In 2013 and with $200,000, Alice purchases a CD at State Bank listing title as follows: Alice,
Question:
In 2013 and with $200,000, Alice purchases a CD at State Bank listing title as follows: “Alice, payable on proof of death to Clark.” Alice dies in 2020, and Clark (Alice’s nephew) redeems the CD (now worth $205,000). Disregarding the annual exclusion, what is Alice’s gift to Clark in:
a. 2013?
b. 2020?
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a 0 The purchase does not result ...View the full answer
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Related Book For 
South Western Federal Taxation 2020 Corporations, Partnerships, Estates And Trusts
ISBN: 9780357109168
43rd Edition
Authors: William A. Raabe, James C. Young, William H. Hoffman, Annette Nellen, David M. Maloney
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