You are single and you have not used any of your unified credit.  What is the maximum amount a single individual can give to a single, third-party donee in 2024 without using any of their lifetime exemption?

Mario and his brother purchased an apartment house in joint tenancy with right of survivorship.  They are both unmarried.  Mario paid 10% of the entire purchase price of $300,000.  His brother managed the building.  At Mario’s death the building was worth $[fmv].  What is included in Mario’s gross estate?

Javier is married to Maria and they have two children Jose and Alejandra.  Javier created a will that leaves everything to Maria.  If Maria predeceases him, his estate will go to Jose and Alejandra.  Javier dies and Maria is still alive.   They have the following assets.  How much will Jose get? Asset Value Title House $[house] Tenancy in common Javier and Maria Life Insurance on Javier’s life with Javier as owner and insured $[jinsurance] death benefit $50,000 cash value Beneficiaries:  Maria 50%, Jose 25%, Alejandra 25% Checking account in Javier’s name  $[jchecking] Sole ownership Life Insurance with Javier as owner and Maria as insured $[minsurance] cash value $1,000,000 death benefit Beneficiaries:  Javier 50%, Jose 25%, Alejandra 25% Checking account in Javier and Maria’s name $[jmchecking] Joint tenancy with rights of survivorship

Sherry is married to Mark.  They have the following assets.  How much of Sherry’s gross estate would be available for the marital deduction?   Title Mark sole owner Car                                   $40,000 House JTWROS Mark and Sherry              $500,000 Sherry IRA                                                   $100,000 beneficiary Sherry’s mom Sherry 401(k)                                             $[inv] beneficiary Mark  

In 2000, John and Jack bought commercial real estate at a cost of $40,000 and took ownership as tenants in common.  John died 3 years ago and left his interest to Jack.   The property was valued at $200,000 when John died.   Jack sold the property this year for $[sale].  What is Jack’s taxable gain?

Which of the statements best describes the lifetime gift and estate tax exemption equivalent for 2024?

Julia set up an irrevocable trust for her children and grandchildren with Crummey powers.  Her husband John DID NOT agree to gift splitting to fund the trust.  They have [children] children and [grandc] grandchildren who will be named as trust beneficiaries.   Assume the annual gift exclusion for 2024.  How much can she contribute to the trust this year without gift tax consequences?

John made the following transfers to the following people in the current year.  If he did not split gifts what is the amount of his taxable gifts for the year?  Assume that the 2024 annual exclusion amount.   Donee                      Gift Value Son                           Boat [boat] Daughter                  Car  25,000 Grandson                 Check for $18,000 written directly to ASU his college

Marise, a successful single businesswoman, wants to include her son John in her business. Her business is currently worth $100,000,000.  She would like to make the largest possible gift she can make this year to him without incurring any gift tax.  She has not made any gifts in the past.  She has already given him $[gift] in cash this year.  How much ownership can she give to John in 2024?

Jesse has a gross estate  which includes the following assets: home titled JTWROS with Joan his wife                                                  $[home] stock owned JTWROS with wife                                                                $[stock] bonds owned JTWROS with children                                                         $150,000 life insurance on his life with wife Joan as beneficiary                              $[deathben] death benefit checking account JTWROS with children                                                   $25,000 What is the amount of available marital deduction?  (Round your answer to 2 decimal places)