Reference no: EM133338914
Questions: 1. Tom and Elizabeth purchase land for $1,300,000-Tom furnishes $390,000 and Elizabeth $910,000 of the purchase price. Title to the property is held as joint tenants with right of survivorship. Elizabeth dies first 10 years later when the land is worth $2,600,000.
a. How much of the property is included in Elizabeth's gross estate? $1,820,000
b. What is Tom's income tax basis in the property?_____
Questions: 2. At her death, Chow owned 55% of the stock in Finch Corporation, with the balance held by family members. In the past five years, Finch has earned average net profits of $1,800,000, and on the date of Chow's death, the book value of its stock is $4,500,000. An appropriate rate of return for Finch's business is in is 5.5%.
If required, round your intermediate computations to the nearest dollar.
a. If goodwill exists, the total value of Finch stock is $12,262,500
What value would the IRS argue that the stock Chow owned should be included in her estate?
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