A widow received 50% of her husband’s estate, and each of her four sons received 25% of the balance. If the widow and one of her sons received a total of $100,000 from the estate, what was the amount of the estate

Q: Jerry bought his home 15 years ago for $60,000. Three years ago, Jerry married Debbie and she moved…

A: If any married taxpayer files joint return may exclude income up to $500,000 gains from selling…

Q: Mr. Ernesto dela Cruz, had the following during the taxable year: • P1,500,000 for outliving his…

A: According the Philippines taxation there are some rules and procedures which are involved while…

Q: The will of Don José Luis, who has just died, specifies that the beneficiary of his 15,000,000.00…

A: Insurance Amount = 15,000,000 Interest Rate = 24%/12 = 2% per month Periodic Amount = 250,000…

Q: If Tony dies prior to expiration of the 10-year period, will any portion of the remaining payments…

A: No, any portion of remaining payments will not include in Tony’s gross estate under 2033. it is…

Q: Chrissy receives 200 shares of Chevron stock as a gift from her father. The stock cost her father…

A: Gain: If sale price is higher than purchase price then it's called gain.

Q: In 2020, Bongbong Jr. created two (2) trusts for his minor son, Chiz. During the year, the two…

A: Trust Here in trust which has subjective to the taxation which are determine by the total net income…

Q: What is the Amount Realized, Type and amount of Basis, and Gain or Loss of the following Lois gives…

A: Gift of the property would be considered as the property which is transferred for other person for…

Q: In 2019, the community property of spouses A and B totaled P10,000,000. In January 2020, during…

A: Given ÷ community property of spouses A and B P10,000,000. X donated a property located in Manila…

Q: David Davis died in 2019 and left an estate valued at $13,900,000 after the payment of his debts.…

A: Given : David Davis died in 2019 and left an estate valued at $13,900,000 after the payment of his…

Q: Donna Stober’s estate has the following assets (all figures approximate fair value): The house,…

A:

Q: Mr. Ernesto dela Cruz, had the following during the taxable year  • P1,500,000 for outliving his…

A: According the Philippines taxation there are some rules and procedures which are involved while…

Q: The Dolce Estate reports the following items for the current tax year. Dividend income…

A: Computation of distribution of Income of DE, and its distribution to B and D: As the trust has…

Q: Nicanor, single, received the following in 2022: Proceeds of his life insurance paid at annual…

A: Proceeds of his life insurance paid at an annual premium of P15,000 within 25 years - P2,000,000…

Q: A couple received a $131,000 inheritance the year they turned 48 and invested it in a fund that…

A:

Q: At the beginning of the tax year, Barnaby’s basis in BBB Partnership was $50,000, including his…

A: Partnership means the business whereby two person or more than that come together to run the entity.

Q: A man left an estate for his widow and three children, Ampadu, Achayo and Afrifa to be shared…

A: Let the property be x- Share of Afrifa= x/3 Remaining share= 2x/3 Share of Achayo= 1/3 of 2x/3= 2x/9…

Q: oe, June, and Jim—coworkers—decide that they want to start their own business. Joe has $200,000 to…

A: Stock- Common stock is a type of investment that represents ownership in a company. A board of…

Q: George purchased a life annuity for $5,000 that will provide him $125 monthly payments for as long…

A: Gross income of the person means income without taking any exemptions and deductions. After…

Q: Robbie receives a scholarship of $20,000 from an elite private college. $12,000 of the scholarship…

A: Introduction: A scholarship is a financial award given to a student to help them continue their…

Q: Roy, a resident of Michigan, owns 25 percent of a fourplex in the nearby college town of Ann Arbor…

A: As per the relevant tax laws, a assesse can deduct a stated portion of loss from his income so as to…

Q: How much is the gross estate if the property relationship is conjugal partnership of gains is

A: As per our protocol we provide solution to the one question only but as you have asked two multiple…

Q: Macron, an LLC, earns $160,000 in 202X. Herbie and Garry are 50/50 owners of Macron LLC. In 202X,…

A: Partnership firms all profit and laibilties are shared equally among partners.

Q: .Mrs. A took out a life insurance policy for 500,000 naming her son as beneficiary. Under the terms…

A: SOLUTION EVEN THOUGH MRS A OUTLIVED THE POLICY , THE ENTIRE PROCEEDS ARE NOT AUTOMATICALLY TAX…

Q: Pedro, single received the following during the taxable year: Proceeds of his life insurance paid at…

A: Gross income refers to the income which comprises of wages and salary in addition to other forms of…

Q: Gramps purchased a joint survivor annuity that pays $1,600 monthly over his remaining life and that…

A: We need to first determine, how much %age of the payment will be a return of capital and how much…

Q: Many years ago James and Sergio purchased property for $945,000. Although they are listed as equal…

A: Partnership agreements come in a variety of forms. For example, in a partnership, all partners…

Q: Walter owns a whole-life insurance policy worth $55,800 that directs the insurance company to pay…

A: Net Value of Insurance policy which will be included upon death is the amount that will be received…

Q: of her mother's life insurance resulting from her death. Premiums paid totaled P780,000. • Increase…

A: According the Philippines taxation there are some rules and procedures which are involved while…

Q: Mason buys real estate for $1,500,000 and lists ownership as follows: “Mason and Dana, joint tenants…

A: a. Where  the co-owners obtain the property from another property holder as a gift, then every owner…

Q: Linda Smith paid $25,000 in premiums on a 20-year endowment policy on her life. The policy has a…

A: Taxable income to be included in case of endowment policy  =  face value of the policy - Premium…

Q: Mrs. A took out a life insurance policy for 500,000 naming her son as beneficiary. Under the terms…

A: SOLUTION TAXABLE INCOME IS THE PORTION OF INDIVIDUALS OR A COMPANY'S INCOME USED TO CALCULATE HOW…

Q: ral expenses and $1,500,000 of accounting and legal fees to settle the estate. Mr. Trebeck…

A: It is the percentage of our income collected by the government to fund its services and programs and…

Q: The widow of an individual received a death benefit from his employer of $25,000. She must include…

A: Death benefit from an Employer paid out to the beneficiaries of an employee, are excluded from gross…

Q: edro, single received the following during the taxable year:   Proceeds of his life insurance paid…

A: Answer: Given Proceeds of his life insurance paid at an annual premium of P15,000 within 25 years -…

Q: Mina, who is single, would like to contribute $6,000 to her Roth IRA. Her AGI is $130,000. What is…

A:

Q: Sam and Sung are equal joint owners in a property which they rent out. Because Sam is unemployed,…

A: Assessable income is the sum of all the receipts generated during the year. It does not deduct…

Q: Kevin purchased a house 20 years ago for $100,000 and he has always lived in the house. Three years…

A: A. $ 0

Q: The trustee of the Spratt Trust has the discretion to distribute the income or corpus of the trust…

A: Amount of  income recognized   by beneficiary   20000 as first tier to edwin

Q: At the age of 50, Lala gave money to the insurance company with an agreement that Lala would receive…

A: Annual Amount = 2,000,000 End of year payments Assuming Interest Rate = 10%

Q: 0. Nicanor, single, received the following in 2022: Proceeds of his life insurance paid at annual…

A: Gross income refers to the income which involves the wages, retirement distributions, dividends,…

Q: If Deshaun gifts his niece $100,000 in stock which he bought for $25,000, what is his niece's basis?

A: The basis is termed as the monetary value paid for acquiring any stock. When Mr. D purchased the…

Q: At the birth of his daughter, Mr Lucas Dalitso Zulu invested K10,000 at 6% p.a. compounded annually.…

A: Future value can be calculated using FV (rate, nper, pmt, [Pv], [type]) Rate The interest rate Nper…

Q: You have been notified by the family attorney that you are the sole heir to your lost uncle's…

A: Present value of annuity is the current value of the future payments that are calculated using the…

Q: Jack and June are retired and receive $10,000 of social security benefits and taxable pensions…

A: The social security tax is the tax that is collected by the government from the employers and…

Q: A couple received a $131,000 inheritance the year they turned 50 and invested it in a fund that…

A: Information Provided: Inheritance amount = $131,000 Interest rate = 6.4% compounded semi-annually…

Q: $20, 000 of the IT BREE distributes $20 member Brenda and $20,000 of cash to 50% member Renee, what…

A: Tax consequences: General stock redemption: When the shares are redeemed by paying cash, then there…

Q: Under Megan's will, $10,000 a year is to be paid to his widow and $5,000 a year is to be paid to his…

A: Gross income (GI) refers to the income which involves the wages, retirement distributions,…

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.