Question
A. Carol's estate includes the following assets: Assets Adjusted Basis to Deceased FMV at Death FMV on Alternate Valuation Date Land $55,000 $180,000 $175,000 Bonds
A. Carol's estate includes the following assets:
| Assets | Adjusted Basis to Deceased | FMV at Death | FMV on Alternate Valuation Date |
| Land | $55,000 | $180,000 | $175,000 |
| Bonds | 65,000 | 63,000 | 61,000 |
| Clothing | 20,000 | 7,000 | 6,500 |
The executor elects the alternative valuation date. What is the amount included in Carol's estate?
B. From the items listed below, what amount of allowable deductions can be subtracted from the gross estate?
| Funeral expenses | $4,000 |
| Executor's fees | 5,800 |
| Mortgage on tenants in common property (20% of purchase price paid by Carol) | 80,000 |
| Marital deduction | 50,000 |
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Accounting Information Systems Connecting Careers Systems And Analytics
Authors: Arline A. Savage, Danielle Brannock, Alicja Foksinska
1st Edition
1119744474, 9781119744474
