29 a,b

Grandma gave you the ownership of her house. She reserved a lifetime usufruct (basically a life estate) in the property. At the time of the gift, the house was worth $100,000. Using the IRS tables, it was determined that her life interest was worth $30,000 and your remainder interest was worth $70,000. She has now died with the FMV of the house being $120,000. What value is included in her estate? a. Nothing she already gifted it b. $70,000 c. $30,000 d. $100,000 e. $120,000 Alpha Corporation owns assets valued at $400,000 and liabilities of $100,000. Beta Corporation transfers $160,000 of its voting stock and $40,000 in cash for of Alpha's assets and all of its liabilities. Alpha distributes its remaining assets and the Beta stock to its shareholders. Alpha then liquidates. a. 368(a)(1)(A) b. 368(a)(1)(B) c. $368(a)(1)(C) d. $368(a)(1)(D) e. 368(a)(1)(E) f. $368(a)(1)(F) g. 368(a)(1)(G) h. None - this is a taxable transaction Grandma gave you the ownership of her house. She reserved a lifetime usufruct (basically a life estate) in the property. At the time of the gift, the house was worth $100,000. Using the IRS tables, it was determined that her life interest was worth $30,000 and your remainder interest was worth $70,000. She has now died with the FMV of the house being $120,000. What value is included in her estate? a. Nothing she already gifted it b. $70,000 c. $30,000 d. $100,000 e. $120,000 Alpha Corporation owns assets valued at $400,000 and liabilities of $100,000. Beta Corporation transfers $160,000 of its voting stock and $40,000 in cash for of Alpha's assets and all of its liabilities. Alpha distributes its remaining assets and the Beta stock to its shareholders. Alpha then liquidates. a. 368(a)(1)(A) b. 368(a)(1)(B) c. $368(a)(1)(C) d. $368(a)(1)(D) e. 368(a)(1)(E) f. $368(a)(1)(F) g. 368(a)(1)(G) h. None - this is a taxable transaction