the first spouse, he does not want the residence to be subject to a probate proceeding. What is the most appropriate way for Jamal to title the residence when he makes the transfer? A) Tenants by the entirety     B) Tenants in common with equal interests     C) Jamal as the…

The private property of Mina will be affected by the upcoming road improvement in their barangay. Hence, the government will take over the property. Can Mina disagree with this action of the government? * A. Yes. Since it is a private property and Mina is the rightful owner such property, she has the right to disagree and keep the property under her name. B. No. The government has the power to take private property provided that it is used for public purpose