In 2009, Jessica placed $250,000 in a savings account listing ownership as follows: Jessica, Keri, and Jason,
Question:
In 2009, Jessica placed $250,000 in a savings account listing ownership as follows: "Jessica, Keri, and Jason, joint tenancy with the right of survivorship." Keri and Jason are Jessica's adult children. In 2012, Jason withdrew $50,000 from the account. In 2015, when the account had a balance of $210,000, Jessica predeceases her children.
What are the transfer tax consequences of these transactions in:
a. 2009?
b. 2012?
c. 2015?
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a No gift occurred in 2009 b ...View the full answer
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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
Question Posted:
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