I have 5 simple tax questions for accounting on estates and gift tax. Please help!

LO.1 When Anastasia died in 2012, she owned 8,000 shares of Knot Corporation. The stock is traded in an over-the-counter market. The nearest trades before and a Per Share Mean Selling Price Six days before Anastasia's death $400 Four days after Anastasia's death 450 Assuming that the alternate valuation date is not elected, at what value should the Knot stock be included in Anastasia's gross estate? after the date of Anastasia's death are as follows. LO.4 Olivia gives real estate (basis of $800,000 and fair market value of $3 million) to Ray. Determine Ray's income tax basis if the gift occurred in 2012 and Olivia pa paid a gift tax of $100,000. LO.4 In July 2011, Lily gives Larry a house (basis of $200,000; fair market value of $650,000) to be used as his personal residence. Before his death in June 2012, Larr a. The residence passes to Lily. b. The residence passes to Burl (Lily's husband). c. The residence passes to Tina (Lily's daughter). arry installs a tennis court in the backyard at a cost of $25,000. The residence has a value of $670,000 when Larry dies. Determine the income tax basis of the prope perty to the heir under the following independent assumptions. LO.2, 5 At the time of her death in 2012, Wanda has an adjusted gross estate of $6.5 million. Her estate includes the family farm, with a most suitable use value of $ a. Based on the information given, is the 2032A election available to Wanda's estate? b. If so, what value must be used for the farm? c. Suppose Wanda had made a gift of securities (fair market value of $500,000) to her cousin six months before her death. Does this fact affect your analysis? Explain of $3.3 million and a current use value of $2.3 million. The farm is inherited by Jim, Wanda's son, who has worked it for her since 1985. Jim plans to continue farming plain. ing indefinitely. LO.8 In terms of tax ramifications, comment on what is accomplished in the following disclaimer situations occurring in 2012. a. Lester dies intestate and is survived by a daughter, Nora, and a grandson, Nick. The major asset in Lester's estate is stock worth $3.5 million. Under the applicable As Nora is already well-off and in ill health, she disclaims Lester's property. b. Under her will, Audrey's estate is to pass $6 million to her son, Raymond, and the $3 million remainder to her husband, George. Raymond disclaims $880,000 of h c. Under Isaac's will, $4 million is to pass to his wife, Brenda, and the $4.5 million remainder to his daughter, Sybil. Brenda disclaims $620,000 of her inheritance. d. Under Tricia's will, her $3 million cubist art collection is to pass to her husband, Leroy. If Leroy disclaims the collection, it passes to the San Francisco Museum of Modern Art. Leroy neither understands nor admires this type of art. ble state law of descent and distribution, children precede grandchildren in order of inheritance. of his inheritance