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Singh, a qualified appraiser of fine art and other collectibles, was advising Colleen when she was determining the amount of the charitable contribution deduction for a gift of sculpture to a museum. Singh sanctioned a $900,000 appraisal, even though he knew the...

The Eggers Corporation filed an amended Form 1120, claiming an additional $400,000 deduction for payments to a contractor for a prior tax year. The amended return was based on the entity’s interpretation of a Regulation that defined deductible advance payment...

Your firm is preparing the Form 1040 of Norah McGinty, a resident, like you, of Oklahoma. You have contracted for the last three filing seasons with a firm in India, Tax Express Bangalore, to prepare initial drafts of tax returns using tax software that you provide to...

In each of the following independent situations, indicate whether the alternate valuation date can be elected. Explain why or why not. Assume that all deaths occur in 2012.   Value of Gross Estate Estate Tax Liability Decedent Date ofDeath Six MonthsLater Date...

Carl made the following transfers during 2012. • Transferred $900,000 in cash and securities to a revocable trust, life estate to himself and remainder interest to his three adult children by a former wife. • In consideration of their upcoming marriage, gave Lindsey...

Before her death in early 2012, Katie made the following transfers. • In 2008, purchased stock in Green Corporation for $200,000, listing title as follows: “Katie, payable on proof of death to my son Travis.” Travis survives Katie, and the stock is worth $300,000 when...

In each of the independent situations below, determine the transfer tax (i.e., estate and gift) consequences of what has occurred. (In all cases, assume that Gene and Mary are married and that Ashley is their daughter.) a. Mary purchases an insurance policy on Gene’s...

While vacationing in Florida in November 2012, Sally was seriously injured in an automobile accident (she died several days later). How are the following transactions handled for tax purposes? a. Bruce, Sally’s son and executor, incurred $6,200 in travel expenses in...

In each of the following independent situations, determine the gift tax that was due and the decedent’s final estate tax liability (net of any unified tax credit).   Decedent   Joseph Brandi Caden Year of death 2002 2005 2012 Taxable estate $1,000,000...