Ted and Marge Dean are married and have always lived in a community property state....
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Ted and Marge Dean are married and have always lived in a community property state. Ted (age 92) suffers from numerous disorders and is frequently ill, while Marge (age 70) is in good health. The Deans currently need $500,000 to meet living expenses, make debt payments, and pay Ted's backlog of medical expenses. They are willing to sell any one of the following assets:Adjusted Basis
Fair Market Value
Wren Corporation stock
$200,000
$500,000
Gull Corporation stock
600,000
500,000
Unimproved land
650,000
500,000
The stock investments are part of the Deans' community property, while the land is Ted's separate property that he inherited from his mother. If the land is not sold, Ted is considering making a gift of it to Marge.
a) Write the letter to the Deans advising them on these matters. There address is 290 Cedar Road Carson, CA 90747
b. draft a memo on this matter for your firm's tax research files
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