14. Barbara contributed $1,250,000 to a revocable living trust in 2007. She named herself as the income beneficiary and her only daughter as the remainder beneficiary. The term of the trust was equal to Barbara's life expectancy. Barbara died in 2017, when the fair market value of the trust's assets is $2,750,000. How much is included in Barbara's probate estate related to the revocable living trust? Why? 15. Farrah contributed $750,000 to an irrevocable trust with no retained powers in 2016 and did not retain any powers over the transferred assets. She named her only daughter as the sole income and remainder beneficiary and paid gift tax at the date of the transfer of $248,300. In 2018, Farrah died of breast cancer. The fair market value of the property in the irrevocable trust was $5,000,000 at the date of her death. What is the value of assets that are included in Chelsea's gross estate? Why? 16. Steve sold his farm to the American Civil Liberties Union. The farm had a fair market value of $750,000. Steve inherited the farm from his brother three years prior to the sale when the fair market value of the home was $400,000. Steve's brother had an adjusted basis in the farm home equal to $250,000. The full sales price paid by the American Civil Liberties Union to Steve was $75,000. What amount of capital gain/loss would Steve report on his tax return for the year related to this sale? 17. Jimbo made the following transfers during the year: 100 shares of Walmart stock to the American Heart Association. At the date of the contribution, the stock had a fair market value of $96.50 per share. Jimbo's adjusted taxable basis in the stock was $10 per share and he held the stock long term $25,000 to Texas A&&M University. The $25,000 contribution allows him to purchase football season tickets. Jimbo also bought the football season tickets at a cost of $10,000 . $1,000 to St. Jude's Children's Hospital during a local radio broadcast during the annual fund drive. In return for the $1,000 contribution, Jimbo received a St. Jude's Children's Hospital calendar with the radio station's logo valued at $15 Ignoring any AGI limitations, what is Jimbo's maximum charitable income tax deduction for this year? 18. Sonny and Cher have been married for 35 years. Sonny had a net worth of $10,000,000 when he died in 2015. Which of the following scenarios would incur the lowest overall (at Sonny's death and Cher's death) estate taxes assuming the property transfers at equal value at the death of both individuals and utilizing 2015 estate tax rates? Assume that portability