ZuoTi.Pro
Question

a taxpayer dies leaving stock to his wife in a QTIP trust. The Executor of the...

a taxpayer dies leaving stock to his wife in a QTIP trust. The Executor of the estate makes a QTIP election. When the wife dies where on her form 706 will this 2044 property will be included. On what schedule?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Hi

Solution: Answer: Schedule F, on her fom 706. Explanation: It is standardized that, 2044 property will be reported on Schedule F, on form 706. Section 2044 properties are those properties for which a previous section 2056 b7 election (QTIP) has been made or for which a similar gift tax election has been made.

0 0
Add a comment
Know the answer?
Add Answer to:
a taxpayer dies leaving stock to his wife in a QTIP trust. The Executor of the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Your client's wife died in the current year with a gross estate valued at $1.5 million,...

    Your client's wife died in the current year with a gross estate valued at $1.5 million, which included two solely owned apartment buildings, each valued at $400,000. Debts and expenses payable by her estate are estimated at $250,000. During the past three years, she gave most of the rents from the apartment buildings directly to her son's university to pay for his graduate school tuition. She and your client owned a personal residence worth $400,000 as joint tenants with right...

  • Mr pink died testate. in his will he named his son pink Jr as executor of...

    Mr pink died testate. in his will he named his son pink Jr as executor of his estate after his son declines to serve his friend Mr orange agrees to serve as executor and the court was so appointed by the court. all of Mr pinks property has been distribute to his wife who is the personal representative for purposes of filing form 706 s

  • Sam died with a gross estate equal to $3,000,000. In his will, Sam provided for the...

    Sam died with a gross estate equal to $3,000,000. In his will, Sam provided for the following outright transfers: $1,000,000 to his wife; $1,000,000 to his daughter; and $1,000,000 to charity. What is Sam's taxable estate for estate tax purposes? $3,000,000 $1,000,000 $0.00 $2,000,000 John Jones died at a time when his closely held business was valued at $3,500,000. His gross estate was $7,500,000. Administrative costs, debts and expenses totalled $500,000. Federal estate taxes totalled $1,250,000. The amount of taxes...

  • Donald established an irrevocable trust on May 10, 2013. The trust named his wife, Melinda, as...

    Donald established an irrevocable trust on May 10, 2013. The trust named his wife, Melinda, as trustee and named his daughter, Daisy, as backup trustee. The trust instrument contained the following key provisions: This trust is irrevocable. To the extent allowed by law, the assets in this trust shall not be subject to the beneficiaries’ liabilities or creditors and shall not be subject to assignment or anticipation by any beneficiary. During the lifetime of the grantor, the trustee may, in...

  • Question 1 Which of the following is true concerning Crummey powers. Allows a gift to qualify...

    Question 1 Which of the following is true concerning Crummey powers. Allows a gift to qualify for the annual exclusion. Typically found within revocable trusts. Is a provision found within an irrevocable life insurance trust. Question 1 options: A - I and II B - II only C - I and III D - III only Question 2 Which of the following is not true with respect to a net gift? A - The gross amount of the gift is...

  • Jamie inherits stock (a capital asset) from his brother, who died in March of 2017, when...

    Jamie inherits stock (a capital asset) from his brother, who died in March of 2017, when the property had a $7.3 million FMV. This property is the only property included in his brother's gross estate and there isa taxable estate. The FMV of the property as of the alternate valuation date was $6.8 million. Read the requirements. Requirement a. Why might the executor of the brothers estate elect to use the alternate valuation date to value the property? (Enter your...

  • 6 Question 29 of 75. Frank Palmer died festate. In his will he named his son,...

    6 Question 29 of 75. Frank Palmer died festate. In his will he named his son, Frank, Jr., as executor of his estate. After his son declined to serve, his friend, Mr. Owens, agreed to serve as executor, and was so appointed by the court. All of Mr. Palmer's property has been distributed to his wife, Myra Palmer. Who is tve personal representative for purposes of filing Form 7067 O Frank, Jr O Mr. Owens Question 33 of 75. Which...

  • Question 33 of 75. Which of the following can be taken into account when valuing publicly-traded...

    Question 33 of 75. Which of the following can be taken into account when valuing publicly-traded stock? Ex-dividends. O Restrictions on the stock. O Blockage discount O All of the above. Mark for follow up Wuuston 34 of 75. Alex died holding a general power of appointment over the assets of a trust. On what schedule on Form 706 is the value of the interest rep O Schedule E O Schedule F. O Schedule H. It is not included in...

  • TAXATION

    May, age 84, died Sept. 19, 2019. At the time of her death, she owned, completely or partially, the following assets:Her late husband, John, had established a trust with being an income beneficiary and their two children receiving a remainder interests. The executor of John’s estate made the QTIP election. At the time of her death, the value of the trust was $7.5 million.May owned three insurance policies – one on her life and one on the life of each...

  • Taxpayer Information Name: Bryan Jones Capital Gains Bryan had the following stock transactions in 2017: He...

    Taxpayer Information Name: Bryan Jones Capital Gains Bryan had the following stock transactions in 2017: He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2016, which he purchased on April 1, 2014 for 25,000. In addition, he sold 750 shares of Velocity Inc. for $10,000 on September 1, 2016, which he purchased on December 1, 2015 for $5,000. Rental Real Estate Bryan owns a rent house which he purchased on July 1, 2014. The income and...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
Active Questions
ADVERTISEMENT