Myrna Taxation Assingment Help With Solution
Using property she inherited, Myrna makes a gift of $6.2 million to her adult daughter, Doris. The gift takes place in 2013. Neither Myrna nor her husband, Greg, have made any prior taxable gifts. Determine the gift tax liability if:
a. The § 2513 election to split gifts is not made.
b. The § 2513 election to split gifts is made.
c. What are the tax savings from making the election?
2. In 2000, Alan purchases a commercial single premium annuity. Under the terms of the policy, Alan is to receive $120,000 annually for life. If Alan predeceases his wife, Katelyn, she is to receive $60,000 annually for life. Alan dies first at a time when the value of the survivorship feature is $900,000.
a. How much, if any, of the annuity is included in Alan’s gross estate? Taxable estate?
b. Would the answers to part (a) change if the money Alan used to purchase the annuity was community property? Explain.
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3. At the time of his death on July 9, 2013, Aiden was involved in the following real estate.
Fair Market Value (on July 9, 2013)
Apartment building $2,100,000
Tree farm 1,500,000
The apartment building was purchased by Chloe, Aiden’s mother, and is owned in a joint tenancy with her. The tree farm and pastureland were gifts from Chloe to Aiden and his two sisters. The tree farm is held in joint tenancy, and the pastureland is owned as tenants in common. Aiden purchased the residence and owns it with his wife astenants by the entirety. How much is included in Aiden’s gross estate based on the following assumptions?
a. Aiden dies first and is survived by Chloe, his sisters, and his wife.
b. Aiden dies after Chloe, but before his sisters and his wife.
c. Aiden dies after Chloe and his sisters, but before his wife.
d. Aiden dies last (i.e., he survives Chloe, his sisters, and his wife).
4. On the advice of her estate planner, Grace made taxable gifts of $5 million in 2011. Grace dies in late 2013 leaving a taxable estate of $1.1 million. Grace never made any taxable gifts before 2011. Determine her estate tax liability.
5. In 2013, Loretta makes a taxable gift of $2 million to her granddaughter, Bertha. Presuming that Loretta used up both her unified transfer tax credit and her generation- skipping transfer tax credit, how much tax does Loretta owe as a result of the transfer?
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