Bill is in the process of selling his house to Lisa. Which role best describes each party?   Bill is the remainderman and Lisa is the grantee.   Bill is the grantor and Lisa is the grantee.   Bill is the grantee and Lisa is the grantor.   Bill is the lessor and Lisa is the lessee

Q: Which of the following is a passive activity?   Multiple Choice   A limited partnership…

A: The objective of the question is to identify which of the given options is considered a passive…

Q: 1. Joe owns a farm with a basis of $250,000 and a fair market value of $550,000. Willy owns an…

A: Exchange of assets - In such case one individual acquires an asset in exchange for another asset or…

Q: Trudy has just recorded a deed that gives her daughter, Sally, a life estate in the family farm plus…

A: Life estate deed-It is a special deed, under which the owner of the property is allowed to use it…

Q: Husband and Wife have two biological children and one adopted child. Now that the adoption is…

A: adoption is a process of getting non-biological child of someone else legally.

Q: Fill in the blank. When taxpayers file jointly and only one spouse owes a past- due amount, the…

A: A taxpayer is an individual or  reality that's  obliged to pay  levies to a government,  generally…

Q: A donation on account of marriage will give a donor a deduction from gross gifts made if: The donee…

A: A donation on account of marriage will give a donor a deduction from gross gifts made. Gift made to…

Q: Dick and Karen are married and live in a community property state. All of their property is also…

A: Community property states that everything which spouses own together, which is acquired during the…

Q: Henry wants to establish a trust for his financially challenged adult daughter. He wants to…

A: A trust needs to be established where an annual contribution will be made but the beneficiary will…

Q: X is the only daughter of the richest man in the Philippines. Her father and mother died in an…

A: The answer is option D. No, X is not yet the real owner of the properties of her parents so she…

Q: Fred's friend Jaime told him that Jaime's Dad has just made a recording of how he wants the family…

A: A Will is a legal document that expresses the testator's wishes for the disposition of his assets…

Q: Amy is a creditor of Bia. In order to escape the liability to Amy, Bia sells all his property to…

A: Recission of the contract means unwinding of the transaction, where the payer does a transaction to…

Q: Robert is the CEO of a closely held business, and he would like to provide life insurance to all of…

A: Cash Value Life insurance : It is the cash amount offered to the policy holder by issuing the life…

Q: Josy comes to you because she is getting remarried. She owns the house where she will live with John…

A: In sole ownership with life estate option is an option in which property owner transfer his / her…

Q: Mr

A: This is conditional mortgage.jones can not refuse to sell them the house .

Q: 5.Seo and Urban own a parcel of real estate as Joint tenants. In the event one of them dies, their…

A: Since you have asked multiple questions, we will solve the first question for you . If you want any…

Q: John and his wife Cynthia are filing MFS, and John will itemize his deductions. Which of the…

A: Taxpayers can lower their taxable income by deducting certain expenses from their adjusted gross…

Q: Carey exchanges land for other land in a qualifying like-kind exchange. Carey's basis in the land…

A: In this, the realized gain is computed by the amount of realized value is estimated, and deducting…

Q: Helga and Rudiger have decided that, with a growing family and stable employment incomes, the time…

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Q: Mary purchases a property with the help of a fixed-rate loan. Why is Mary considered the mortgagor…

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Q: JV, owner of a parcel of land, sold it to PP.  But the deed of sale was not registered.  One year…

A: In general, the act of registration of a deed of sale serves as a constructive notice to the whole…

Q: 18. Sam conveyed a farm to Sue for her life and then upon her death to Ingrid. Sue dies and her…

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A: Recognized gain is when an investment is sold for an amount that is greater than what was originally…

Q: Elaine exchanges a lot of land that is used exclusively for business purposes for another lot that…

A: Exchange transactionsThe company purchasing one product or asset by selling another asset or product…

Q: Matilda is a limited partner in Partnership JKL, and she does not materially participate in the…

A: As per the rules of partnership, even if a person in a limited partnership does not materially…

Q: A couple applied for a loan to finance the purchase of a new home. What federal act was created to…

A: Introduction:- A loan is the primary option through which one or more individuals, institutions, or…

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Q: Nicanor, in his will, gave Inday his wife a house coming from the free portion. Which is FALSE?…

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Q: Paulo is an employee of Scarlet Inc. Scarlet sells property to Paulo that has a fair market value of…

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Q: Mandy and Theo exchange real property in a like-kind exchange. Mandy receives real property with a…

A: The realized gains can be referred to as the earnings from the sales of an asset. It is the gain if…

Q: Which of the following statement is correct?  Statement I – The renunciation by the surviving…

A: Answer:-  Donation definition:- Donation can be defined as something donated to charity, specially a…

Q: During the current year, Ethel exchanges a business land for different business land in a like-kind…

A: Realized gain: A realized gain results from selling an asset at a price higher than the original…

Q: h-1. If Reed sells his interest in Slicenhook to Indie Ruff, what is Indie's inside basis in…

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Q: Lucia is paying Martha to sell properties that Lucia owns. Can Martha sell one of Lucia's properties…

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Q: Ted, Will, Mike, and Tom own a 20-room home as tenants in common. Mike and Tom, two of the owners,…

A: The question is asking whether Mike and Tom, who are part of a tenancy in common, can legally sell…

Q: Which of the following will make a family home eligible for a special deduction?

A: Answer -- (b)

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A: A "joint tenancy" is a scenario in law where two or more people jointly own a piece of property with…

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Q: If Margo and Bruce purchase and operate an ice cream store, for tax purposes they have formed a…

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Q: Should this be option D? Hasn't she reduced her estate by gifting shares to her three children?

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Q: Mason buys real estate for $2,215,800 and lists ownership as follows:"Mason and Dana, joint tenants…

A: $2,880,540 need to be included in mason's gross estate in Mason and Dana are brother and sister…

Q: Jennifer transfers properties to Mump Co. in an exchange that meets all the requirements of Code…

A: The answer is given below

Q: Elaine exchanges a lot of land that is used exclusively for business purposes for another lot that…

A: The land is the non-current asset posted under the head property, plant, and equity in the balance…

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.