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linda_us
linda_us, Master's Degree
Category: Multiple Problems
Satisfied Customers: 1402
Experience:  A tutor for Business, Finance, Accounts and other related topics.
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1. transfers investment securities worth $200,000 with a tax

Customer Question

1. George transfers investment securities worth $200,000 with a tax basis of $130,000 to a trust, naming himself as trustee. The terms of the trust agreement require the trustee to pay all dividends and interest to George’s brother, Mark. George has the right to revoke the trust at any time and take back title to the securities. During the trust’s first year, George, as trustee, distributes $20,000 in dividends and $10,000 interest from the securities to Mark. None of the income was tax exempt.
a. How much gross income does Mark recognize from the payments?
b. How much gross income does George recognize from the above?
2. Mary is John’s surviving spouse. He used $450,000 of his gift and estate tax exclusion for his lifetime gifts and his estate used $2,300,000 of his estate tax exclusion in closing his estate. What is Mary’s estate tax exclusion when she dies if she and John elected to gift split on all taxable gifts.
Submitted: 1 year ago.
Category: Multiple Problems
Expert:  Manal Elkhoshkhany replied 1 year ago.

Hello,

I can help with those. Please advise your deadline. Also, please note that Just Answer has recently introduced a new “Additional Service” where I can help you through email. Since this is an additional service, it involves an additional charge (since I agree with your offer, I can charge you the lowest possible charge for email help - $5). If interested, I can make you an offer. Please advise.

Thank you

Customer: replied 1 year ago.
I need in 2 hrs.
Expert:  Manal Elkhoshkhany replied 1 year ago.

Ok, would you want help by email?

Also, one last question, please advise the name of the book you are using: Title, author's name, and edition.

Thank you

Customer: replied 1 year ago.
Wiley University and no book. You can talk to me on here.
Expert:  Manal Elkhoshkhany replied 1 year ago.

ok sure :)

Working on the questions

Expert:  Manal Elkhoshkhany replied 1 year ago.

I cannot figure out the second problem, need to take a short break so I will opt out from answering the post since your deadline is very close. If another expert could help, they would post a reply

Sorry about that

Expert:  Manal Elkhoshkhany replied 1 year ago.

Hello again,

I was able to figure out the second problem, if you still need the solutions, please advise

Thank you

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