In 2015 Decedent dies with an estate valued at $10m. His ABS trust estate Plan was funded as follows:-

1. Trust A – $5m
2. Trust B – 5,430m
3. Trust C $4,570m

What is the QTIP election to be made in the following situations

Situation A – Decedents executor wishes to defer all estate taxes until decedents widow dies. what QTIP fraction should be elected for Trust B?

Situation B – Decedents executor wishes to defer all estate taxes until decedents widow dies. what QTIP fraction should be elected for Trust C ?

Situation C – Decedents executor wishes to equalize the taxable estates of decedent and his widow. What QTIP fraction should be elected for Trust C?

Situation D – Decedents executor wishes to equalize the taxable estatesof decedent equal to $7m? what QTIP frac tion should be elected for Trust C?

 

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In 2015, Brennen sold a machine used in his business for $180,000. The machine was purchased eight years ago for $340,000. Depreciation up to the the date of the sale for regular income tax purposes was $210,000 and $190,000 for AMT purposes.

For AMT purposes, Brennen has a negative adjustment of $ ____________ related to the sale.

 

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In 2015, Anonymous hacked the official Twitter account of the KKK (Ku Klux Klan), an extremist, secret society formed after the Civil War to advocate for white supremacy. KKK members wear white robes and hoods to hide their identities. The hacktivists stated that because the KKK had previously threatened to harm a group of protesters, they would retaliate by releasing the names of prominent people who were KKK members.

Research hacktivism, and write one-page paper that answers the following questions:

Quiz Questions

a.

 

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In 2013, the Supreme Court struck down as unconstitutional the Defense of Marriage Act (DOMA) which was passed by Congress. Would this be an example of checks and balances between the legislative and judicial branches? Should the U.S. Supreme Court, a nonelected body, have the power to make such decisions on acts passed by the legislative body, who are elected by the people?

Question: In 2013, the Supreme Court struck down as unconstitutional the Defense of MarriageAct (DOMA) which was passed by Congress. Would this be an example of checks and balancesbetween the…

 

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      In 2013, the government of Qatar received $76.22 billion in tax revenue, while spending $51.53 billion. Ignoring interest payments on past debt and transfers, how much did the government borrow in 2013? (in billions, round to two decimal places)

 

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