John is the owner of an annuity that is in the accumulation phase. Jean is named as beneficiary. If John dies, the value of the annuity will A) be taxed to John's estate as a capital gain B) be kept by the company that issued the contract C) be paid to Jean D) not be included in his gross estate
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- Jake pays the following amounts to his former spouse during the current year: What amount can Jake deduct as alimony for the current year? Assume that the divorce occurred before 2019. a. 0 b. 12,000 c. 22,000 d. 137,000Classify each of the following expenditures paid in 2019 as a deduction for AGI, a deduction from AGI, or not deductible: a. Roberto gives cash to his father as a birthday gift. b. Sandra gives cash to her church. c. Albert pays Dr. Dafashy for medical services rendered. d. Mia pays alimony to Bill. e. Rex, who is self-employed, contributes to his pension plan. f. Bonita pays expenses associated with her rental property. g. Lu, who operates a sole proprietorship, takes a client to dinner to discuss new business.John is the owner of an annuity that is in the accumulation phase. Jean is named as beneficiary. If John dies, the value of the annuity will A) be taxed to John's estate as a capital gain B) be kept by the company that issued the contract C) be paid to Jean D) not be included in his gross estate
- ABC Corporation took a keymen insurance on the life of its President, Mr. Dominic Reyes. The policy designated Mr. Reyes’ wife as its revocable beneficiary in the event of death of Mr. Reyes. In the event of Mr. Reyes' death, the life insurance proceeds would be taxable as the wife’s income. taxable as part of ABC Corporation’s income. excluded from the wife’s gross income. taxable as part of Mr. Reyes’ benefits as an employee.Select one of choices (estate tax, inheritance tax, and gift tax) for the blank. ( ) is a tax on the right to receive property from a decedent. ( ) is a tax levied on the right to transfer property during a taxpayer’s lifetime. ( ) is a tax that imposed on the right to pass property at death. ( ) is imposed on transfers made during the owner’s life time. ( ) is imposed on the transferor at death. ( ) is imposed on the recipient.Which of the following payments may be considered alimony? A. cash payment B. Child support 500 month C. Property settlement D. Payment on former spouces estate
- under what circumstances are property taxes and certain other expenses owed at death deductible on both form 706 and form 1041? a. the decedent's will did not provide instructions b. the amounts owed were paid by the estate, but could have been deducted on the decedent's return if they had been paid prior to death. c. the amounts owed were also simultaneously deducted on the decedent's final return. d. the amounts due were paid by the decedent prior to death but the payments were not received until after the decedent had passed away.Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance $ 2, 050 Mortgage interest 7, 450 Property taxes 4, 200 Repairs & maintenance 650 Utilities 4, 650 Depreciation 23, 700 During the year, Alexa rented out the condo for 137 days. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume that in addition to renting the condo for 137 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $47, 750 of gross rental receipts, her itemized deductions exceed the standard deduction before considering expenses associated with the condo, and her itemized deduction for non-home business taxes is less than $ 10,000 by more than the real property taxes allocated to rental use of the home. Answer the