1. I was wondering if you could help me figure out the following questions from a previous exam: John dies Thursday, june 5th at which he owns 1000sh of MBX stock and is not regularly traded. The most recent trades are: Monday June 2 @27, Wed june 4 @25, June 9 @28, and jun 10 @$29. what is the date of death value that should be used for the fed estate return?

2. Sherry loans her daughter 200,000. Her daughter signs a note promising to repay the loan 5 years. No interest is provided for. What is not a tax consequence?

3. Twenty months before his death, Simon gave his cousin Bart a painting valued at 600,000. Simon paid gift tax of 30,000 on the transfer. At the date of simons death, the art was worth 700,000. What is included in simons gross estate as a result of the gift?

4. Bill gifts his son bonds with a basis of 1,800 and a fmv of 1000. Bill's son later sells that bond for 2,000. What is the recognized gain or loss?

5. At the date of gift fmv is 175,000 and its adjusted basis to the donor was 105,000. the donor paid 12,000 on gift tax. what is the donee's basis in the house?