Joyce died in 2020 with an Adjusted Gross Estate of $5,600,000. Joyce's Gross Estate included eighty...
Joyce died in 2020 with an Adjusted Gross Estate of $5,600,000. Joyce's Gross Estate included eighty percent (80%) of the stock of Oakhurst Corporation valued at $1,980,000. Joyce had purchased the stock in Oakhurst Corporation in 1996 for $120,000. The Death Taxes and Funeral Expenses and Administrative Expenses for Joyce's estate totaled $425,000. The executor of Joyce's estate redeemed $500,000 of the stock Joyceowned in Oakhurst Corporation. As a result of this transaction, Joyce's estate has a Taxable Dividend Income of: (Assume that Joyce's estate does not qualify for any Redemption under Section 302(b) and OakhurstCorporation has substantial Earnings And Profits (E&P))
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$500,000. |
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$ -0-. |
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$425,000. |
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$ 75,000. |
Homework Answers
Ans-
First option is correct that is $ 500,000.
A option is correct according to me.
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Joyce died in 2020 with an Adjusted Gross Estate of $5,600,000.
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