D died on May 1, at the age of 55. He was survived by his wife,...
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D died on May 1, at the age of 55. He was survived by his wife, W (aged 52), a son s (age 32), his father F (age 80) and his sister A (age 60). At the time of his death, D owned or had interests in the following property: a) New York City bonds (purchase price: $95,000; face value: $100,000; market value on May 1: $98,000.) b) Common stock in XYZ Corporation, owned 50% each by D and S. c) 'Trust created by F, income to D for life, remainder to W; d) Trust created by F, income to F for life, remainder to F's grandchildren, but if none survive F, toD or his estate; e) Trust created by F, income toD and W for life, remainder to W's estate; £) Trust created by F, income to D for life, remainder to whomever D appoints by will. 9) Life insurance policy on the life of W (face amount: $10,000; cash surrender value: $7,500). Which of the preceding items are includable in D's gross estate? D died on May 1, at the age of 55. He was survived by his wife, W (aged 52), a son s (age 32), his father F (age 80) and his sister A (age 60). At the time of his death, D owned or had interests in the following property: a) New York City bonds (purchase price: $95,000; face value: $100,000; market value on May 1: $98,000.) b) Common stock in XYZ Corporation, owned 50% each by D and S. c) 'Trust created by F, income to D for life, remainder to W; d) Trust created by F, income to F for life, remainder to F's grandchildren, but if none survive F, toD or his estate; e) Trust created by F, income toD and W for life, remainder to W's estate; £) Trust created by F, income to D for life, remainder to whomever D appoints by will. 9) Life insurance policy on the life of W (face amount: $10,000; cash surrender value: $7,500). Which of the preceding items are includable in D's gross estate?
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Items includable in Ds gross estate are as follows a Market Value Fair value of New york City bonds ... View the full answer
Related Book For
Ethics in Accounting A Decision Making Approach
ISBN: 978-1118928332
1st edition
Authors: Gordon Klein
Posted Date:
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