Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. val died on may 13, 2021. on july 3, 2018, she gav

Val died on May 13, 2021. On July 3, 2018, she gave a $400,000 lite...

80.2K

Verified Solution

Question

Accounting

Val died on May 13, 2021. On July 3, 2018, she gave a $400,000 lite insurance policy on her own lite to son Ray. Because the value of the policy was rela- tively low, the transter did not cause any gift tax to be payable. a. What amount was included in Val's gross estate as a result of the 2018 gift? 6. What amount was included in Val's gross estate if the property given was land instead of a life insurance policy? C. Refer to Part a. What amount would have been included in Val's gross estate if she instead gave Ray the policy on April 30, 2017?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students