Estate and income tax consequences associated with such sale

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1. Jill Ward selling real estate to her son Mike through the use of a 20-year installment note. What are the gift, estate and income tax consequences associated with such a sale? What happens if Jill dies after collecting four annual payments, and (1) the note is willed to her daughter Ellen, or (2) the note is cancelled upon Jill's death?

2. What is the future value of an Annuity due $100 at the beginning of each quarter for 5 years at 5% compounded quarterly?

Reference no: EM131897620

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