What are the estate tax consequences

Assignment Help Business Management

Reference no: EM13971405

Taxpayer had an insurance policy on Taxpayer life on which Taxpayer had paid premiums for ten years. The proceeds of the policy are $200,000 and are to be paid to Sibling on Taxpayer death. In the tenth year, Taxpayer conveyed the policy to Sibling, but, unless stated to the contrary, Taxpayer continued to pay the premiums. Taxpayer did not, however, retain any incidents of ownership.

A) What are the estate tax consequences if Taxpayer dies two years after conveyance?

B) What are the estate tax consequences if Taxpayer dies two years after conveyance, but Sibling has paid the post-transfer premiums?

C) What are the estate tax consequences if Taxpayer dies four years after conveyance?

D) What are the estate tax consequences if Taxpayer dies four years after conveyance, but Sibling has paid the post-transfer premiums?

E) What are the estate tax consequences if Sibling took out the policy on Taxpayer life two years prior to Taxpayer death, but Taxpayer paid all of the premiums on the policy?

Reference no: EM13971405

Questions Cloud

As an investor, is paid-in capital more important : As an investor, are basic or diluted earnings per share more important? Explain why.

Evaluate existing or typical methods for researching : Create one (1) method for locating an individual to provide funding. (This method can be a hybrid of multiple methods or a completely new method.) and Evaluate existing or typical methods for researching an individual donor based on the textbook a..

What is the purpose of depreciation : What is the purpose of depreciation? How can goodwill be created? How and why would you account for the impairment of intangible assets?

What is causes of submage arc welding : Is the joining of members together by applying enough melt and fuse the material, results in a number of discontinuities apparent during visual examination.

What are the estate tax consequences : A) What are the estate tax consequences if Taxpayer dies two years after conveyance? B) What are the estate tax consequences if Taxpayer dies two years after conveyance, but Sibling has paid the post-transfer premiums?

What was the balance in work in process inventory on january : What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? Balance in Work in Process Inventory on January 1.

Differences between basic and diluted earnings per share : What are some similarities and differences between common stock and preferred stock? As a shareholder, would you want preferred or common stock? Explain why. As a corporation, would you rather issue preferred or common stock? Explain why.

Total dollar amount of expenses : What is the total dollar amount of expenses (direct and indirect) associated with TelAmeriCorp's SEO in millions?

What you believe young again pharmaceuticals should focus on : Discuss in 200 - 250 words what you believe Young Again Pharmaceuticals should focus on once the risks are mitigated.

User Account

All Pages