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
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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
Step by step
Solved in 2 steps
- 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 SuccessionElaine Case (single with no dependents) has the following transactions in 2019: What is Elaines net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaines income from other sources puts her in the 37% bracket. Elaines address is 300 Ireland Avenue, Shepherdstown, WV 25443.Question 6 Discuss estate taxes. When is an estate subject to and not subject to estate taxes? An estate may be taxed: (Select the best answer below) O after it in distributed to the heirs. O before or after it is distributed to the heirs. O before it is distributed to the beins. ifa nurviving spouse becomes the sole owner of the estate.
- Question 25 Mr. Barrera, a decedent was married at the time of his death and under the system of conjugal partnership of gains. Among the properties in the gross estate were: Land, inherited before the marriage, fair market value P 5,000,000 Family home built by the spouses on the inherited land 8,000,000 How much is the allowed family home deduction based on the foregoing facts?Ma 3 Bernice dies and, under a valid will, passes real estate to her surviving husband. The real estate is subject to a mortgage. For estate tax purposes, how is any marital deduction determined? Can Bernice’s estate deduct the mortgage in computing the taxable estate? Explain. 200 words response pleaseWhich of the following are interests that must go through probate? A residence that goes to the decedent's spouse and children according to the intestate succession statute Shares of stock bequested to the decedent's brother A bond that is community property, which passes to the surviving spouse Life insurance proceeds payable to the decedent's spouse A) I and IV B) I, II, and III C) II only D) II and III
- 5.Seo and Urban own a parcel of real estate as Joint tenants. In the event one of them dies, their title will pass to Group of answer choices -their heirs -the other joint tenant -it will depend on their wills -the state of Washington 6.Seo and Urban own property as tenants in common. In the event one of them dies, their title will pass to: Group of answer choices -their heirs -the other tenant in common -it will depend on their wills -the state of Washington 7.In the state of Washington, married couples own real estate Group of answer choices -according to the law of community property -as tenants by the entirety -as joint tenants -as tenants in common6. Seo and Urban own property as tenants in common. In the event one of them dies, their title will pass to: -their heirs -the other tenant in common -it will depend on their wills -the state of WashingtonMa1. Part 3: Spouse purchased Blackacre, worth $200,000.00, as tenants by the entirety. Spouses purchased Blackacre in 1990. Upon the death of one of the spouses. a. Does an interest in property pass from the decedent o surviving spouse? b. What is the amount of the marital deduction? Part 4: Decedent leaves property in trust, the income to be paid to parent for parent’s life, and at parent’s death, the corpus to be distributed to decedent’s spouse or spouse estate. Does the transfer quality for a marital deduction?
- 38. Which of the following are interests that must go through probate? A residence that goes to the decedent's spouse and children according to the intestate succession statute Shares of stock bequested to the decedent's brother A bond that is community property, which passes to the surviving spouse Life insurance proceeds payable to the decedent's spouseLouie P 325,000 117,000 25,000 12,000 15,000 10,000 Floyd P 380 0 105 0 20.000 8290 Personal Income/Expenses of the heirs: Gross Income Deductible expenses Dividend from domestic corporation Dividend from foreign corporation Prize, supermarket raffle Royalty, books 18.000 MU 1. Additional Information: without dependent children. Required: Determine the following: 1. Income tax payable of the estate 2. Income tax payable of Louie 3. Income tax payable of Floyd P4.3. (Trust) favor of Pedro. The following data were provided: Gross income of the trust Deductible business expenses of the trust Income distributed to Pedro during the year Dividend income from domestic corporation Dividend income from resident foreign corporation Interest income from U.S. $ deposits Interest income from peso deposits P3,000,000 1,800,000 200,000 100,000 100,000 200,000 100,000 Personal Income and Expenses of Pedro Compensation income Rental income (net) Rental expenses Royalty income, books Other royalty…
