SWFT Individual Income Taxes
SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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In the late 1980s, Carsten Richter, from Germany, migrated to the United States, where he is now a citizen. A man of many talents and deep foresight, he has built a large fleet of oceangoing oil tankers during his stay in the United States. Now a wealthy man in his 60s, he resides in Aspen, Colorado, with his second wife, Gabriela, age 50. They have two sons, one in junior high and one a high-school freshman. For some time, Carsten has considered preparing a will to ensure that his estate will be property distributed when he dies. A survey of his estate reveals the following: Ranch in Colorado $1,000,000 Condominium in Santa Barbara 800,000 House in Aspen 1,500,000 Franchise in ice cream stores 2,000,000 Stock in Google 5,000,000 Stock in Wal-Mart 1,000,000 Stock in Silver Mines International 3,000,000 Other assets 200,000 Total Assets $14,500,000 Does Carsten really need a will? Explain why or why not? What would happen to his estate if he were to die without a will?
John is frustrated in his inability to sell his house for the amount he wants. What should Anita do to educate John? Will this education process help Anita obtain the listing? How?
Jenny is a student from Sweden who comes to Australia to study for a four-year bachelor’s degree in business. Jenny lives in rental accommodation near the university with fellow students and works part-time at the university social club as a waitress. After six months, she has to withdraw from her studies and return to Sweden because her mother is unwell.Required: With reference to legislation, cases and tax rulings, advise Jenny whether she is a resident of Australia for tax purposes
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