Ruth ames died on january 10 2012 in filing the estate tax

Assignment Help Accounting Basics

Reference no: EM13610283

Ruth Ames died on January 10, 2012. In filing the estate tax return, her executor, Melvis Sims, elects the primary valuation date and amount (fair market value on the date of death). On March 12, 2012, Melvin invests $30,000 of cash that Ruth had in her money market account in acquiring 1,000 shares of Orange, Inc. ($30 per share). On January 10, 2012, Orange was selling for $29 per share. The stock is distributed to a beneficiary, Annette Rust, on June 1, 2012, when it is selling for $33 per share. Melvin wants you to determine the amount at which the Orange shares should appear on the estate tax return and the amount of Annette's adjusted basis for the stock. Prepare a memo for the tax files (responding to this inquiry)

Reference no: EM13610283

Questions Cloud

Although uncertainty surrounds any future event your : you have been given the opportunity to invest 1000 on january 1 2010. although uncertainty surrounds any future event

The length of the bar is 108 m its cross-sectional area is : a long slender bar is made from an unknown material. the length of the bar is 1.08 m its cross-sectional area is 1.23

A hollow conducting sphere with an outer radius of 0240 m : a hollow conducting sphere with an outer radius of 0.240 m and an inner radius of 0.203 m has a uniform surface charge

Analyze the environment processes and procedures at your : analyze the environment processes and procedures at your work or school to determine which aspects can be controlled

Ruth ames died on january 10 2012 in filing the estate tax : ruth ames died on january 10 2012. in filing the estate tax return her executor melvis sims elects the primary

A soccer player kicks a rock horizontally off a 380-m-high : a soccer player kicks a rock horizontally off a 38.0-m-high cliff into a pool of water. if the player hears the sound

Last year 2011 solomon condos installed a mechanized : last year 2011 solomon condos installed a mechanized elevator for its tenants. the owner of the company sam solomon

A diver springs upward with an initial speed of 265 ms from : a diver springs upward with an initial speed of 2.65 ms from a 3.0-m board.a find the velocity with which he strikes

Greg jones lives in new york city and has the opportunity : greg jones lives in new york city and has the opportunity to rent his condominium during the 2010 olympic games. he has

User Account

All Pages