15) Alex passed away this year leaving a will bequeathing Alex's spouse, Carey, with $80,000 in cash, in addition to stocks and land, to be held in a spousal trust on Carey's behalf. The trust will pay Carey the annual income generated by the trust during Carey's lifetime. Additionally, Alex's 33-year-old child Lane is to receive a building to be held in a trust until Lane reaches the age of 45. Lane will also receive the assets in Carey's trust upon Carey's death. The assets transferred to Carey consist of land with an ACB of $100,000 and a FMV of $300,000, and stocks valued at $200,000 with a cost base of $150,000. The building transferred to Lane has an ACB of $200,000, UCC of $180,000, and FMV of $300,000. Required: bave been A. Determine the immediate tax consequences (identify the income type and amount) for Alex. B. Determine the immediate tax consequences for the assets received by the trust for Carey.

15) Alex passed away this year leaving a will bequeathing Alex's spouse, Carey, with $80,000 in cash, in addition to stocks and land, to be held in a spousal trust on Carey's behalf. The trust will pay Carey the annual income generated by the trust during Carey's lifetime. Additionally, Alex's 33-year-old child Lane is to receive a building to be held in a trust until Lane reaches the age of 45 . Lane will also receive the assets in Carey's trust upon Carey's death. The assets transferred to Carey consist of land with an ACB of $100,000 and a FMV of $300,000, and stocks valued at $200,000 with a cost base of $150,000. The building transferred to Lane has an ACB of $200,000, UCC of $180,000, and FMV of $300,000. Required: A. Determine the immediate tax consequences (identify the income type and amount) for Alex. B. Determine the immediate tax consequences for the assets received by the trust for Carey. 15) Alex passed away this year leaving a will bequeathing Alex's spouse, Carey, with $80,000 in cash, in addition to stocks and land, to be held in a spousal trust on Carey's behalf. The trust will pay Carey the annual income generated by the trust during Carey's lifetime. Additionally, Alex's 33-year-old child Lane is to receive a building to be held in a trust until Lane reaches the age of 45 . Lane will also receive the assets in Carey's trust upon Carey's death. The assets transferred to Carey consist of land with an ACB of $100,000 and a FMV of $300,000, and stocks valued at $200,000 with a cost base of $150,000. The building transferred to Lane has an ACB of $200,000, UCC of $180,000, and FMV of $300,000 Required: A. Determine the immediate tax consequences (identify the income type and amount) for Alex. B. Determine the immediate tax consequences for the assets received by the trust for Carey