Myrtle had been sick for quite some time and she passed away in July. Her will indicated
Question:
Myrtle had been sick for quite some time and she passed away in July. Her will indicated her beneficiaries are to receive the following:
• Miriam, her daughter, will receive Myrtle’s home worth \($250,000\) at the time of Myrtle’s death and cash of \($150,000\)
• Michael, her son, will receive the lake house and boat worth \($400,000\)
• Ben, her nephew, will receive Myrtle’s 1970 Corvette worth \($30,000\)
• Three grandchildren will receive cash of \($25,000\) each
• Miriam and Michael will share life insurance proceeds of \($500,000\)
• Miriam and Michael will share Myrtle’s IRA account worth \($100,000.\) They both had their share distributed to them this year.
How much must each beneficiary report on their tax return as includible income?
Step by Step Answer:
Fundamentals Of Taxation For Individuals A Practical Approach 2024
ISBN: 9781119744191
1st Edition
Authors: Gregory A Carnes, Suzanne Youngberg