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1. Kalpan University AC 561 Unit 1 Homework
Exercises NEW
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Problem 41, Gift Tax Liability
Problem 51, Commercial Annuity
Problem 52, Aiden's Gross estate at his death
Problem 59, Grace's tax liability from taxable
gift
Problem 61, Loretta's taxable gift to
granddaughter transfer tax liability in 2013

2. Kalpan University AC 561 Unit 2 Homework
Exercises NEW
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Assignment 2.8 (pg. 42); Assignment 2.9 (pg.
43); Assignment 2.12 (pg. 50); Assignment
2.14 (pg. 54); Assignment 2.20 (pg. 68)

3. Kalpan University AC 561 Unit 3 Homework
Exercises NEW
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LO.1 Barry creates a trust with property
valued at $7 million. Under the terms of the
trust instrument, Michelle (age 48) receives a
life estate, while Terry (age 24) receives the
remainder interest. In the month the trust is
created, the interest rate is 4.4%. Determine
the value of Barry's gifts. (Jr. 19-35-19-36)
LO.4 Jacob gives stock (basis of $900,000 and
fair market value of $2.2 million) to Mandy. As
a result of the transfer in 2013, Jacob paid a
gift tax of $90,000. Determine Mandy's gain or

4. loss if she later sells the stock for $2.3 million.
(Jr. 19-36)
LO.5 Bill and Ellen are husband and wife with
five married children and eight
grandchildren. Commencing in December
2013, they would like to transfer a tract of
land (worth $1,008,000) equally to their
children (including spouses) and
grandchildren as quickly as possible without
making a taxable gift. What do you suggest?
(Jr. 19-37)
LO.6 Last year Christian sold a tract of land
(basis of $1 million) to Kate (an unrelated
party) for $4 million, with a cash down
payment of $1 million and notes for the
balance. The notes carry a 7.5% rate of
interest and mature annually at $1 million
each over three years. (Christian did not elect
out of the installment method.) Before any of
the notes mature and when they have a fair
market value of $2.8 million, Christian gives
them to Grace.
LO.8 In each of the following independent

5. situations, what bypass (exclusion) amount is
available to Ava's estate when she dies in
2013? Assume that any appropriate
procedures are followed, and that elections
are made to transfer to Ava any DSUE amount
of Al, her deceased husband.

6. Kalpan University AC 561 Unit 5 Homework
Exercises NEW
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Chapter 20: Problems 22, 23, 25, 31, 35
(beginning on pages 20-37)