52 Nicanor wrote a will on August 22, 2021, saying that, “I will that, upon my death, all my properties be given to my ex-girlfriend”. Nicanor has too many girlfriends during his lifetime and from the words of the will, the beneficiary cannot be identified. The will was dated and signed by him. The will is: Group of answer choices Unenforceable Rescissible Void Valid

52 Nicanor wrote a will on August 22, 2021, saying that, “I will that, upon my death, all my properties be given to my ex-girlfriend”. Nicanor has too many girlfriends during his lifetime and from the words of the will, the beneficiary cannot be identified. The will was dated and signed by him. The will is: Group of answer choices Unenforceable Rescissible Void Valid

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter19: Family Tax Planning

Section: Chapter Questions

Problem 28P

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Corey (53) suffered the loss of her husband in 2019. Since then, she has maintained a home for herself and her son, Jude (15). Which filing status is most advantageous for her to use on her 2021 return, and what is her standard deduction? Qualifying widow(er); $25,100. Head of household; $18,800. Married filing separately; $12,550. Single; $12,550.
45. Michelle lives in a state that allows use of a beneficiary deed to transfer property at death. She owns her home in her sole name. She wants this asset to go to Bertram, her only child, at her death. Which one of the following is a correct statement regarding use of a beneficiary deed in this situation? A) A beneficiary deed can only transfer personal property at death. B) She will incur gift tax if she records the deed. C) If she uses a beneficiary deed, she will not be able to live in the house until her death. D) If Bertram predeceases her, Michelle will be able to name another beneficiary to receive title to the home at her death.
53 Nicanor, in his will, gave Inday his wife a house coming from the free portion. Which is FALSE? Inday is a/an: Group of answer choices Legatee Compulsory heir Voluntary heir Devisee
What is meant by "an individual dies intestate?" Select one: a.That person did create a will before death, but the will neglected to name an executor. b.That person's estate is insufficient to pay all claims against it. c.That person was not certified to be of sound mind before writing their will. d.That person did not create a legal will prior to death. e.That person's estate will automatically pass to the state, and the presumed heirs will get nothing.
Statement 1: Pedro died giving Juan the power to appoint a person who will inherit his house and lot. Juan however, can only choose among Ana, Lorna or Fe. Juan decided to transfer the property to Fe through the former decedent’s will. The transfer from Juan to Fe is subject to estate tax. Statement 2: During Peter’s lifetime, he decided to give John as a gift his car subject to the condition that if John does not become a CPA within 3 years, Peter shall revoke the transfer. In the second year however, Peter died. The car should form part of Peter’s gross estate. Only statement 1 is correct Both statements are correct Only statement 2 is correct Both statements are incorrect
Val died on May 13, 2021. On July 3, 2018, she gave a $400,000 lite insurance policy on her own lite to son Ray. Because the value of the policy was rela- tively low, the transter did not cause any gift tax to be payable. a. What amount was included in Val's gross estate as a result of the 2018 gift? 6. What amount was included in Val's gross estate if the property given was land instead of a life insurance policy? C. Refer to Part a. What amount would have been included in Val's gross estate if she instead gave Ray the policy on April 30, 2017?
Mark (age 55 in 2020) and his late wife, Mary, were married in 1990. Mark and Mary have a son, Matt, who was born in 2009. Mary passed away on October 4, 2020. Mark has not remarried. Mark maintained a household for Matt, his dependent child (qualifying child), for all of 2020 & 2021. What allowable filing status would be most beneficial for Mark to use in 2020?
Nicholas died on December 27, 2020. His wife, Jessica, has not remarried. On January 31, 2021, Jessica received a check from Party Central Inc. and a letter explaining that the check represents a final payment for contract work Nicholas performed for them in 2020. What is the correct and most favorable method of reporting this income? As ordinary income on Jessica's 2021 individual tax return. As income paid to Nicholas's estate, reported on Form 1041. On the couple's jointly filed 2020 return. If this was not included in the originally filed return, Jessica should file an amended return to include this income. On a 2021 final tax return for Nicholas that Jessica files on his behalf.
57 S1 - Nicanor died. The executor, administrator or any of the heirs are required to inform the BIR of such fact within 30 days from date of death. S2 - Nicanor donated his delivery van to the ABC Foundation, a non-stock, non-profit organization but reserved his right to use the same until such time he needs it. Upon death of Nicanor, the donation is no longer part of the estate if deed of donation is notarized. Group of answer choices Both are true S1 is true S2 is true Both are false
24. In 2020, Katrina filed her 2019 Form 1040. She mailed her extension on March 15 certified mail. The return receipt shows the IRS received it April 14. She mailed her return on October 1 certified mail. The return receipt shows the IRS received it October 21. Assume she filed a valid and true return. When was Katrina’s return filed? Select one: a. April 14 b. April 15 c. October 1 d. October 15 e. October 21
49 Nicanor, in his will, devised a property to Inday who incidentally is also a witness to his will. In this case, the devise or legacy to Inday shall be distributed upon death under Group of answer choices Estate Taxation Testamentary Succession Mixed Succession Legal or Intestate Succession
Laura and Hung were granted a divorce in 2016. In accordance with the decree, Hung made the following payments to Laura in 2020: Child support payments contingent on the age of the child $6,000 Indefinite periodic payments terminating on Laura's death $4,000 How much of the payments can he deduct as alimony in 2020? a.$10,000 b.$0 c.$6,000 d.$4,000 e.None of these choices are correct.