Assume if Mary's mother, Jill, who is 94-years old, passed away in the current year. At...
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Assume if Mary's mother, Jill, who is 94-years old, passed away in the current year. At the date of her death, she has the following IRA: IRA in Jill's name - FMV $250,000 $20,000 The non-deductible contributions on Form 8707 that were reported Federal estate taxes paid on this IRA were $100,000 Beneficiaries: Mary Hess 100% Assume a few months later, Mary receives the IRA and the value is $242,000 and she decides to take a $50,000 distribution. How will this transaction be reported on their tax return? Assume if Mary's mother, Jill, who is 94-years old, passed away in the current year. At the date of her death, she has the following IRA: IRA in Jill's name - FMV $250,000 $20,000 The non-deductible contributions on Form 8707 that were reported Federal estate taxes paid on this IRA were $100,000 Beneficiaries: Mary Hess 100% Assume a few months later, Mary receives the IRA and the value is $242,000 and she decides to take a $50,000 distribution. How will this transaction be reported on their tax return?
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The transaction involving Marys receipt of the IRA and the subsequent distribution will be reported ... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
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