Emilys Situation on the Date of Her Death Type of Asset Fair Market Value Owner(s) Checking account
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Emilys Situation on the Date of Her Death
Type of Asset | Fair Market Value | Owner(s) |
Checking account | $20,000 | Emily |
Money market funds | $540,000 | Emily |
Common stock | $1,200,000 | Emily and Eva, as joint tenants with rights of survivorship. Emily and Eva equally contributed to the purchase of the stock. |
Personal residence | $550,000 | Eva |
401(k) plan benefit | $900,000 | Emily. At Emilys death the plan trustees are to pay the plan benefit to her husband, Henry, if living, otherwise to her estate in a lump sum. |
Household furnishings | $130,000 | Emily |
Automobile | $15,000 | Emily |
QTIP trust | $750,000 | Trustee, under the provisions of Henry Smiths testamentary trust. Emily receives the annual income, and at her death the trust corpus passes to Eva. |
- Prepare a list of assets, with their values, that would be included in Emilys gross estate for federal estate tax purposes.
Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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