In 2015, Glen transferred several assets by gift to different persons. Glen dies in 2016. Information regarding
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In 2015, Glen transferred several assets by gift to different persons. Glen dies in 2016. Information regarding the properties given is summarized below.
Fair Market Value Date of Gift Date of Death
Insurance policy on Glen's life $20,000 $200,000
Unimproved land 890,000 900,000
Stocks and bonds 600,000 800,000
The transfer of the land and the stocks and bonds resulted in a total gift tax of $60,000. As to these transactions, Glen's gross estate must include:
a. $200,000
b. $0
c. $1,960,000
d. $1,900,000
e. $260,000
Related Book For
Financial Accounting
ISBN: 978-1118334324
9th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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