special concerns for blended families include a managing unequal assets incomes responsibilities

Name: special concerns for blended families include a managing unequal assets incomes responsibilities and debts b handling resentment over alimony and child support payments c determining who ass 11863
Uploaded: 2023-08-28T21:09:17-08:00
Duration: 3 min 32 s
Channel: Akash M
Description: special concerns for blended families include a managing unequal assets incomes responsibilities and debts b handling resentment over alimony and child support payments c determining who ass 11863

Special concerns for blended families include a managing...

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D, E, and F form a partnership by contributing the following property (in each case worth $200 net of liabilities) in exchange for equal 1/3 interests in the partnership's capital, profits, and losses. The partnership assumes all liabilities encumbering the contributed assets. D contributes land with a fair market value of $400, which is encumbered by a recourse mortgage of $240. D has held the land for several years as an investment, and his basis in the land is $100. D also contributes $40 in cash. E contributes a building, a § 1231 asset, with a value of $260 in which E has an adjusted basis of $130. The building was purchased several years ago by E and is subject to a recourse mortgage of $60. F, a cash method taxpayer, contributes zero basis accounts receivable from his business worth $350 and assigns his accounts payable of $150 to the partnership. NOTE: For purposes of this problem, ignore the possibility that there might be a disguised sale, assume that DEF uses the traditional method for making § 704(c) allocations, and finally assume that for purposes of § 752 the partners share all partnership liabilities equally. (a) With respect to each partner: (i) Is any gain or loss recognized? (ii) What is the outside basis? (b) With respect to DEF partnership: (i) Does it recognize any gain or loss on formation? (ii) What is its inside basis in the contributed property? (iii) Construct an opening balance sheet for the partnership. Tax Book Asset Cash Other assets Liabilities Capital accounts D E F (iv) How would the consequences to D differ if, instead of contributing the $40 of cash, D contributed her own negotiable promissory note for $40, bearing adequate stated interest?

Akash M.

question-7-2-pts-sam-bought-a-townhouse-in-2005-with-30-year-fixed-mortgage-he-married-ada-in-2008the-next-yearada-inherited-a-small-condo-form-her-fatherthey-sold-the-condo-immediately-and-12296

Sam bought a townhouse in 2005 with a 30-year fixed mortgage. He married Ada in 2008. The next year, Ada inherited a small condo from her father. They sold the condo immediately and used the proceeds from the condo as a down payment to buy a $600,000 SFH in Northridge. This SFH became their primary home. Sam rented out the townhouse for $2,000/month and put the rental income in their joint account. Which of the following statements regarding ownership is correct? The townhouse is Sam's separate property; the condo is Ada's separate property; the rental income becomes community property. The townhouse and rental income are Sam's separate property; the condo becomes community property. The townhouse and rental income are Sam's separate property; the condo is Ada's separate property. The townhouse is Sam's separate property; the condo and rental income become community property.

Akash M.

texts-elsa-and-ludvik-hansen-have-168-million-of-assets-7400000-in-ludviks-name-7400000-in-elsas-name-and-2-million-of-jointly-owned-property-the-jointly-owned-property-is-titled-using-joint-06135

Elsa and Ludvik Hansen have $16.8 million of assets: $7,400,000 in Ludvik's name, $7,400,000 in Elsa's name, and $2 million of jointly owned property. Their jointly owned property is titled using joint tenancy with right of survivorship. Elsa also co-owns a $8,000,000 beach house with her sister as tenants in common. a. What are the advantages or disadvantages of the Hansens' plan to rely on the unlimited marital deduction? b. What could the Hansens do to reduce their expected estate tax liability prior to either spouse's death? c. Who would receive Elsa's half share in the beach house if she were to die? a. What are the advantages or disadvantages of the Hansens' plan to rely on the unlimited marital deduction? "The primary advantage is that joint ownership provides for immediate transfer of assets without using the probate process. However, without some estate tax planning to utilize gifts or trusts, and assuming the estate value is maintained, the estate of the last surviving spouse may incur federal estate taxes. Under these circumstances, using the unlimited marital deduction could prove very costly." The above statement is false. b. To reduce their expected estate tax liability prior to either spouse's death, the Hansens could: A. give gifts of $15,000 to each of their heirs once, because after the first gift, the recipient would be taxed. B. each give gifts of $28,000 (for a total of $56,000) to each of their heirs every year. C. each give gifts of $15,000 (for a total of $28,000) to each of their heirs every year. D. give gifts up to $11.70 million in value to each of their heirs every year. c. Who would receive Elsa's half share in the beach house if she were to die? A. As tenants in common, the sisters share ownership of the house. If Elsa dies, her sister must sell the house and give Elsa's share of the money to Ludvik. B. As tenants in common, the sisters share ownership of the house. If Elsa dies, her share of the house goes to her husband, as the surviving spouse. C. As tenants in common, the sisters share ownership of the house. If Elsa dies, her share of the house becomes part of her estate and is distributed according to the Elsa's will. D. As tenants in common, the sisters share ownership of the house. If Elsa dies, her share of the house goes to her sister, as the surviving owner.

Keondre P.

Transcript

00:03 Hello students, so let us look at this question.

00:08 So the answer for the first one, first part would be for capital d it would be no gain or loss because the outside basis is 140 dollar.

00:19 So no gain or loss because outside basis as given in the question is 140 dollar.

00:33 Similarly, coming on to the e part again no gain or loss and the outside basis here would be 200 dollar and for f here also no gain or loss and the outside basis would be 200 dollar as it is.

00:51 Coming on to the second part that is b part we can say that here no gain or loss and the inside basis for d would be 140 dollar.

01:01 So, depth partnership would be no gain or loss and basically inside basis would be 140 dollar for we can say d and 200 dollar for e and 200 dollar as we can see from the first part for f...

Question

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