(TCO 9) Harold and Iris are married and live in Maine. In 1990, they purchased realty for $100,000

/in /by

(TCO 9) Harold and Iris are married and live in Maine. In 1990, they purchased realty for $100,000 (Iris

provided $80,000 and Harold $20,000) and listed ownership as joint tenants with right of survivorship. In the current year, Harold dies first when the realty is worth $500,000. Which is one result of these events? (Points : 5)

        Harold’s gross estate includes $250,000.
Harold’s gross estate includes $100,000.
Harold’s gross estate includes $400,000.
In 1990, Iris made a gift to Harold of $60,000.
None of the above

 
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Stuart has an interest expense deduction in regard to the interest element

/in /by

Stuart has an interest expense deduction in regard to the interest element.Alan may be

allowed an income tax deduction in regard to the interest element.

Stuart has interest income in regard to the interest element.

 
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Vincent deducts the $200 on his income tax return, even if he is subject to the alternative minimum tax.

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Vincent deducts the $200 on his income tax return, even if he is subject to the alternative minimum

tax.

The $200 is deductible only in computing Adrienne’s taxable estate.Adrienne’s executor deducts the $200 only on Adrienne’s last income tax return.

 
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$358,000 if the gift was made after 1976 $328,000 if the gift was made after 1976 />$313,000 if the gift was made before 1977

/in /by

$358,000 if the gift was made after 1976$328,000 if the gift was made after 1976

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$313,000 if the gift was made before 1977

 
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