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: