D died with $20,000,000 of cash assets. D's will created 4 irrevocable trusts, each of which...
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D died with $20,000,000 of cash assets. D's will created 4 irrevocable trusts, each of which received $5,000,000 from the estate. Trust 1 stated that D's son would receive all trust income for son's life and the remainder would be distributed to a qualified charity (The FMV of the income interest was $3,500,000). Trust 2 stated that D's spouse would receive all trust income for spouse's life and the remainder would be distributed to a qualified charity (the FMV of the income interest was $1,500,000). Trust 3 stated that a qualified charity would receive $100,000 per year for 15 years and the remainder would be distributed to D's son (The FMV of the income/annuity interest was $1,000,000). Trust 4 stated that D's son would receive $100,000 per year for 15 years and the remainder would be distributed to a qualified charity (The FMV of the income/annuity interest was $1,000,000). What is D's Taxable Estate? D died with $20,000,000 of cash assets. D's will created 4 irrevocable trusts, each of which received $5,000,000 from the estate. Trust 1 stated that D's son would receive all trust income for son's life and the remainder would be distributed to a qualified charity (The FMV of the income interest was $3,500,000). Trust 2 stated that D's spouse would receive all trust income for spouse's life and the remainder would be distributed to a qualified charity (the FMV of the income interest was $1,500,000). Trust 3 stated that a qualified charity would receive $100,000 per year for 15 years and the remainder would be distributed to D's son (The FMV of the income/annuity interest was $1,000,000). Trust 4 stated that D's son would receive $100,000 per year for 15 years and the remainder would be distributed to a qualified charity (The FMV of the income/annuity interest was $1,000,000). What is D's Taxable Estate?
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Answer rating: 100% (QA)
ANS WER Dist ributed to a qualified charity The FM V of the income ann uity interest was 1 00... View the full answer
Related Book For
Federal Taxation 2015 Comprehensive
ISBN: 9780133807783
28th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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