Donald dies in 2014, and under his will, a trust is created in the amount of $6
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Donald dies in 2014, and under his will, a trust is created in the amount of $6 million with the following provisions: life estate to Cindy (Donald’s wife) and remainder to their children. His will also passes land (cost basis of $1 million and fair market value of $3 million) to the Salvation Army for the site of a new homeless housing project.
a. If a QTIP election is made, how much will these transactions reduce Donald’s gross estate to arrive at the taxable estate?
b. If a QTIP election is not made?
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Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts
ISBN: 9781305399884
39th Edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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