SlideShare a Scribd company logo
1.
Al made the following gifts this year:
·
$400,000 to his daughter
·
$200,000 to his son
·
$50,000 to his grandson
·
$20,000 to City University.
Assume the tax rates for 2013 are in effect.
Compute Al’s taxable gifts.
Show your work.
2.
Al’s wife, Maria, has agreed to split the gifts (above).
Compute the taxable gift for each.
Show your work.
3.
Ten years ago, Clyde and his wife, Bonnie, purchased 100
shares of GE stock for $10,000, holding it as JTWROS.
Clyde paid for the stock entirely from his savings account.
Clyde died last year when the stock was worth $100,000.
How much will be included in Clyde’s estate?
Show your work.
4.
Ten years ago, John purchased 100 shares of JNJ stock for
$10,000, titling it JTWROS with his brother, Robert.
John paid $6,000 for the stock and Robert paid $4,000.
Robert died last year when the stock was worth $100,000.
How much will be included in Robert’s estate?
Show your work.
5.
Alice, Betty, and Candy are cousins.
They decided to form an investment club.
Each contributed $5,000 and the club purchased IBM stock.
Alice died last year.
At the time of her death, the stock had doubled in value.
How much will be included in her estate?
Show your work.
6.
Ten years ago, Amanda created an irrevocable trust and funded
it with $500,000.
Amanda died last year.
Assuming she made no other taxable gifts, how much is in her
gross estate?
Show your work.
7.
Two years ago, Anthony created an irrevocable trust and
transferred in his life insurance policy that had a death benefit
of $3,000,000.
The trust was named the owner and beneficiary.
Anthony died last year.
Assuming he made no other taxable gifts, how much is in his
gross estate?
Show your work.
8. - 10.
Janice and Jacob are a married couple who have come to you for
financial and estate planning.
Their primary goal is to minimize estate and gift taxes.
Their children are married and doing well so their main concern
is to maintain their lifestyle regardless of which of them passes
first.
They love their Uncle Sam but would like to disinherit him if at
all possible.
Janice and Jacob own the following assets together:
(You may assume that they do not live in a community property
state.)
·
Checking Account
$110,000
·
Savings Account
$100,000
·
Municipal Bonds
$200,000
·
Primary Residence
$7,000,000
·
Vacation Home
$4,940,000
Jacob owns the following assets in his own name:
·
IRA Account
$2,000,000
·
Mutual Fund Accounts
$1,500,000
·
401(k) Account
$1,500,000
·
Little Red Corvette
$100,000
Janice owns the following assets in her own name:
·
Credit Union Account
$500,000
·
Stock Account
$2,500,000
·
403(b) Account
$1,500,000
·
Lexus
$120,000
Janice and Jacob have a personal loan account (Joint) with a
balance of $100,000.
They estimate that funeral expenses would run approximately
$25,000 (each).
They have a mortgage on their residence in the amount of
$2,000,000.
Five years ago, Jacob purchased a VUL policy with a Death
Benefit of $5,000,000.
Two years ago, Janice purchased a UL policy with a Death
Benefit of $2,500,000.
Each named their spouse as the primary beneficiary.
8.
What is the value of Jacob’s gross estate? In his adjusted gross
estate? Show how you have treated each asset and what you
have included in his estate.
9.
What is the value of Janice’s gross estate?
In her adjusted gross estate? Show how you have treated each
asset and what you have included in his estate.
10. In view of their combined estate values, and knowing
that one of their planning objectives is the reduction of estate
taxes, what are some estate planning techniques you might
recommend to the Jacob and Janice? Provide at least 2 detailed
recommendations. Each is worth up to 10 points. You may
offer 3 additional (but different) recommendations for 10 points
each, if you wish.

More Related Content

Similar to 1.Al made the following gifts this year·$400,000 to his d.docx

Multiple choice Tax QuestionsPeter and Eileen are marrie.docx
Multiple choice Tax QuestionsPeter and Eileen are marrie.docxMultiple choice Tax QuestionsPeter and Eileen are marrie.docx
Multiple choice Tax QuestionsPeter and Eileen are marrie.docx
adelaidefarmer322
 
1- Jacob and Chloe are married and together have AGI of $30-000- They.docx
1- Jacob and Chloe are married and together have AGI of $30-000- They.docx1- Jacob and Chloe are married and together have AGI of $30-000- They.docx
1- Jacob and Chloe are married and together have AGI of $30-000- They.docx
tjames442
 
Jeremy and Alyssa Johnson have been married for five years and do not.pdf
Jeremy and Alyssa Johnson have been married for five years and do not.pdfJeremy and Alyssa Johnson have been married for five years and do not.pdf
Jeremy and Alyssa Johnson have been married for five years and do not.pdf
fakrifoam
 
Peter and Eileen are married and live in a common law state. Peter.docx
Peter and Eileen are married and live in a common law state. Peter.docxPeter and Eileen are married and live in a common law state. Peter.docx
Peter and Eileen are married and live in a common law state. Peter.docx
herbertwilson5999
 
Question 11. John and Mane are married and live in your state..docx
Question 11. John and Mane are married and live in your state..docxQuestion 11. John and Mane are married and live in your state..docx
Question 11. John and Mane are married and live in your state..docx
IRESH3
 
Life Insurance and Business Risk Insurance
Life Insurance and Business Risk InsuranceLife Insurance and Business Risk Insurance
Life Insurance and Business Risk Insurance
Stefan Goodall
 
ACC 456 Education Specialist / snaptutorial.com
 ACC 456 Education Specialist / snaptutorial.com ACC 456 Education Specialist / snaptutorial.com
ACC 456 Education Specialist / snaptutorial.com
stevesonz106
 
Acct 324 week 8 final exam
Acct 324 week 8 final examAcct 324 week 8 final exam
Acct 324 week 8 final exam
niharikaa12
 
Ron and Chelsea Jade have provided the following information for you.docx
Ron and Chelsea Jade have provided the following information for you.docxRon and Chelsea Jade have provided the following information for you.docx
Ron and Chelsea Jade have provided the following information for you.docx
daniely50
 
ACC 547 OUTLET Inspiring Innovation--acc547outlet.com
ACC 547 OUTLET Inspiring Innovation--acc547outlet.comACC 547 OUTLET Inspiring Innovation--acc547outlet.com
ACC 547 OUTLET Inspiring Innovation--acc547outlet.com
williamwordsworth33
 
Acc 565 final exam guide
Acc 565 final exam guideAcc 565 final exam guide
Acc 565 final exam guide
brooktonformore2
 
ACCT 324 Technology levels--snaptutorial.com
ACCT 324 Technology levels--snaptutorial.comACCT 324 Technology levels--snaptutorial.com
ACCT 324 Technology levels--snaptutorial.com
sholingarjosh11
 
Acct 324 Enthusiastic Study / snaptutorial.com
Acct 324 Enthusiastic Study / snaptutorial.comAcct 324 Enthusiastic Study / snaptutorial.com
Acct 324 Enthusiastic Study / snaptutorial.com
GeorgeDixon42
 
ACCT 324 Massive Success / snaptutorial.com
ACCT 324 Massive Success / snaptutorial.com ACCT 324 Massive Success / snaptutorial.com
ACCT 324 Massive Success / snaptutorial.com
santricksapiens18
 
ACCT 324 Success Begins / snaptutorial.com
ACCT 324 Success Begins / snaptutorial.comACCT 324 Success Begins / snaptutorial.com
ACCT 324 Success Begins / snaptutorial.com
Robinsono013
 
Acct 324 final exam
Acct 324 final examAcct 324 final exam
Acct 324 final exam
niharikaa12
 
ACC 547 MASTER Become Exceptional--acc547master.com
ACC 547 MASTER Become Exceptional--acc547master.comACC 547 MASTER Become Exceptional--acc547master.com
ACC 547 MASTER Become Exceptional--acc547master.com
agathachristie64
 
BUSI 354Income Tax Planning, 2nd EditionOption A Exam 1Page .docx
BUSI 354Income Tax Planning, 2nd EditionOption A Exam 1Page .docxBUSI 354Income Tax Planning, 2nd EditionOption A Exam 1Page .docx
BUSI 354Income Tax Planning, 2nd EditionOption A Exam 1Page .docx
RAHUL126667
 
ACC 456 Education Redefined / snaptutorial.com
ACC 456 Education Redefined / snaptutorial.comACC 456 Education Redefined / snaptutorial.com
ACC 456 Education Redefined / snaptutorial.com
McdonaldRyan177
 
ACC 456 Exceptional Education/snaptutorial.com
ACC 456 Exceptional Education/snaptutorial.comACC 456 Exceptional Education/snaptutorial.com
ACC 456 Exceptional Education/snaptutorial.com
McdonaldRyan1
 

Similar to 1.Al made the following gifts this year·$400,000 to his d.docx (20)

Multiple choice Tax QuestionsPeter and Eileen are marrie.docx
Multiple choice Tax QuestionsPeter and Eileen are marrie.docxMultiple choice Tax QuestionsPeter and Eileen are marrie.docx
Multiple choice Tax QuestionsPeter and Eileen are marrie.docx
 
1- Jacob and Chloe are married and together have AGI of $30-000- They.docx
1- Jacob and Chloe are married and together have AGI of $30-000- They.docx1- Jacob and Chloe are married and together have AGI of $30-000- They.docx
1- Jacob and Chloe are married and together have AGI of $30-000- They.docx
 
Jeremy and Alyssa Johnson have been married for five years and do not.pdf
Jeremy and Alyssa Johnson have been married for five years and do not.pdfJeremy and Alyssa Johnson have been married for five years and do not.pdf
Jeremy and Alyssa Johnson have been married for five years and do not.pdf
 
Peter and Eileen are married and live in a common law state. Peter.docx
Peter and Eileen are married and live in a common law state. Peter.docxPeter and Eileen are married and live in a common law state. Peter.docx
Peter and Eileen are married and live in a common law state. Peter.docx
 
Question 11. John and Mane are married and live in your state..docx
Question 11. John and Mane are married and live in your state..docxQuestion 11. John and Mane are married and live in your state..docx
Question 11. John and Mane are married and live in your state..docx
 
Life Insurance and Business Risk Insurance
Life Insurance and Business Risk InsuranceLife Insurance and Business Risk Insurance
Life Insurance and Business Risk Insurance
 
ACC 456 Education Specialist / snaptutorial.com
 ACC 456 Education Specialist / snaptutorial.com ACC 456 Education Specialist / snaptutorial.com
ACC 456 Education Specialist / snaptutorial.com
 
Acct 324 week 8 final exam
Acct 324 week 8 final examAcct 324 week 8 final exam
Acct 324 week 8 final exam
 
Ron and Chelsea Jade have provided the following information for you.docx
Ron and Chelsea Jade have provided the following information for you.docxRon and Chelsea Jade have provided the following information for you.docx
Ron and Chelsea Jade have provided the following information for you.docx
 
ACC 547 OUTLET Inspiring Innovation--acc547outlet.com
ACC 547 OUTLET Inspiring Innovation--acc547outlet.comACC 547 OUTLET Inspiring Innovation--acc547outlet.com
ACC 547 OUTLET Inspiring Innovation--acc547outlet.com
 
Acc 565 final exam guide
Acc 565 final exam guideAcc 565 final exam guide
Acc 565 final exam guide
 
ACCT 324 Technology levels--snaptutorial.com
ACCT 324 Technology levels--snaptutorial.comACCT 324 Technology levels--snaptutorial.com
ACCT 324 Technology levels--snaptutorial.com
 
Acct 324 Enthusiastic Study / snaptutorial.com
Acct 324 Enthusiastic Study / snaptutorial.comAcct 324 Enthusiastic Study / snaptutorial.com
Acct 324 Enthusiastic Study / snaptutorial.com
 
ACCT 324 Massive Success / snaptutorial.com
ACCT 324 Massive Success / snaptutorial.com ACCT 324 Massive Success / snaptutorial.com
ACCT 324 Massive Success / snaptutorial.com
 
ACCT 324 Success Begins / snaptutorial.com
ACCT 324 Success Begins / snaptutorial.comACCT 324 Success Begins / snaptutorial.com
ACCT 324 Success Begins / snaptutorial.com
 
Acct 324 final exam
Acct 324 final examAcct 324 final exam
Acct 324 final exam
 
ACC 547 MASTER Become Exceptional--acc547master.com
ACC 547 MASTER Become Exceptional--acc547master.comACC 547 MASTER Become Exceptional--acc547master.com
ACC 547 MASTER Become Exceptional--acc547master.com
 
BUSI 354Income Tax Planning, 2nd EditionOption A Exam 1Page .docx
BUSI 354Income Tax Planning, 2nd EditionOption A Exam 1Page .docxBUSI 354Income Tax Planning, 2nd EditionOption A Exam 1Page .docx
BUSI 354Income Tax Planning, 2nd EditionOption A Exam 1Page .docx
 
ACC 456 Education Redefined / snaptutorial.com
ACC 456 Education Redefined / snaptutorial.comACC 456 Education Redefined / snaptutorial.com
ACC 456 Education Redefined / snaptutorial.com
 
ACC 456 Exceptional Education/snaptutorial.com
ACC 456 Exceptional Education/snaptutorial.comACC 456 Exceptional Education/snaptutorial.com
ACC 456 Exceptional Education/snaptutorial.com
 

More from elliotkimberlee

1.  One of the basic components of any meta-population model is the .docx
1.  One of the basic components of any meta-population model is the .docx1.  One of the basic components of any meta-population model is the .docx
1.  One of the basic components of any meta-population model is the .docx
elliotkimberlee
 
1.    n,1.What are the principles of ethical decision maki.docx
1.    n,1.What are the principles of ethical decision maki.docx1.    n,1.What are the principles of ethical decision maki.docx
1.    n,1.What are the principles of ethical decision maki.docx
elliotkimberlee
 
1.  Make specific and general discussion comments that define and di.docx
1.  Make specific and general discussion comments that define and di.docx1.  Make specific and general discussion comments that define and di.docx
1.  Make specific and general discussion comments that define and di.docx
elliotkimberlee
 
1.  Describe the basic assertions of the Broken Windows” theory.docx
1.  Describe the basic assertions of the Broken Windows” theory.docx1.  Describe the basic assertions of the Broken Windows” theory.docx
1.  Describe the basic assertions of the Broken Windows” theory.docx
elliotkimberlee
 
1.  Based on the reading (C)Donnelly, Burgess, Simonds, explain how .docx
1.  Based on the reading (C)Donnelly, Burgess, Simonds, explain how .docx1.  Based on the reading (C)Donnelly, Burgess, Simonds, explain how .docx
1.  Based on the reading (C)Donnelly, Burgess, Simonds, explain how .docx
elliotkimberlee
 
1.You must provide a 1-page outline of your paper THE TOPIC .docx
1.You must provide a 1-page outline of your paper THE TOPIC .docx1.You must provide a 1-page outline of your paper THE TOPIC .docx
1.You must provide a 1-page outline of your paper THE TOPIC .docx
elliotkimberlee
 
1.Your textbook discusses the return of the repressed in moder.docx
1.Your textbook discusses the return of the repressed in moder.docx1.Your textbook discusses the return of the repressed in moder.docx
1.Your textbook discusses the return of the repressed in moder.docx
elliotkimberlee
 
1.  What does this pattern indicate  What matches up and defines th.docx
1.  What does this pattern indicate  What matches up and defines th.docx1.  What does this pattern indicate  What matches up and defines th.docx
1.  What does this pattern indicate  What matches up and defines th.docx
elliotkimberlee
 
1.  What is the impact of Centers for Medicare and Medicaid Services.docx
1.  What is the impact of Centers for Medicare and Medicaid Services.docx1.  What is the impact of Centers for Medicare and Medicaid Services.docx
1.  What is the impact of Centers for Medicare and Medicaid Services.docx
elliotkimberlee
 
1.Write a one page paper about the future of nursing. Includ.docx
1.Write a one page paper about the future of nursing. Includ.docx1.Write a one page paper about the future of nursing. Includ.docx
1.Write a one page paper about the future of nursing. Includ.docx
elliotkimberlee
 
1.  Nora lies to her boss.  So, she lies to everyone2.  Alex must .docx
1.  Nora lies to her boss.  So, she lies to everyone2.  Alex must .docx1.  Nora lies to her boss.  So, she lies to everyone2.  Alex must .docx
1.  Nora lies to her boss.  So, she lies to everyone2.  Alex must .docx
elliotkimberlee
 
1.[removed]Political frame[removed.docx
1.[removed]Political frame[removed.docx1.[removed]Political frame[removed.docx
1.[removed]Political frame[removed.docx
elliotkimberlee
 
1.[removed]empowerment.[removed].docx
1.[removed]empowerment.[removed].docx1.[removed]empowerment.[removed].docx
1.[removed]empowerment.[removed].docx
elliotkimberlee
 
1.Which of the following is considered a hybrid organizational for.docx
1.Which of the following is considered a hybrid organizational for.docx1.Which of the following is considered a hybrid organizational for.docx
1.Which of the following is considered a hybrid organizational for.docx
elliotkimberlee
 
1.why do some theologians refer to Judaism, Christianity, and Islam .docx
1.why do some theologians refer to Judaism, Christianity, and Islam .docx1.why do some theologians refer to Judaism, Christianity, and Islam .docx
1.why do some theologians refer to Judaism, Christianity, and Islam .docx
elliotkimberlee
 
1.When should you use a factorial ANOVA rather than a simple A.docx
1.When should you use a factorial ANOVA rather than a simple A.docx1.When should you use a factorial ANOVA rather than a simple A.docx
1.When should you use a factorial ANOVA rather than a simple A.docx
elliotkimberlee
 
1.What processes do MNCs need to establish in order to reduce .docx
1.What processes do MNCs need to establish in order to reduce .docx1.What processes do MNCs need to establish in order to reduce .docx
1.What processes do MNCs need to establish in order to reduce .docx
elliotkimberlee
 
1.What is the main difference between the 3rd Internet revo.docx
1.What is the main difference between the 3rd Internet revo.docx1.What is the main difference between the 3rd Internet revo.docx
1.What is the main difference between the 3rd Internet revo.docx
elliotkimberlee
 
1.Watch Programs 2 and 3. Heres a link to the descriptions of.docx
1.Watch Programs 2 and 3. Heres a link to the descriptions of.docx1.Watch Programs 2 and 3. Heres a link to the descriptions of.docx
1.Watch Programs 2 and 3. Heres a link to the descriptions of.docx
elliotkimberlee
 
1.We have discussed many times the distinctions between fina.docx
1.We have discussed many times the distinctions between fina.docx1.We have discussed many times the distinctions between fina.docx
1.We have discussed many times the distinctions between fina.docx
elliotkimberlee
 

More from elliotkimberlee (20)

1.  One of the basic components of any meta-population model is the .docx
1.  One of the basic components of any meta-population model is the .docx1.  One of the basic components of any meta-population model is the .docx
1.  One of the basic components of any meta-population model is the .docx
 
1.    n,1.What are the principles of ethical decision maki.docx
1.    n,1.What are the principles of ethical decision maki.docx1.    n,1.What are the principles of ethical decision maki.docx
1.    n,1.What are the principles of ethical decision maki.docx
 
1.  Make specific and general discussion comments that define and di.docx
1.  Make specific and general discussion comments that define and di.docx1.  Make specific and general discussion comments that define and di.docx
1.  Make specific and general discussion comments that define and di.docx
 
1.  Describe the basic assertions of the Broken Windows” theory.docx
1.  Describe the basic assertions of the Broken Windows” theory.docx1.  Describe the basic assertions of the Broken Windows” theory.docx
1.  Describe the basic assertions of the Broken Windows” theory.docx
 
1.  Based on the reading (C)Donnelly, Burgess, Simonds, explain how .docx
1.  Based on the reading (C)Donnelly, Burgess, Simonds, explain how .docx1.  Based on the reading (C)Donnelly, Burgess, Simonds, explain how .docx
1.  Based on the reading (C)Donnelly, Burgess, Simonds, explain how .docx
 
1.You must provide a 1-page outline of your paper THE TOPIC .docx
1.You must provide a 1-page outline of your paper THE TOPIC .docx1.You must provide a 1-page outline of your paper THE TOPIC .docx
1.You must provide a 1-page outline of your paper THE TOPIC .docx
 
1.Your textbook discusses the return of the repressed in moder.docx
1.Your textbook discusses the return of the repressed in moder.docx1.Your textbook discusses the return of the repressed in moder.docx
1.Your textbook discusses the return of the repressed in moder.docx
 
1.  What does this pattern indicate  What matches up and defines th.docx
1.  What does this pattern indicate  What matches up and defines th.docx1.  What does this pattern indicate  What matches up and defines th.docx
1.  What does this pattern indicate  What matches up and defines th.docx
 
1.  What is the impact of Centers for Medicare and Medicaid Services.docx
1.  What is the impact of Centers for Medicare and Medicaid Services.docx1.  What is the impact of Centers for Medicare and Medicaid Services.docx
1.  What is the impact of Centers for Medicare and Medicaid Services.docx
 
1.Write a one page paper about the future of nursing. Includ.docx
1.Write a one page paper about the future of nursing. Includ.docx1.Write a one page paper about the future of nursing. Includ.docx
1.Write a one page paper about the future of nursing. Includ.docx
 
1.  Nora lies to her boss.  So, she lies to everyone2.  Alex must .docx
1.  Nora lies to her boss.  So, she lies to everyone2.  Alex must .docx1.  Nora lies to her boss.  So, she lies to everyone2.  Alex must .docx
1.  Nora lies to her boss.  So, she lies to everyone2.  Alex must .docx
 
1.[removed]Political frame[removed.docx
1.[removed]Political frame[removed.docx1.[removed]Political frame[removed.docx
1.[removed]Political frame[removed.docx
 
1.[removed]empowerment.[removed].docx
1.[removed]empowerment.[removed].docx1.[removed]empowerment.[removed].docx
1.[removed]empowerment.[removed].docx
 
1.Which of the following is considered a hybrid organizational for.docx
1.Which of the following is considered a hybrid organizational for.docx1.Which of the following is considered a hybrid organizational for.docx
1.Which of the following is considered a hybrid organizational for.docx
 
1.why do some theologians refer to Judaism, Christianity, and Islam .docx
1.why do some theologians refer to Judaism, Christianity, and Islam .docx1.why do some theologians refer to Judaism, Christianity, and Islam .docx
1.why do some theologians refer to Judaism, Christianity, and Islam .docx
 
1.When should you use a factorial ANOVA rather than a simple A.docx
1.When should you use a factorial ANOVA rather than a simple A.docx1.When should you use a factorial ANOVA rather than a simple A.docx
1.When should you use a factorial ANOVA rather than a simple A.docx
 
1.What processes do MNCs need to establish in order to reduce .docx
1.What processes do MNCs need to establish in order to reduce .docx1.What processes do MNCs need to establish in order to reduce .docx
1.What processes do MNCs need to establish in order to reduce .docx
 
1.What is the main difference between the 3rd Internet revo.docx
1.What is the main difference between the 3rd Internet revo.docx1.What is the main difference between the 3rd Internet revo.docx
1.What is the main difference between the 3rd Internet revo.docx
 
1.Watch Programs 2 and 3. Heres a link to the descriptions of.docx
1.Watch Programs 2 and 3. Heres a link to the descriptions of.docx1.Watch Programs 2 and 3. Heres a link to the descriptions of.docx
1.Watch Programs 2 and 3. Heres a link to the descriptions of.docx
 
1.We have discussed many times the distinctions between fina.docx
1.We have discussed many times the distinctions between fina.docx1.We have discussed many times the distinctions between fina.docx
1.We have discussed many times the distinctions between fina.docx
 

Recently uploaded

C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptxC1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
mulvey2
 
Pride Month Slides 2024 David Douglas School District
Pride Month Slides 2024 David Douglas School DistrictPride Month Slides 2024 David Douglas School District
Pride Month Slides 2024 David Douglas School District
David Douglas School District
 
DRUGS AND ITS classification slide share
DRUGS AND ITS classification slide shareDRUGS AND ITS classification slide share
DRUGS AND ITS classification slide share
taiba qazi
 
World environment day ppt For 5 June 2024
World environment day ppt For 5 June 2024World environment day ppt For 5 June 2024
World environment day ppt For 5 June 2024
ak6969907
 
Introduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp NetworkIntroduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp Network
TechSoup
 
Executive Directors Chat Leveraging AI for Diversity, Equity, and Inclusion
Executive Directors Chat  Leveraging AI for Diversity, Equity, and InclusionExecutive Directors Chat  Leveraging AI for Diversity, Equity, and Inclusion
Executive Directors Chat Leveraging AI for Diversity, Equity, and Inclusion
TechSoup
 
Liberal Approach to the Study of Indian Politics.pdf
Liberal Approach to the Study of Indian Politics.pdfLiberal Approach to the Study of Indian Politics.pdf
Liberal Approach to the Study of Indian Politics.pdf
WaniBasim
 
The basics of sentences session 5pptx.pptx
The basics of sentences session 5pptx.pptxThe basics of sentences session 5pptx.pptx
The basics of sentences session 5pptx.pptx
heathfieldcps1
 
Chapter 4 - Islamic Financial Institutions in Malaysia.pptx
Chapter 4 - Islamic Financial Institutions in Malaysia.pptxChapter 4 - Islamic Financial Institutions in Malaysia.pptx
Chapter 4 - Islamic Financial Institutions in Malaysia.pptx
Mohd Adib Abd Muin, Senior Lecturer at Universiti Utara Malaysia
 
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
Nguyen Thanh Tu Collection
 
A Independência da América Espanhola LAPBOOK.pdf
A Independência da América Espanhola LAPBOOK.pdfA Independência da América Espanhola LAPBOOK.pdf
A Independência da América Espanhola LAPBOOK.pdf
Jean Carlos Nunes Paixão
 
The Diamonds of 2023-2024 in the IGRA collection
The Diamonds of 2023-2024 in the IGRA collectionThe Diamonds of 2023-2024 in the IGRA collection
The Diamonds of 2023-2024 in the IGRA collection
Israel Genealogy Research Association
 
Digital Artifact 1 - 10VCD Environments Unit
Digital Artifact 1 - 10VCD Environments UnitDigital Artifact 1 - 10VCD Environments Unit
Digital Artifact 1 - 10VCD Environments Unit
chanes7
 
Types of Herbal Cosmetics its standardization.
Types of Herbal Cosmetics its standardization.Types of Herbal Cosmetics its standardization.
Types of Herbal Cosmetics its standardization.
Ashokrao Mane college of Pharmacy Peth-Vadgaon
 
Pollock and Snow "DEIA in the Scholarly Landscape, Session One: Setting Expec...
Pollock and Snow "DEIA in the Scholarly Landscape, Session One: Setting Expec...Pollock and Snow "DEIA in the Scholarly Landscape, Session One: Setting Expec...
Pollock and Snow "DEIA in the Scholarly Landscape, Session One: Setting Expec...
National Information Standards Organization (NISO)
 
Advanced Java[Extra Concepts, Not Difficult].docx
Advanced Java[Extra Concepts, Not Difficult].docxAdvanced Java[Extra Concepts, Not Difficult].docx
Advanced Java[Extra Concepts, Not Difficult].docx
adhitya5119
 
Life upper-Intermediate B2 Workbook for student
Life upper-Intermediate B2 Workbook for studentLife upper-Intermediate B2 Workbook for student
Life upper-Intermediate B2 Workbook for student
NgcHiNguyn25
 
Azure Interview Questions and Answers PDF By ScholarHat
Azure Interview Questions and Answers PDF By ScholarHatAzure Interview Questions and Answers PDF By ScholarHat
Azure Interview Questions and Answers PDF By ScholarHat
Scholarhat
 
Digital Artefact 1 - Tiny Home Environmental Design
Digital Artefact 1 - Tiny Home Environmental DesignDigital Artefact 1 - Tiny Home Environmental Design
Digital Artefact 1 - Tiny Home Environmental Design
amberjdewit93
 
A Survey of Techniques for Maximizing LLM Performance.pptx
A Survey of Techniques for Maximizing LLM Performance.pptxA Survey of Techniques for Maximizing LLM Performance.pptx
A Survey of Techniques for Maximizing LLM Performance.pptx
thanhdowork
 

Recently uploaded (20)

C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptxC1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
 
Pride Month Slides 2024 David Douglas School District
Pride Month Slides 2024 David Douglas School DistrictPride Month Slides 2024 David Douglas School District
Pride Month Slides 2024 David Douglas School District
 
DRUGS AND ITS classification slide share
DRUGS AND ITS classification slide shareDRUGS AND ITS classification slide share
DRUGS AND ITS classification slide share
 
World environment day ppt For 5 June 2024
World environment day ppt For 5 June 2024World environment day ppt For 5 June 2024
World environment day ppt For 5 June 2024
 
Introduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp NetworkIntroduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp Network
 
Executive Directors Chat Leveraging AI for Diversity, Equity, and Inclusion
Executive Directors Chat  Leveraging AI for Diversity, Equity, and InclusionExecutive Directors Chat  Leveraging AI for Diversity, Equity, and Inclusion
Executive Directors Chat Leveraging AI for Diversity, Equity, and Inclusion
 
Liberal Approach to the Study of Indian Politics.pdf
Liberal Approach to the Study of Indian Politics.pdfLiberal Approach to the Study of Indian Politics.pdf
Liberal Approach to the Study of Indian Politics.pdf
 
The basics of sentences session 5pptx.pptx
The basics of sentences session 5pptx.pptxThe basics of sentences session 5pptx.pptx
The basics of sentences session 5pptx.pptx
 
Chapter 4 - Islamic Financial Institutions in Malaysia.pptx
Chapter 4 - Islamic Financial Institutions in Malaysia.pptxChapter 4 - Islamic Financial Institutions in Malaysia.pptx
Chapter 4 - Islamic Financial Institutions in Malaysia.pptx
 
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
 
A Independência da América Espanhola LAPBOOK.pdf
A Independência da América Espanhola LAPBOOK.pdfA Independência da América Espanhola LAPBOOK.pdf
A Independência da América Espanhola LAPBOOK.pdf
 
The Diamonds of 2023-2024 in the IGRA collection
The Diamonds of 2023-2024 in the IGRA collectionThe Diamonds of 2023-2024 in the IGRA collection
The Diamonds of 2023-2024 in the IGRA collection
 
Digital Artifact 1 - 10VCD Environments Unit
Digital Artifact 1 - 10VCD Environments UnitDigital Artifact 1 - 10VCD Environments Unit
Digital Artifact 1 - 10VCD Environments Unit
 
Types of Herbal Cosmetics its standardization.
Types of Herbal Cosmetics its standardization.Types of Herbal Cosmetics its standardization.
Types of Herbal Cosmetics its standardization.
 
Pollock and Snow "DEIA in the Scholarly Landscape, Session One: Setting Expec...
Pollock and Snow "DEIA in the Scholarly Landscape, Session One: Setting Expec...Pollock and Snow "DEIA in the Scholarly Landscape, Session One: Setting Expec...
Pollock and Snow "DEIA in the Scholarly Landscape, Session One: Setting Expec...
 
Advanced Java[Extra Concepts, Not Difficult].docx
Advanced Java[Extra Concepts, Not Difficult].docxAdvanced Java[Extra Concepts, Not Difficult].docx
Advanced Java[Extra Concepts, Not Difficult].docx
 
Life upper-Intermediate B2 Workbook for student
Life upper-Intermediate B2 Workbook for studentLife upper-Intermediate B2 Workbook for student
Life upper-Intermediate B2 Workbook for student
 
Azure Interview Questions and Answers PDF By ScholarHat
Azure Interview Questions and Answers PDF By ScholarHatAzure Interview Questions and Answers PDF By ScholarHat
Azure Interview Questions and Answers PDF By ScholarHat
 
Digital Artefact 1 - Tiny Home Environmental Design
Digital Artefact 1 - Tiny Home Environmental DesignDigital Artefact 1 - Tiny Home Environmental Design
Digital Artefact 1 - Tiny Home Environmental Design
 
A Survey of Techniques for Maximizing LLM Performance.pptx
A Survey of Techniques for Maximizing LLM Performance.pptxA Survey of Techniques for Maximizing LLM Performance.pptx
A Survey of Techniques for Maximizing LLM Performance.pptx
 

1.Al made the following gifts this year·$400,000 to his d.docx

  • 1. 1. Al made the following gifts this year: · $400,000 to his daughter · $200,000 to his son · $50,000 to his grandson · $20,000 to City University. Assume the tax rates for 2013 are in effect. Compute Al’s taxable gifts. Show your work. 2. Al’s wife, Maria, has agreed to split the gifts (above). Compute the taxable gift for each. Show your work. 3. Ten years ago, Clyde and his wife, Bonnie, purchased 100 shares of GE stock for $10,000, holding it as JTWROS.
  • 2. Clyde paid for the stock entirely from his savings account. Clyde died last year when the stock was worth $100,000. How much will be included in Clyde’s estate? Show your work. 4. Ten years ago, John purchased 100 shares of JNJ stock for $10,000, titling it JTWROS with his brother, Robert. John paid $6,000 for the stock and Robert paid $4,000. Robert died last year when the stock was worth $100,000. How much will be included in Robert’s estate? Show your work. 5. Alice, Betty, and Candy are cousins. They decided to form an investment club. Each contributed $5,000 and the club purchased IBM stock. Alice died last year. At the time of her death, the stock had doubled in value. How much will be included in her estate?
  • 3. Show your work. 6. Ten years ago, Amanda created an irrevocable trust and funded it with $500,000. Amanda died last year. Assuming she made no other taxable gifts, how much is in her gross estate? Show your work. 7. Two years ago, Anthony created an irrevocable trust and transferred in his life insurance policy that had a death benefit of $3,000,000. The trust was named the owner and beneficiary. Anthony died last year. Assuming he made no other taxable gifts, how much is in his gross estate? Show your work. 8. - 10. Janice and Jacob are a married couple who have come to you for financial and estate planning. Their primary goal is to minimize estate and gift taxes. Their children are married and doing well so their main concern
  • 4. is to maintain their lifestyle regardless of which of them passes first. They love their Uncle Sam but would like to disinherit him if at all possible. Janice and Jacob own the following assets together: (You may assume that they do not live in a community property state.) · Checking Account $110,000 · Savings Account $100,000 · Municipal Bonds $200,000 · Primary Residence $7,000,000 · Vacation Home $4,940,000
  • 5. Jacob owns the following assets in his own name: · IRA Account $2,000,000 · Mutual Fund Accounts $1,500,000 · 401(k) Account $1,500,000 · Little Red Corvette $100,000 Janice owns the following assets in her own name: · Credit Union Account $500,000 · Stock Account
  • 6. $2,500,000 · 403(b) Account $1,500,000 · Lexus $120,000 Janice and Jacob have a personal loan account (Joint) with a balance of $100,000. They estimate that funeral expenses would run approximately $25,000 (each). They have a mortgage on their residence in the amount of $2,000,000. Five years ago, Jacob purchased a VUL policy with a Death Benefit of $5,000,000. Two years ago, Janice purchased a UL policy with a Death Benefit of $2,500,000. Each named their spouse as the primary beneficiary. 8. What is the value of Jacob’s gross estate? In his adjusted gross estate? Show how you have treated each asset and what you
  • 7. have included in his estate. 9. What is the value of Janice’s gross estate? In her adjusted gross estate? Show how you have treated each asset and what you have included in his estate. 10. In view of their combined estate values, and knowing that one of their planning objectives is the reduction of estate taxes, what are some estate planning techniques you might recommend to the Jacob and Janice? Provide at least 2 detailed recommendations. Each is worth up to 10 points. You may offer 3 additional (but different) recommendations for 10 points each, if you wish.