Akira and Tori Chang received a total of $48,000 from a deceased relative's estate. They decided to put $9,600 in a trust for their children and divide the remainder. Tori received 3/8 of the remainder. How much did Akira receive? Amount Tori 2$ Akira 2$
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- 27. G transferred $20,000,000 to Trust T. Trust T was an irrevocable trust which provided for income to individual I (G's friend) for 10 years, and the remainder to a qualified charity ("QC"). Assume the present value of the income interest was $5,000,000 at the time of the transfer, and the value of the trust (remainder interest) that eventually passed to I was $17,000,000. What is the amount of G's taxable gift? a. $0b. $3,000,000c. $5,000,000d. $20,000,000e. None of a-d is correctThe will of Josh O’Brien has the following stipulations:Antique collection goes to Ilsa Lunn.All money in the First Savings Bank goes to Richard Blaine.Cash of $9,000 goes to Nelson Tucker.All remaining assets are put into a trust fund with the income going to Lucy Van Jones. At her death, the principal is to be conveyed to Howard Amadeus.Identify the following:a. Remaindermanb. Trustorc. Demonstrative legacyd. General legacye. Specific legacyf. Life tenantg. TestatorPhillipe established a revocable living trust naming himself, his spouse, and his two children as income beneficiaries, and his grandchildren as remainder beneficiaries. He funded the trust with $300,000. What is the value of this trust for gift tax purposes? A) $270,000 B) $300,000 C) $255,000 D) $0
- 1. If John had deposited N$ 100 000 of his lump sum into a NamPost saving accountand earned interest on the savings account, the interest received by John would notbe taxable.a) Falseb) True2. Specifically included in John’s Gross Income should be any amount, excluding allvoluntary award, received or accrued in respect of services rendered or to berendered.a) Trueb) False 3. Desmond Xaweb 68-year old pensioner owns three tuck shops in Kunene Region. Hehas lived his whole life in Namibia and has never left the country. Desmond is alsothe owner of a house located a few kilometres outside Okahandja. After his death inJanuary this year, Desmond’s grandson, Dion, inherited the house. The house wasvalued at N$ 2 500 000 by an independent real estate evaluator. After facing cashflow problems, Dion decided to sell the house for N$ 2 000 000 during the sameyear. Will the proceeds from the sale of house by Dion be considered of incomenature?a) Trueb) False 4.24. Lisa Kutako, a property developer…A will has the following statement: “I leave $20,000 cash from my savings account in the Central Fidelity Bank to my sister, Angela.” This gift is an example of: Choose the correct.a. A residual legacy.b. A general legacy.c. A demonstrative legacy.d. A specific legacy.Andy donated the following properties on October 31, 2021: Car—recently purchased for P800,000; fair market value at the time of donation P700,000. 10,000 preferred shares, traded in the stocks exchange, par value, P20.00/share; mean between the highest and lowest quotation price, P15.00/share. 5,000 ordinary shares, not traded in the stocks exchange, par value, P5.00/share; book value P6.00/share; fair market value, P4.00/share. 10,000 preferred shares, not traded in the stocks exchange, par value, P10.00/share: book value, P15.00/share How much should be reported as gross gift?
- After the death of Lennie Pope, his will was read. It contained the following provisions:∙ $110,000 in cash goes to decedent’s brother, Ned Pope.∙ Residence and other personal property go to his sister, Sue Pope.∙ Proceeds from the sale of Ford stock go to uncle, Harwood Pope.∙ $300,000 goes into a charitable remainder trust.∙ All other estate assets are to be liquidated with the cash going to Victoria Jones.a. Prepare journal entries for the following transactions that subsequently occur:(1) Discovered the following assets (at fair value): Cash . . . . . . . . . . . . . . . . . . . . $ 19,000Certificates of deposit .. . . . . .90,000Dividends receivable . . . . . . . . . 3,000Life insurance policy . . . . . . . . 450,000Residence and personal effects . . . . . . . . . . . . . . . . 470,000Shares of Ford Motor Company . . . . . . . . . . . . . . . . 72,000Shares of Xerox Corporation . . . . . . . . . . . . . . . . . . . 97,000 (2) Collected life insurance policy.(3) Collected dividends…LO.2, 3, 7, 11 Kristin Graf (123 Baskerville Mill Road, Jamison, PA 18929) is trying to decide how to invest a 10,000 inheritance. One option is to make an additional investment in Rocky Road Excursions in which she has an at-risk basis of 0, suspended losses under the at-risk rules of 7,000, and suspended passive activity losses of 1,000. If Kristin makes this investment, her share of the expected profits this year will be 8,000. If her investment stays the same, her share of profits from Rocky Road Excursions will be 1,000. Another option is to invest 10,000 as a limited partner in the Ragged Mountain Winery; this investment will produce passive activity income of 9,000. Write a letter to Kristin to review the tax consequences of each alternative. Kristin is in the 24% tax bracket.1. Bonifacio, head of the family died on January 15 leaving the following properties andobligations: Cash in Bank, 50% donated mortis causa to Nat’l Government 50% to QCGovernment 3,000,000House and lot in Makati, Family Home 15,000,000Personal Properties 15,000,000Farm Lot 8,2,50,000Claims against an insolvent debtor 2,250,000Transfer in contemplation of Death (gratuitous) 15,000,000Transfer passing under special power of appointment 750,000Deductions ClaimedFuneral Expenses 5,750,000Judicial Expenses 675,000Donation Mortis causa to Quezon City Government 1,500,000Unpaid Mortgage on the farm lot 750,000Medical expenses (included in the funeral expenses incurred within 1 yearperiod with receipts) 2,250,000 The farm lot was inherited 5 ½ year by the decedent before his death with a value then ofP5,750,000 and a mortgage indebtedness of P1,500,000.REQUIREMENT: NET TAXABLE ESTATE.
- 9 During the current year 2021, Nicanor, Jr. who resides in R. Papa Street, Sampaloc Manila and with Tin 135-567-890-006. Made the following gifts: Date Donee Amount of donation June 1, 2018 Junior, his son, on account of his marriage celebrated June 1, 2018 P 150,000 cash July 10, 2018 His friend Aprot P 400,000 a second hand motor vehicle September 30, 2018 His daughter Julia P 450,000 cash dowry, on account of her scheduled marriage on October 25, 2018 November 23,2018 His father, Nicanor, Sr. A parcel of land worth P 180,000, subject to the condition that his father would assume the mortgage indebtedness of Jose in the amount of P 40,000; Using Donor’s Tax Return (BIR Form No. 1800), how much will be reflected on line 14 (Total net gifts) for the return to be filed on November 23, 2018?3 During the current year 2021, Nicanor, Jr. who resides in R. Papa Street, Sampaloc Manila and with Tin 135-567-890-006. Made the following gifts: Date Donee Amount of donation June 1, 2018 Junior, his son, on account of his marriage celebrated June 1, 2018 P 150,000 cash July 10, 2018 His friend Aprot P 400,000 a second hand motor vehicle September 30, 2018 His daughter Julia P 450,000 cash dowry, on account of her scheduled marriage on October 25, 2018 November 23,2018 His father, Nicanor, Sr. A parcel of land worth P 180,000, subject to the condition that his father would assume the mortgage indebtedness of Jose in the amount of P 40,000; On November 23, 2018 gift, using the Donor’s Tax Return (BIR Form No. 1800), how much will be reflected on line 18(Tax Payable/(Overpayment)) ?Mr. and Mrs. Lapigo, made the following donations during 2022: Date: Feb 14 Particulars: Land worth P800,000 to their legitimate son, Caloy, on account of marriage dated February 10, 2021. The car was mortgaged for P200,000, only 50% of the mortgage was assumed by the donee. Date: March 30 Particulars: To Mr. Lapigo's brother, his capital property (Car) worth P200,000 on account of marriage 3 months ago. They agreed that the donee shall pay the donor's tax thereon. Based on the information above, how much is the total documentary stamp tax?
