17. When asked if they attend church services nearly every w…

17. When asked if they attend church services nearly every week or more, about 29 percent of Americans say they do. But when daily diaries of people’s activities are examined, rates of church attendance are much lower. This problem of self-reporting positive behaviors is known within sociology as  

At the time of his death, Norton was involved in the followi…

At the time of his death, Norton was involved in the following: ∙ Owned land in joint tenancy with Emily. The land is worth $600,000 and was purchased by Norton 15 years ago for $150,000.     ∙ Owned land in a tenancy by the entirety with his wife Zhi. The land is worth $800,000 and was purchased by Norton five years ago for $450,000.     ∙ Owned land in an equal tenancy in common with Noah. The land is worth $400,000 and was purchased by Norton four years ago for $300,000.     ∙ Owned City of Dayton bonds worth $500,000. ​ What amount is included in Norton’s gross estate?

Kristine owns all of the stock of a C corporation that owns…

Kristine owns all of the stock of a C corporation that owns the following assets.     Adjusted Basis Fair Market Value Accounts receivable $      –0– $   60,000 Inventory 20,000 30,000 Machinery and equipment* 50,000 90,000 Buildings** 120,000 170,000 Land    80,000  140,000   $270,000 $490,000 * Potential § 1245 recapture of $45,000. ** Straight-line depreciation was used. Her adjusted basis for her stock is $270,000. Calculate Kristine’s recognized gain or loss and classify it as capital or ordinary if she sells her stock for $500,000.

Stacey inherits unimproved land (fair market value of $6 mil…

Stacey inherits unimproved land (fair market value of $6 million) from her father on June 1, 2023. She disclaims her interest in the property as follows: one-third on December 1, 2023; one-third on January 3, 2024; and the remaining one-third on May 31, 2024. In all cases, the disclaimers pass the interest to her son (the next heir under state law). The Federal gift tax applies to Stacey for: