# Kalpan University AC 561 Unit 5 Homework Exercises New Work

Kalpan University AC 561 Unit 5 Homework Exercises New Work

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Chapter 20: Problems 22, 23, 25, 31, 35 (beginning on pages 20-37)

# Kalpan University AC 561 Unit 3 Homework Exercises New Work

Kalpan University AC 561 Unit 3 Homework Exercises New Work

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LO.1 Barry creates a trust with property valued at \$7 million. Under the terms of the trust instrument, Michelle (age 48) receives a life estate, while Terry (age 24) receives the remainder interest. In the month the trust is created, the interest rate is 4.4%. Determine the value of Barry’s gifts. (Jr. 19-35-19-36)

LO.4 Jacob gives stock (basis of \$900,000 and fair market value of \$2.2 million) to Mandy. As a result of the transfer in 2013, Jacob paid a gift tax of \$90,000. Determine Mandy’s gain or loss if she later sells the stock for \$2.3 million. (Jr. 19-36)

LO.5 Bill and Ellen are husband and wife with five married children and eight grandchildren. Commencing in December 2013, they would like to transfer a tract of land (worth \$1,008,000) equally to their children (including spouses) and grandchildren as quickly as possible without making a taxable gift. What do you suggest? (Jr. 19-37)

LO.6 Last year Christian sold a tract of land (basis of \$1 million) to Kate (an unrelated party) for \$4 million, with a cash down payment of \$1 million and notes for the balance. The notes carry a 7.5% rate of interest and mature annually at \$1 million each over three years. (Christian did not elect out of the installment method.) Before any of the notes mature and when they have a fair market value of \$2.8 million, Christian gives them to Grace.
LO.8 In each of the following independent situations, what bypass (exclusion) amount is available to Ava’s estate when she dies in 2013? Assume that any appropriate procedures are followed, and that elections are made to transfer to Ava any DSUE amount of Al, her deceased husband.

# Kalpan University AC 561 Unit 2 Homework Exercises New Work

Kalpan University AC 561 Unit 2 Homework Exercises New Work

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Assignment 2.8 (pg. 42); Assignment 2.9 (pg. 43); Assignment 2.12 (pg. 50); Assignment 2.14 (pg. 54); Assignment 2.20 (pg. 68)

# Kalpan University AC 561 Unit 1 Homework Exercises New Work

Kalpan University AC 561 Unit 1 Homework Exercises New Work

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Problem 41, Gift Tax Liability
Problem 51, Commercial Annuity
Problem 52, Aiden’s Gross estate at his death
Problem 59, Grace’s tax liability from taxable gift
Problem 61, Loretta’s taxable gift to granddaughter transfer tax liability in 2013