Explain Estates Not Yet in Possession (Future Estates)

Q: Briefly describe the tax depreciation system under MACRS.

A: MACRS is an abbreviation of the Modified Accelerated Cost Recovery System.  The present U.S. tax…

Q: Which of the following items is not charged against the income of an estate? a. Ordinary repairs…

A: Lets understand the basics. As per basics accounting rules, expense should be charged against the…

Q: a) Leases of private land b) Transmissions of private land c) Transfers of private land d) Charges…

A: A lease is an agreement between a lessor and a lessee. The lessor leases his land to the lessee for…

Q: What is the difference between a future taxable amount and a future deductible amount? When is it…

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Q: In your opinion, should “tax arbitrage” be made legal? Discuss and provide examples.

A: Tax arbitrage is the practice of profiting from differences that arise from the ways various types…

Q: What form of landholding involves both fee simple property ownership and common ownership? ⦁   Fee…

A: Condominium Ownership- Condominium refers to the ownership which includes two different type of…

Q: How will a capital gain

A: Real estate investment trusts (REITs) are a popular way for investors to own income-generating real…

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.