Identify the following property interests, powers, and events: a. Gus buys a piece of land with his

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Identify the following property interests, powers, and events:

a. Gus buys a piece of land with his brother, Jack. Gus’s interest is 60 percent; Jack’s is 40 percent.

b. Bruce died, leaving his wife, Nancy, “30 percent of his adjusted gross estate, free and clear, in cash.”

c. Henry purchased a home “together with my wife, Ann, as co-owners with the right of survivorship.”

d. George transfers $10 million in trust to his wife, Wanda, for life, then to his son, Luke, for life, then to his daughter, Adele, if she survives Wanda, her mother. Adele also has the power to invade corpus to the extent needed to support her in her accustomed life style.

e. Wendy owns half of all income and assets acquired by Harold during their marriage.

f. Grandpa Jones died, still living rent free on a portion of the farm he deeded to Jack, his grandson, 11 years earlier.

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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