Solved by verified expert :2423. CHAPTER
19—FAMILY TAX PLANNING Question ES #22
In making a choice as to which assets to use in carrying out a program of
lifetime giving, comment on the use of each of the following assets.
a.
Assets that have declined in value.
b.
Land that has appreciated in value.
c.
Life insurance policies.
d.
Out-of-state realty.
2424. CHAPTER
19—FAMILY TAX PLANNING Question ES #23
Describe the various tax advantages that are available from donating a
conservation easement to charity.
.
2425. CHAPTER
19—FAMILY TAX PLANNING Question ES #24
What is the rationale for the deferral
and the equalization approaches to
the marital deduction?
2426. CHAPTER
19—FAMILY TAX PLANNING Question ES #25
Brooke wants to donate a parcel of land (basis of $50,000; fair market value of
$200,000) to her church, which it plans to use for a new parsonage. However,
since Brooke wants to recover her capital investment, she plans to sell the
property to the church for $50,000. Comment on the tax consequences of this
proposed sale.
2427. CHAPTER
19—FAMILY TAX PLANNING Question ES #26
How can a disclaimer by an heir increase the charitable deduction allowed a
decedent? Is such a disclaimer always wise? Explain.
.
2428. CHAPTER
19—FAMILY TAX PLANNING Question ES #27
In each of the following independent
situations, describe the effect of the disclaimer procedure on Ray’s taxable estate. In this regard, advise
as to how much should be disclaimed, by whom, and whether a disclaimer should
be made, for the death in 2011.
a.
Ray’s will leaves $6,000,000 to his adult son and the
remainder ($500,000) to Amy (Ray’s surviving wife).
b.
Ray’s will leaves $7,000,000 to Amy (Ray’s surviving wife) and
the remainder ($3,000,000) to his adult son.
c.
Ray’s will leaves $6,000,000 to Amy (Ray’s surviving spouse)
and the remainder ($500,000) to a qualified charity.
2429. CHAPTER
19—FAMILY TAX PLANNING Question ES #28
What are the advantages of § 6166 (extension of time when the estate consists
largely of an interest in a closely held business)?
.
2430. CHAPTER
19—FAMILY TAX PLANNING Question ES #29
In planning for the use of § 6166, what are several steps that can be taken to
aid the owner of a small business while he or she is alive? In this connection
consider the following.
a.
The number of owners and the amount of ownership in the
business.
b.
The nonqualifying assets held by the owner.
c.
Aggregation of qualifying interest.
