How much if any of the trust is included in quinn gross

Assignment Help Taxation
Reference no: EM13950705

In 2005, using $2.5 million in community property, Quinn creates a trust, life estate to his wife, Eve, and remainder to their children. Quinn dies in 2009 when the trust is worth $3.6 million, and Eve dies in 2012 when the trust is worth $5.6 million.

A.) Did Quinn make a gift in 2005? Explain.

B.) How much, if any, of the trust is included in Quinn's gross estate in 2009?

C.) How much, if any, of the trust is included in Eve's gross estate in 2012?

Reference no: EM13950705

Questions Cloud

Anticipated holding period return on this investment : What is the EOQ for a firm that annually sells 8,000 units when the cost of placing an order is $4 and the carrying costs are $3 a unit. DEF stock cost $80 and pays a $4 annual dividend. If you expect to sell the stock after 5 years for $100, what is..
Firm is operating under conditions of capital rationing : Estimating weighted cost of capital. Assume the following percentage capital structure is considered optimal for this firm. The firm is operating under conditions of capital rationing and therefore will not sell new stock to the public. What is the w..
If freire were to respond to edmundson''s essay : If Freire were to respond to Edmundson's essay, what might he say? what issue does Edmundson raise that Freire also finds important? What connections between Edmundson and Freire are most interesting to you?
What is maximum price you would pay for common stock : What is the maximum price you would pay for a common stock given that the risk free rate of return is 4%, the current dividend is $6.00, the return on the average stock in the market is 11%, the growth rate in dividends for the stock is 4% per year, ..
How much if any of the trust is included in quinn gross : How much, if any, of the trust is included in Quinn's gross estate in 2009? How much, if any, of the trust is included in Eve's gross estate in 2012?
What is the dollar value of the payments required : I have an investment that will pay me $20 every quarter for the next 5 years. Assuming that I want a 12% return compounded quarterly, what price should I pay for the investment? You require $20,000 in 8 years for a down payment on a house. You are pl..
Make two journal entries to record the variances : Make two journal entries to record the variances for August  one for variable overhead and one for fixed overhead.
What is the net cash flow to you if you exercise : You are the purchaser of a call option with $10 premium and $120 exercise price. You bought this option when the stock price was $130. If the stock price now is $120, what is the net cash flow to you if you exercise? -$5 $5 $10 -$10 0
Annualized implied repo rate on treasury bond spread : Determine the annualized implied repo rate on a Treasury bond spread in which the March is bought at 60 and the June is sold at 61.5. The March CF is 1.1 and the June CF is 1.14. The accrued interest as of March 1 is 1.15 and the accrued interest as ..

Reviews

Write a Review

Taxation Questions & Answers

  Government inquiry into taxation minimisation

What recommendations would you make to a government inquiry into taxation minimisation by companies?

  Calculate sem pty ltds taxable income

Sections of the Acts and relevant case law how the Revenue and Expense items (together with the Notes) in the company's accounts are treated for tax purposes and calculate SEM Pty Ltd's taxable income for 2011/12

  Suppose that the original facts and that the sanchezes use

javier and anita sanchez purchased a home on january 1 year 1 for 500000 by paying 200000 down and borrowing the

  What is the lease after-tax present value

The present value of an ordinary annuity of $1 per year at 10% for two years is 1.74. What is the lease's after-tax present value using a 10% discount factor?

  What type of tax entity dawn should choose for ctc

Dawn wants to know what type of tax entity they should choose for CTC. Write a professional memorandum fully explaining those options.

  Will the school qualify for tax exempt status

Will the school qualify for tax exempt status under Section 501 (c)(3)? Why or why not?

  What types of shareholder limitations exist

What types of shareholder limitations exist in each of the other forms of business structure that might be elected and explain the main themes within the comparison chart of the seven forms of organizational structure.

  Define debt-financed income with respect to unrelated debt

Define each of the following with respect to unrelated debt-financed property. Debt-financed income. Debt-financed property. Acquisition indebtedness. Average acquisition indebtedness. Average adjusted basis.

  Depreciation tax in january 2010 salem corporation

in january 2010 salem corporation purchased 350000 of new macrs 5-year property in the us. this equipment was placed in

  What do you tell her about the income tax consequences

What do you tell her about the income tax consequences and are there ways to change the basic structure so that it is more advantageous from an income tax point of view?

  Create the journal entry to record the 2010 income tax

The income tax return excluded a revenue item of $10,000 (reported on income statement) because under tax laws the $10,000 would not be reported for tax purposes until 2011.

  Submit a brief memorandum addressed to jennifer

Submit a brief memorandum addressed to Jennifer, in which you report your findings. Identify any relevant statutory, regulatory, and judicial authorities, and discuss how these authorities affect your conclusion concerning the tax treatment of Jennif..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd