The decedent’s will states in part “I give, devise and bequeath the sum of $20,000 to Joe”.

1.    The decedent’s will states in part “I give, devise and bequeath the sum of $20,000 to Joe”.  The decedent’s personal representative writes Joe a check from the estate for $20,000 and in that tax year the estate has $40,000 DNI. Joe will be income taxable on

a.      $20,000.

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b.       $-0-.

c.        $20,000 if a first tier beneficiary , zero if a second tier beneficiary.

d.       $-0- if the personal representative makes the section 645 election.

2.       Tom, Dick and Harry are the 3 equal residuary beneficiaries of Jill’s estate. Jill’s personal representative makes a partial estate distribution to each of 100 shares of XYZ Corporation and each 100 share distribution has a basis to the estate of $5,000 and a fair market value on date of distribution of $8,000. Estate DNI in the year of distribution is $20,000. The total DNI that these distributions will carry out for income taxation to the beneficiaries and that will be deductible by the personal representative is

a.       $20,000.

b.       $15,000.

The post The decedent’s will states in part “I give, devise and bequeath the sum of ,000 to Joe”. first appeared on Brainy Term Papers.

The decedent’s will states in part “I give, devise and bequeath the sum of $20,000 to Joe”. was first posted on October 8, 2020 at 8:21 am.
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