To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com CHAPTER 18 THE FEDERAL GIFT AND ESTATE TAXES SOLUTIONS TO PROBLEM MATERIALS Question/ Problem Learning Objective LO LO LO LO LO LO LO LO LO 2, 4, 10 LO 11 12 LO LO 13 LO 14 LO 15 LO 4, 16 LO Topic Unified tax as an excise tax; income tax distinguishable Past and present congressional policy as to transfer taxes Inheritance and estate taxes contrasted Gift tax: transferee liability Applicability of estate tax to nonresident alien Gift tax: application to nonresident aliens Applicability of transfer taxes to U.S citizens Gift tax: cumulative nature Components of Federal gift tax formula Components of Federal estate tax formula Features of the alternate valuation date Joint and split ownership: choice of forms Transactions between related parties: gift tax danger Gift tax: exception for medical expenses Incomplete transfers: payable on death (POD) designation Potential for disclaimer to save a transfer tax Status: Present Edition Q/P in Prior Edition Unchanged Updated Unchanged Unchanged Unchanged Unchanged New Unchanged Unchanged New Unchanged Modified 10 12 New Unchanged 13 Unchanged 14 New Instructor: For difficulty, timing, and assessment information about each item, see p 18-5 18-1 © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-2 Question/ Problem 2012 Corporations Volume/Solutions Manual Learning Objective 17 LO 18 LO 19 LO 20 LO 21 LO 22 LO 23 LO 3, 6, *24 25 LO LO 26 27 28 29 LO LO LO 6, LO 6, 30 LO 31 LO 32 LO 33 LO 34 35 LO LO 4, 36 LO 37 *38 39 LO LO 1, 3, 6, LO 40 41 LO LO 4, Topic Annual exclusion: income interest in trust Qualified tuition programs under § 529: income, gift, and estate tax advantages Rules regarding the gift-splitting provisions of § 2513 Procedural aspects of filing a Federal gift tax return Examples of transfers that are and are not subject to the Federal gift tax Transfers that are and are not subject to the gift tax Gross estate, taxable estate, probate estate distinguished Gross estate: assets subject to inclusion Estate tax: treatment of various transactions Joint tenancy variations under § 2040 Life insurance: transfer tax attributes Casualty loss prior to death: tax effects Casualty loss subsequent to death: tax effects Marital deduction and terminable interest rule: exceptions available and the tax consequences Marital deduction: illustration of the passing concept Marital deduction: effect of mortgage on property Marital deduction: one of the spouses is an NRA Credit for tax on prior transfers Examples of transfers that are and are not subject to a Federal transfer tax Transactions affecting estate tax liability GSTT: various attributes Election and effect of the alternate valuation date Alternate valuation date: when election not available Taxable gifts identified Gift nullified by marital deduction; post-death transfer was an obligation of the estate Status: Present Edition Q/P in Prior Edition Unchanged 16 Unchanged 17 Unchanged 18 Unchanged 19 New New Unchanged 21 New New Unchanged Unchanged New New 23 24 New New Unchanged 28 Unchanged 29 Unchanged New 30 New Unchanged Modified 32 33 Modified 34 New Modified 35 Instructor: For difficulty, timing, and assessment information about each item, see p 18-5 © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com The Federal Gift and Estate Taxes Question/ Problem 42 *43 *44 Learning Objective LO LO LO 6, 45 LO 46 LO 47 LO 6, 48 LO 4, 49 LO 4, 6, 50 LO 6, 51 LO 52 LO 6, *53 LO 54 LO 4, 6, 55 LO 4, 6, 56 LO 57 LO 5, 6, 58 LO *59 LO 60 LO 61 *62 LO LO *63 LO 5, Topic Disclaimers that are timely and untimely Election to split gifts (§ 2513) Property owned by the decedent (§ 2033) Gross estate: items included and excluded Gross estate: items included and excluded Inclusion in gross estate (§ 2033): employee benefits Inclusion in gross estate (§ 2035): gifts within three years Inclusion in gross estate (§ 2036): life estates and community property Inclusion in gross estate: interests in trust, power of appointment Revocable trust and release of right of revocation Inclusion in gross estate (§ 2039): commercial survivorship annuity; possible community property ramifications Joint ownership situations: estate tax consequences Gift and estate tax consequences of a joint tenancy Gift and estate tax consequences of a joint tenancy between husband and wife Joint tenancies: gift and estate tax ramifications Transfers of life insurance policies; application or nonapplication of § 2042 Deductions under §§ 2053 and 2054: taxes, liabilities, funeral, charitable, losses Marital deductions: effect of various types of transfers Computing the credit for tax on prior transfers GSTT and direct skips GSTT aspects: termination event, use of exemption amount Computation of estate tax liability 18-3 Status: Present Edition Unchanged New Modified Q/P in Prior Edition 36 38 New New Unchanged 39 Modified 40 Modified 41 Unchanged 42 New Modified 43 Unchanged 44 Unchanged 45 Unchanged 46 New Unchanged 48 New New Unchanged 53 Modified Modified 54 55 Modified 56 *The solution to this problem is available on a transparency master Instructor: For difficulty, timing, and assessment information about each item, see p 18-5 © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-4 Tax Return Problem Research Problem 10 2012 Corporations Volume/Solutions Manual Topic Complete a gift tax return (Form 709): election to split gifts Complete a gift tax return (Form 709) Topic Incomplete transfers Deduction of post-death interest on delayed satisfaction of a bequest Apportionment of estate taxes to marital deduction and effect of state law Various developments occurring during the administration of an estate Internet problem Internet problem Internet problem Internet problem Internet problem Internet problem Status Present Edition Q/P in Prior Edition New New Status Present Edition Q/P in Prior Edition Unchanged Unchanged Unchanged New Unchanged Modified Unchanged Unchanged New New © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com The Federal Gift and Estate Taxes Question/ Problem Difficulty Est'd completion time Assessment Information AICPA* AACSB* Core Comp Core Comp Easy Easy 10 Easy Medium Easy Easy Easy Medium 5 10 FN-Reporting FN-Reporting FN-Measurement | FNReporting Easy 10 10 Medium 10 FN-Measurement | FNReporting FN-Reporting 11 Easy 10 12 Easy 10 13 14 Easy Easy 5 15 Medium 16 17 Easy Easy 5 18 Easy 10 19 Easy 10 20 Medium 10 21 Easy 10 22 Medium 10 23 Easy 10 24 Medium 10 25 Easy 10 10 10 18-5 FN-Measurement FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Reporting FN-Measurement | FNReporting FN-Measurement FN-Reporting FN-Reporting FN-Measurement | FNReporting FN-Reporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Reporting FN-Measurement | FNReporting FN-Reporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting Analytic Analytic Analytic Analytic Analytic | Reflective Thinking Analytic Analytic Communication | Analytic | Reflective Thinking Analytic | Reflective Thinking Analytic | Reflective Thinking Analytic Analytic | Reflective Thinking Analytic Analytic | Reflective Thinking Analytic | Reflective Thinking Analytic Analytic Analytic | Reflective Thinking Analytic | Reflective Thinking Analytic | Reflective Thinking Analytic Analytic| Reflective Thinking Analytic Analytic Analytic *Instructor: See the Introduction to this supplement for a discussion of using AICPA and AACSB core competencies in assessment © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-6 2012 Corporations Volume/Solutions Manual Question/ Problem Est'd completion time Difficulty 26 Medium 10 27 Easy 10 28 29 30 31 32 33 34 35 Easy Easy Medium Hard Easy Easy Medium Medium 5 10 15 5 10 10 36 Medium 10 37 Medium 10 38 Medium 10 39 Medium 10 40 Medium 10 41 Medium 10 42 Medium 10 43 Medium 10 44 Medium 15 45 Medium 15 46 Medium 15 47 Medium 10 48 Hard 10 49 Hard 15 50 Medium 10 51 Medium 10 Assessment Information AICPA* AACSB* Core Comp Core Comp FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Reporting FN-Reporting FN-Reporting FN-Reporting FN-Reporting FN-Reporting FN-Reporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic | Reflective Thinking Analytic | Reflective Thinking Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic *Instructor: See the Introduction to this supplement for a discussion of using AICPA and AACSB core competencies in assessment © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com The Federal Gift and Estate Taxes Question/ Problem Difficulty Est'd completion time 52 Medium 10 53 Hard 15 54 Medium 10 55 Medium 10 56 Medium 15 57 Hard 15 58 Medium 10 59 Hard 15 60 61 62 63 Easy Medium Medium Medium 10 10 10 15 18-7 Assessment Information AICPA* AACSB* Core Comp Core Comp FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement | FNReporting FN-Measurement FN-Measurement FN-Measurement FN-Measurement | FNReporting Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic *Instructor: See the Introduction to this supplement for a discussion of using AICPA and AACSB core competencies in assessment © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-8 2012 Corporations Volume/Solutions Manual CHECK FIGURES 38.a 38.b 38.c 39.a 39.b 39.c 39.d 40 41 42 43.a 43.b 44 45 46 47.a 47b 47.c 48 49.a 49.b 49.c 50 51.a 51.b 51.c 52.a 52.b $6,450,000 $6,350,000 $6,570,000 Not Not Can Not No gifts as to trust, CD, and insurance policy; gifts as to premarital settlement and convertible No transfer tax due $1,100,000 gift to Arnold $415,450 $0 $2,678,000 $4,060,000 $2,060,000 $2,200,000 $1,400,000 Yes $1,554,000 Gift of $1 million None $2.3 million in gross estate None as to the Myrtle Trust No gift Gift of $3.1 million Inclusion in gross estate of $3.2 million Gross estate includes $900,000 $450,000 53.a 53.b 53.c 53.d 54.a 54.b 54.c 55.a 55.b 55.c 56.a 56.b 56.c 58.a 58.b 58.c 58.d 58.e 59.a 59.b 59.c 59.d 59.e 60.a 60.b 61 62.a 62.b 62.c 62.d 63 $1,100,000 $3,100,000 $3,900,000 $4,300,000 Gift $450,000 $2.9 million Yes $450,000 $1.45 million No No gift Gift of $50,000 Balance in Jessica’s estate $6,200 burial expense Deduction No deduction Final Form 1040 $27,000 in gross estate $400,000 $450,000 $0 $1 million 1.5 million $700,000 $1.1 million $1,625,800 Wilma’s death $4.5 million Trust 35% Dana $258,750; Alice $417,750; Ken $490,000 © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com The Federal Gift and Estate Taxes 18-9 DISCUSSION QUESTIONS An excise tax is a tax on the transfer of property In the case of the Federal unified transfer tax, the excise tax imposes a progressive set of rates on lifetime gifts or amounts passing at death Unlike the income tax, therefore, it is a tax on wealth and not income p 18-2 As to pre-1977 transfers, Congress favored the gift tax over the estate tax Supposedly this would act to encourage an earlier transfer of assets within the family group In 1976, Congress came to the conclusion that transfers by gift and by death should be taxed in the same way Distinctions between the two taxes were eliminated and the unified transfer tax system evolved In response to criticism that death taxes caused the dissolution of small businesses and farms, the Tax Relief Reconciliation Act (EGTRRA) of 2001 started the eventual elimination of the estate tax The elimination was to be accomplished by periodic increases in the exclusion amount and would not be completed until 2010 Due to deliberate or inadvertent neglect on the part of Congress, the expiration provisions of EGTRRA were not modified until late December 2010 Thus, there is no estate tax for 2010! The Tax Relief Act (TRA) of 2010 reinstates the estate tax for 2011 and 2012 with a maximum rate of 35% and a generous exclusion amount of $5 million The same rates and exclusion amount are made applicable to the Federal gift tax pp 18-2 and 18-3 An inheritance tax is like an estate tax in that it is a transfer tax levied at death Although invariably paid by the executor of an estate, an inheritance tax is imposed on an heir’s right to receive property from a decedent The exemption allowed and the rate of tax imposed depends on the relationship of the heir to the decedent The more closely related the parties the higher the exemption and the lower the tax rate An estate tax is imposed on a decedent’s right to transfer property at death Except for transfers between spouses, the amount of an estate tax is not dependent on the relationship of the parties pp 18-3,18-4, and Footnote 10 a The donor has the primary responsibility for the payment of any gift tax liability However, where the donor cannot pay or cannot be located, as in the instant case, the IRS can pursue the donees for the tax under the doctrine of transferee liability p 18-3 and Footnote b The statute of limitations cannot be asserted as a defense where no tax return has been filed See Chapter 17 Kim’s concerns are groundless Except for property located within the United States, the Federal estate tax does not apply to nonresident aliens Where a person happens to die has no relevance as to the application of U.S transfer taxes p 18-3 Nonresident aliens are subject to the Federal gift tax only if the property is located in the U.S But even here, intangible assets (e.g., stock and bonds) are excluded from coverage Consequently, Carlos is safe from the application of the Federal gift tax p 18-3 As long as he maintains his U.S citizenship, Gary will be subject to the Federal gift and estate taxes In this regard, it does not matter where his property is located If, however, the same property is subject to both foreign and U.S death taxes, Gary’s estate may be entitled to treaty relief or a credit for foreign death taxes under § 2014 pp 18-3 and 18-35 Hoffman, Raabe, Smith, and Maloney, CPAs 5191 Natorp Boulevard Mason, OH 45040 © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-10 2012 Corporations Volume/Solutions Manual March 31, 2011 Robert Ball 4560 Walton Lane Benton, Arkansas 72015 Dear Bob: In completing your gift tax return (Form 709), you wondered why I needed information on any past gifts that were made As best as possible, I will answer your question The gift tax is cumulative in effect This means that past taxable gifts must be added to current taxable gifts before computing the current gift tax Since the gift tax rates are progressive, this causes current taxable gifts to be taxed in a higher bracket Some measure of relief from double tax (i.e., taxing past gifts twice) is provided by allowing the donor to offset past taxes paid against the current tax Unless you have never made any prior taxable gifts, therefore, it is impossible for me to complete your 2010 gift tax return accurately This requirement holds true even if such gifts never generated a gift tax liability If gift taxes did result, I will need copies of the tax returns that were filed I am looking forward to working with you on this matter Sincerely, Eileen Pope, CPA p 18-4 a Only prior taxable gifts must be considered There is a difference between a prior gift and a prior taxable gift The major difference is the allowance of the annual exclusion p 18-4 b The credit allowed is the deemed paid credit which could be different than the tax actually paid p 18-14 c No deduction for an annual exclusion is allowed for the gift of a future interest But see the § 2503(c) exception for minors pp 18-12 and 18-13 d See the exception for tuition and medical payments, among others p 18-10 10 a The inclusion is certainly possible See, for example, certain inclusions under the 3-year rule of § 2035 or the inclusion of incomplete transfers under §§ 2036 and 2039 b Inclusion in the gross estate often involves assets passing outside the probate estate Such is usually the case with life insurance proceeds and distributions from retirement plans c Such is the case with administration expenses (§ 2053), charitable deductions (§ 2055), and the marital deduction (§ 2056) d Only post-1976 taxable gifts are added © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-12 2012 Corporations Volume/Solutions Manual pride, the payments to the medical providers were channeled through Walter Thus, the requirements of § 2503(e) are satisfied p 18-10 15 a Jack has divested himself of the $100,000, so he has made a complete gift to Meredith (Compare Example 16 in the text where ownership was retained by the grantor.) Since Meredith is Jack’s wife, however, the gift is neutralized by the marital deduction The CD is included in Meredith’s gross estate (under § 2033) when she dies b Jack and Meredith are no longer married, so the marital deduction is not available But does the transfer meet the property settlement requirements of § 2516? For example, was the transaction part of a divorce decree settlement that meets the three-year period rule? If so, the transfer is treated as being for full and adequate consideration and no gift has taken place As was true in part a., upon Meredith’s later death, the CD is included in her gross estate c A gift occurs when the CD is purchased An annual exclusion is available since the gift to Meredith is one of a present interest Upon Meredith’s later death, the CD is included in her gross estate and is subject to the estate tax pp 18-10 and 18-11 16 a Ruth should consider a timely disclaimer as to the inheritance The disclaimer will pass the property directly from Derek to Ted and avoid a transfer tax as to Ruth This assumes, moreover, that if Ruth accepted the property, she would ultimately pass it to Ted b As partial disclaimers are permitted, Ruth could accept the beach house and issue a disclaimer as to the remainder of the inheritance pp 18-11, 18-12, and Examples 19 and 20 17 Eight annual exclusions should be allowed on the creation of the trust The answer presumes that the property placed in trust was jointly owned by the Randall’s or, if not, the § 2513 election to split the gift is made by the nonowner spouse Because they are present interests, the income interests provided for the four grandchildren are eligible for the annual exclusion [Note: The specific conditions of § 2503(c) need not be satisfied as the trustee is not granted the power to accumulate income.] The remainder interest passing to the son is a gift of a future interest and does not qualify for the annual exclusion [As noted in Chapter 19, the trust income earned by the grandchildren may be subject to the kiddie tax under § 1(g) and taxed at their parents’ tax rate.] p 18-12 18 a Amounts contributed to § 529 plans, though not deductible, accumulate free of income tax Also, distributions are nontaxable to the extent used for qualified higher education expenses Depending on the circumstances, state income taxes also may be avoided b The gift tax advantage of § 529 plans is that it allows a donor up to five years of annual exclusions in one year The provision does not increase but, instead, accelerates the number of exclusions allowed over the five-year period c Because a contribution to a § 529 plan is an incomplete transfer until used, it normally would be included in a donor’s gross estate However, § 529(c)(4) provides otherwise p 18-13, 18-14, and Example 24 © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com The Federal Gift and Estate Taxes 19 20 21 18-13 a Section 2513 was designed to place married donors residing in common law states on a par with those in community property states The gift-splitting approach makes available the annual exclusion and unified tax credit of the non-owner spouse Compare Examples 25 and 26 b Under § 2513, the nondonor spouse is treated as a donor for purposes of determining the gift tax As the gift tax is cumulative in effect, the nondonor’s prior taxable gifts are taken into account p 18-4 c The election is made by filing a gift tax return (e.g., Form 709) Example 28 d If they were married at the time of the gift and have not married someone else during the year, the § 2513 election still can be made p 18-15 e Although the election to split gifts is not necessary when gifts of community property are made, it would be available when one of the spouses makes a gift of his or her separate property p 18-15 a A Federal gift tax return may have to be filed even though no gift tax is due Such might be the case where the gift exceeds the annual exclusion but is covered by the unified tax credit p 18-16 b No gift tax return need be filed for gifts between spouses that are offset by the marital deduction p 18-16 c The § 2513 election to split gifts can only be made by filing a gift tax return Example 28 d If a gift of a future interest is involved, a gift tax return must be filed p 18-16 e Regardless of the donor’s tax year for income tax purposes, gifts are reported on a calendar year basis p 18-16 f An extension of time for filing the income tax return (calendar year taxpayer) also extends the time for filing any Federal gift tax return that may be due p 18-16 and Footnote 33 a Political contributions are not subject to the gift tax b No gift occurs as the disclaimer under § 2518 is timely c A gift occurs because the nine-month disclaimer limitation is not met d No gift occurs because of the medical exception of § 2503(e) e No gift occurs The medical exception of § 2503(e) does not depend on dependency exemption status f Marcie has made a gift to Marcus as to the excess selling price pp 18-9, 18-10, and 18-12 22 a No gift takes place upon the creation of a revocable trust as the transfer is incomplete b A gift occurs because the IRS considers premarital settlements as not being “for full and adequate consideration.” Reg § 25.2512-8 © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-14 2012 Corporations Volume/Solutions Manual c A gift occurs for the same reason as under part b above Could a marital deduction be available? Although the parties are married when the transfer occurred, the agreement that led to the transfer arose prior to marriage d No gift occurs on the creation of joint ownership in a bank account and U.S savings bonds e No gift occurs since Taylor had no vested interest in the bond—she possessed a mere expectancy of ownership f The transfer is testamentary (by death) and not by gift p 18-9 and Examples 9, 49, and 51 23 The gross estate and the taxable estate are determinations necessary for Federal estate tax purposes The probate estate, however, is not tied to the Federal estate tax determination a Simply stated, gross estate comprises all property which is subject to Federal estate tax Taxable estate is the gross estate less the deductions allowed by the appropriate provisions of the Internal Revenue Code A comparable analogy would be the difference between gross income and taxable income for income tax purposes b Post-1976 taxable gifts must be added to the taxable estate to arrive at the tax base The tax base is the amount to which the unified transfer tax rates are applied in determining the tentative estate tax c To be contrasted with the gross estate is the concept of the probate estate Controlled by state (rather than Federal) law, the probate estate consists of all of a decedent’s property subject to administration by the executor or administrator of the estate operating under the supervision of a local court of appropriate jurisdiction (usually designated as a probate court) p 18-17 and Figure 18.2 24 a Only the interest on the bonds accrued up to July (date of death) is included in Mike’s gross estate b None of the dividend is included in Mike’s gross state since the date of record was after his death c Declaration date is of no consequence Since record date controls, same answer as in part b above d Included in Mike’s gross estate A marital deduction is allowed for the amount passing to Kirby e Same as d above, except that no marital deduction is allowed f Included in Mike’s gross estate Also included in Mike’s probate estate and will be subject to administration by the executor of his estate pp 18-17, 18-18, and Examples 29, 30, 32, and 60 25 a Included in the gross estate under § 2033 The income tax consequences are irrelevant for estate tax purposes © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com The Federal Gift and Estate Taxes 18-15 b Deductible from the gross estate in arriving at the taxable estate § 2053(a)(3) c Nothing is included in her gross estate as to the trust—she was not the grantor d The full value of the trust is included in Rachel’s gross estate due to the QTIP election e Under the three-year rule of § 2035, the proceeds are included in Rachel’s gross estate Sec 2035(a)(2) includes § 2042 situations f Unless the gift of the policy resulted in a gift tax, § 2035 does not apply and nothing is included in Rachel’s gross estate pp 18-17, 18-19, 18-20, and 18-28 26 27 The key to the solutions that follow turns on how much of a contribution Colette is considered as having made to the cost of the property To the extent that such contribution is recognized for tax purposes, a proportionate part of the value of the real estate is excluded from Emile’s gross estate a If the co-owners receive the property as a gift from another, each co-owner is deemed to have contributed to the cost of his or her own interest Thus, if Emile and Colette are equal owners, only one-half of the value of the property is included in Emile’s gross estate Example 44 b Presuming Colette can prove that she provided all of the purchase price, none of the value of the property is included in Emile’s gross estate If Emile and Colette are husband and wife, one-half of the value of the property is automatically included in Emile’s gross estate p 18-23 and Example 46 c In computing a survivor’s contribution, any funds received as a gift from the deceased co-owner and applied to the cost of the property cannot be counted Thus, all of the value of the property must be included in Emile’s gross estate as Colette is deemed to have made no contribution Example 43 d The pro rata share of the value of the property attributable to Colette’s contributions will be excluded from Emile’s gross estate Income from gift funds can be counted as a contribution even though the gift funds cannot p 18-23 a The term has been broadly defined It includes, for example, both term and whole life policies b Incidents of ownership are various elements of control over a policy (e.g., power to change beneficiaries) c The owner of the policy makes a gift to the beneficiary of the proceeds when the insured dies (i.e., the policy matures) This assumes the owner is not the insured d When the owner dies, the fair market value of any unmatured policies is included in his or her gross estate under § 2033 e No tax consequences ensue when the beneficiary of the policy predeceases the insured, presuming the beneficiary is not the owner of the policy A beneficiary’s interest in the policy is not a vested interest that has value—it is a mere expectancy If the beneficiary also is the owner of the policy, then the value of the unmatured policy is included in the gross estate (under § 2033) and subject to the estate tax © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-16 2012 Corporations Volume/Solutions Manual pp 18-25 to 18-27 and Examples 53 to 57 28 a Adam’s gross estate should include any insurance recovery regarding the destruction of his car Since the accident was caused by the other party, his estate may file a lawsuit against the wrongdoer (or his insurance carrier) The present value of any expected recovery from such a cause of action should also be included in the gross estate Both of these inclusions fall under § 2033 b Any casualty loss occurred before Adam’s death and therefore, would be claimed on his final income tax return The estate might have to recognize income if the lawsuit results in punitive damages Personal injury awards are nontaxable pp 18-19, 18-28, and Example 38 29 a The value of the houseboat is included in Adam’s gross estate under § 2033 b A casualty loss is available to the estate unless the property already has been transferred to the nephew In this case, any casualty loss should be claimed by the nephew pp 18-17 and 18-28 30 a A marital deduction is allowed if Nell holds a general power but not if it is special b A marital deduction is allowed as to the value of the trust c This eliminates any issue as nothing passes to Nell d A marital deduction is allowed as to the one-third interest passing to Nell pp 18-11, 18-19, and 18-30 to 18-32 31 a One-half of the value of the real estate qualifies b Nothing qualifies as Steve’s share of the tenancy passes to the children Pam’s share is already hers c All of the proceeds of the policy qualify d Nothing qualifies as the passing test is not met e The value of the remainder factor qualifies f The IRA distribution qualifies pp 18-30 and Example 60 32 Unless Bernice’s will (or state law) dictates otherwise, the marital deduction allowed is the value of the real estate reduced by the amount of the mortgage If, however, the executor is directed to satisfy the mortgage from other estate funds, the full value of the real estate is allowed as a marital deduction In this latter situation, Bernice’s estate will be allowed a § 2053 deduction for the mortgage Examples 61 and 62 © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com The Federal Gift and Estate Taxes 33 18-17 a Generally, nonresident aliens are not subject to U.S transfer taxes In this case, however, Louis must own property located in the U.S Any such property passing to Sonya will qualify for the marital deduction since she is a U.S citizen b Unless a qualified domestic trust (QDT) is used, no marital deduction is allowed when the surviving spouse is not a U.S citizen c The purpose of a QDT is to ensure that the property qualifying for the marital deduction will be subject to the estate tax when the non-U.S citizen surviving spouse dies pp 18-32 and 18-33 34 This is the type of situation that the credit for tax on prior transfers (§ 2013) provides relief from multiple estate taxation Although the first sister to die is subject to the imposition of the full estate tax, § 2013 comes into play on the death of the second sister Her estate is allowed a credit equal to the lesser of the amount of Federal estate tax attributable to the transferred property in the first sister’s estate or the amount of the Federal estate tax attributable to the transferred property in the second sister’s estate On the death of the third sister, the use of § 2013 is not appropriate as all of the property passes to their church Thus, the use of the § 2055 charitable deduction eliminates any estate tax as to the surviving sister’s estate Examples 68 and 69 35 a NT Example 49 b GT Example 50 c NT Example 16 d ET Example 16 e ET but inclusion in gross estate neutralized by the marital deduction Examples 16 and 60 f NT g NT Exception under § 2503(e) [This presumes that the surgery falls under the definition of § 213(d).] p 18-10 h NT Under § 2503(e), dependency status makes no difference p 18-10 i GT pp 18-22 and 18-23 j NT as to Pierce and ET as to Stella Tenancy in common does not carry right of survivorship p 18-8 a Only post-1976 gifts are added to the taxable estate to arrive at the tax base for estate tax purposes Figure 18.2 b If the executor of the husband’s estate made a QTIP election, then the value of the trust is included in Abby’s gross estate If not, then nothing as to the trust is included Compare Examples 64 and 66 c Deductible from the gross estate under § 2058 p 18-33 36 Satisfying the obligation of support (i.e., education) is not a gift p 18-10 © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-18 37 2012 Corporations Volume/Solutions Manual d If the inheritance was within ten years, then a credit for tax on prior transfers might be available under § 2013 p 18-34 e If the assets are subject to foreign death taxes, then treaty relief might be available A credit for foreign death taxes may be available under § 2014 pp 18-35 and 18-36 f By definition, a straight life annuity generally means no refund or survivorship feature Thus, there is nothing left to include in Abby’s gross estate p 18-21 a In a termination event, the trust dissolves and ceases to exist In a distribution event, the trust remains in existence and continues to make periodic generation-skipping transfers Compare Example 71 (a termination event) with Example 72 (a distribution event) b A direct skip also can occur in a testamentary setting Example: By will, a grandmother leaves her estate directly to her grandson Footnote 68 c Spouses are of the same generation Example 72 d Making the election to split the gift (under § 2513) effectively doubles the exemption available for the GSST During 2011, for example, the exemption becomes $10 million (2 × $5 million) p 18-38 PROBLEMS 38 a $6,450,000 $4,380,000 (apartment building) + $70,000 (accrued rents) + $1,300,000 (Red stock) + $700,000 (Tan stock) = $6,450,000 The accrued rents are determined as of date of death b $6,350,000 As the Tan stock was sold within the six month period after death, value on date of disposition controls c $6,570,000 $4,400,000 + $70,000 + $1,200,000 + $900,000 = $6,570,000 Examples 4, 5, and 39 a Art’s estate cannot make the election The estate tax liability will not be reduced by the election b Maude’s estate cannot make the election The value of the gross estate on the alternate valuation date is higher (not lower) than date of death value c Bob’s estate can make the election Both the gross estate value and the estate tax liability are lower under the § 2032 election d Bette’s estate cannot make the election As is the case with Art (see above), the estate tax liability is not reduced pp 18-6 and 18-7 40 Carl’s creation of a revocable trust is an incomplete transfer The same is true of the purchase of the certificate of deposit and the life insurance policy Since Carl has not relinquished control over these assets, no gift has occurred The purchase of the convertible, however, is a © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com The Federal Gift and Estate Taxes 18-19 completed gift Premarital settlements are not regarded by the IRS as constituting full and adequate consideration so as to avoid treatment as a gift pp 18-9 and 18-10 41 Neither gift nor estate tax applies to the transfers The first payment of $2,500,000 is excluded from gift tax by § 2516 The second payment of $3,500,000 is deductible from Dudley’s gross estate as a debt under § 2053 pp 18-11 and 18-28 42 Regarding the December 2010 disclaimer of a partial interest, the effect of § 2518 is to treat one-half of the land as passing from Jesse to Arnold In other words, Lorena is not involved in the transfer As to the June 2011 action, however, the disclaimer is not timely Because the nine-month requirement is not met, § 2518 does not apply Consequently, Lorena will have made a gift to Arnold of $1,100,000 (50% × $2,200,000) p 18-12 and Example 19 43 a b c Myrna’s gift tax is computed as follows Amount of gift Less annual exclusion Taxable gift $6,200,000 (13,000) $6,187,000 Gift tax on $6,187,000 per Appendix A—p A-8 $155,800 + 35%($6,187,000 – $500,000) Less maximum credit allowed for 2011 Gift tax due on 2011 gift $2,146,250 (1,730,800) $ 415,450 If the § 2513 election is made Amount of gift Less annual exclusion Taxable gift Myrna $3,100,000 (13,000) $3,087,000 Greg $3,100,000 (13,000) $3,087,000 Gift tax on $3,087,000 per Appendix A $155,800 + 35%($3,087,000 – $500,000) Less maximum credit allowed for 2011 gift Gift tax due $1,061,250 (1,730,800) $ –0– $1,061,250 (1,730,800) $ –0– Tax saving under § 2513 is $415,450 Examples 25 and 26 44 $2,678,000 is included in Kenneth’s gross estate, determined as follows $1,500,000 (City of Boston bonds) + $70,000 (interest on bonds accrued to death) + $800,000 (Brown stock) + $8,000 (dividend on Brown stock) + $300,000 (note receivable from Brad) Of the $90,000 interest on the bonds, $20,000 is excluded because it was earned after Kenneth’s death The promissory note is included at its face amount of $300,000 as no information is given to indicate a different value (As Brad’s business is successful, there is no reason to believe the note is uncollectible.) Examples 29 to 31 45 $4,060,000 is included in Alicia’s estate as follows © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-20 2012 Corporations Volume/Solutions Manual Emerald bonds Interest on Emerald bonds Stock in Drab Corporation Insurance policy Traditional IRAs Brad’s trust $ 800,000 10,000 900,000 50,000 300,000 2,000,000 Only the accrued pre-death interest in the Emerald bonds is included The dividend on the Drab stock is not included since the date of record (9/5/11) was after Alicia’s death The insurance policy is not matured but is included under § 2033 It is assumed that the policy’s fair market value approximates its cash surrender value Alicia’s life estate in the trust was subject to a QTIP election, thereby forcing inclusion in her gross estate pp 18-17, 18-18, and 18-32 46 $2,060,000 Mitch’s death does not affect Alicia’s gross estate, but it will increase her probate estate by $150,000 Because the QTIP election was not made, none of Brad’s trust is included in the gross estate The nature of the IRA (i.e., traditional or Roth) does not affect Alicia’s gross estate, but it will affect the income tax consequences of the beneficiaries (Alicia’s children) pp 18-18 and 18-31 47 a $2,200,000 ($900,000 + $600,000 + $500,000 + $200,000) is included in Matthew’s gross estate b $1,400,000 ($900,000 + $500,000) is subject to Federal income tax c Yes, the answer changes Although the same amount still is included in Matthew’s gross estate, the marital deduction offsets the inclusion Examples 32 and 60 48 $1,554,000 ($300,000 + $1,000,000 + $150,000 + $104,000) The stock in Green Corporation is included based on the assumption that Katie did not change the ownership designation On her death, therefore, the transfer becomes complete and the stock passes to Travis By virtue of § 2035 and the 3-year rule, both the insurance proceeds ($1 million) and the gift tax ($150,000) are included in the gross estate Note, however, that the gift of land is not included Wilma’s interest in the savings account was extinguished by her death Thus, the full $104,000 balance is included in Katie’s gross estate Examples 16 and 35 49 a Yes, Warren made a gift of a life estate and remainder interest in $1 million (1/2 of $2 million) which was his share of the community property Unless he makes a QTIP election, the transfer of the life estate to Ava is a terminable interest and does not qualify for the marital deduction b As Warren no longer has any interest in the trust, none of it is included in his gross estate c Unless Warren made a QTIP election [see part (a.)], Ava includes only $2.3 million (1/2 of $4.6 million) in her gross estate Note that she was the grantor of only half of the trust (her share of the community property) If Warren made a QTIP election, Ava must include all of the trust ($4.6 million) in her gross estate d The answer might have changed if he had incurred a gift tax on the transfer (The gift of a terminable interest is not covered by the marital deduction.) In this case, the gift tax would be included in his gross estate under § 2035 No gift takes place, however, if he made a QTIP election © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com The Federal Gift and Estate Taxes 18-21 p 18-8 and Examples 36, 37, 64, and 66 50 None of the Myrtle Trust is included in Garth’s gross estate His life estate does not trigger the application of § 2036 because Garth was not the grantor of the trust Section 2041 does not apply because Garth held several special powers (not general powers) of appointment Moreover, the GSTT could apply to the trust, as Garth’s death is a terminating event Examples 36, 52, and 71 51 a The creation of a revocable trust generates no transfer tax consequences b Releasing the right to revoke makes the gift complete In 2010, Peggy makes a gift of $3.1 million c Both §§ 2035 and 2038 cause the trust to be included in her gross estate at $3.2 million Her estate is allowed a credit for any gift taxes incurred under part b above pp 18-9, 18-19, and 18-20 52 53 a $900,000 as to the annuity is included in Alan’s gross estate Because the survivorship annuity goes to his wife, a marital deduction neutralizes the inclusion Thus, none of the annuity is part of Alan’s taxable estate [Note: Because the survivorship annuity terminates on Katelyn’s later death, it appears to be a terminable interest However, for marital deduction purposes, a terminable interest not only must terminate at death but also some property interest must pass to others Here, nothing passes to others when Katelyn dies.] p 18-30 and Example 39 b $450,000 is included in Alan’s gross estate Since community property is used to purchase the annuity, Katelyn has contributed to one-half of its cost Thus, § 2039(b) applies to allow exclusion of the value attributable to her contribution Example 40 c No, since a contribution by the employer is treated as being made by the employee under § 2039 Example 41 a If Keith dies first, his gross estate must include $1,100,000 [$400,000 (1/3 × $1,200,000) + $300,000 (1/3 × $900,000) + $400,000 (1/2 × $800,000)] Although the tree farm is held in joint tenancy, Keith is considered to have furnished 1/3 of the consideration, due to the gift his mother made on creating the tenancy The tenancy by the entirety ownership is governed by the 50% inclusion rule (regardless of who dies first) applicable to spouses None of the apartment building is included as Keith does not survive Emma b $3,100,000 [$2,000,000 + $400,000 (1/3 × $1,200,000) + $300,000 (1/3 × $900,000) + $400,000 (1/2 × $800,000)] The joint tenancy in the apartment building was dissolved upon Emma’s death and Keith became the sole owner c $3,900,000 [$2,000,000 + $1,200,000 + $300,000 (1/3 × $900,000) + $400,000 (1/2 × $800,000)] Because Keith survives Emma and his sisters, both the apartment building and the tree farm belong to him outright The tenancy in common interest in the pastureland held by his sisters, however, is not eliminated by their prior deaths d $4,300,000 [$2,000,000 + $1,200,000 + $300,000 (1/3 × $900,000) + $800,000] Regarding the tenancy in common as to the pastureland, see the answer to part c above Examples 42, 45, and 46 © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-22 54 2012 Corporations Volume/Solutions Manual a In 2002, Gordon made a gift of $450,000 (1/2 of $900,000) to Fawn Unless the parties provide otherwise, joint tenants are equal owners in the property Thus, after the gift, Fawn owns one-half of the real estate b Gordon’s estate must include $2.9 million as to the property since he provided all of the original purchase price c Yes, since Fawn’s estate includes nothing as to the property pp 18-22 and 18-23 55 a In 2002, Gordon made a gift to Fawn of $450,000 (1/2 of $900,000) Due to the marital deduction, however, no gift tax results b Gordon’s estate includes $1.45 million (1/2 of $2.9 million) Under the automatic inclusion rule applicable to spouses, the source of the original purchase price is immaterial c No Under the automatic inclusion rule applicable to spouses, Fawn’s estate includes $1.45 million (1/2 of $2.9 million) p 18-23 and Example 46 56 a No gift occurred in 2009 b In 2010, Jessica made a gift to Jason of $50,000 c In 2011, the balance of the account is included in Jessica’s estate p 18-24 57 a No tax consequences result from the purchase of the policy On Mary’s death, the unmatured value of the policy will be included in her gross estate A marital deduction in the same amount as the inclusion is allowed Mary’s estate b Gene made a gift to Mary of the policy which need not be reported, due to the marital deduction The payments of the premiums also represent nontaxable gifts At Gene’s death, the policy proceeds are included in Gene’s gross estate under § 2035 Because Mary owns the policy, she has made a gift of the proceeds to Ashley It is hard to imagine a worse tax result! c No tax consequences result, as Ashley had no property interest and her death had no impact on the policy d The proceeds will not be subject to any transfer tax Neither Mary (as the insured) nor Ashley (as the former beneficiary) had any property interest in the policy Furthermore, the policy proceeds paid to Gene will not be subject to income tax e The proceeds are included in Gene’s gross estate under § 2042 but qualify for the marital deduction under § 2056 pp 18-25, 18-26, Examples 35, 53, and 56 58 a The $6,200 qualifies as a burial expense © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com The Federal Gift and Estate Taxes 18-23 b Although the church pledges may not be legally enforceable, they are specifically treated as such under § 2053(c)(1)(A) Therefore, a deduction is allowed c No deduction is allowed as this is not an enforceable claim d The theft loss occurred prior to Sally’s death and should be claimed on her final Form 1040 Since the items are missing, they are not part of the gross estate e The insurance recovery of $27,000 is part of Sally’s gross estate pp 18-19 and 18-28 59 a $400,000 (1/3 × $1.2 million) Amber’s interest is not defeated and Marge’s share does not pass through Roy’s estate b $450,000 (1/2 × $900,000) Under a special rule applicable to spouses, Roy is treated as if he provided one-half of the consideration c $0 The proceeds not pass through Roy’s estate d $1 million Roy owns the policy and the proceeds are paid to Marge e $1.5 million The distribution is included in Roy’s estate and passes to Marge Examples 46 and 60 60 a $700,000 (100% ì $700,000) Under Đ 2013, use the lesser of $700,000 or $800,000 b $1.1 million (100% ì $1.1 million) Under Đ 2013, use the lesser of $1.1 million or $1.2 million c Yes, use 40% (rather than 100%) as the appropriate percentage As the intervening deaths move further apart (at two year intervals), the tax credit percentage decreases by 20% at each stage Examples 68 and 69 61 Generation-skipping transfer tax— $2,000,000 × 35% (GSTT rate) Gift tax on $2,700,000 [$2,000,000 (taxable gift) + GSST ($700,000)]; See Appendix A, p A-8— [$155,800 + 35%($2,700,000 – $500,000)] Total transfer tax $ 700,000 925,800 $1,625.800 p 18-38 and Example 73 62 a Wilma’s death is a termination event b $4,500,000 The exclusion election covered 50% ($3,000,000/$6,000,000) of the trust Therefore, 50% of $9,000,000 is excluded, and the balance of $4,500,000 is subject to the GSTT c Although the trust pays the tax, the ultimate effect is to reduce what Karl receives d The maximum rate is 35% pp 18-37 and 18-38 © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-24 63 2012 Corporations Volume/Solutions Manual Decedent Dana Taxable estate Add: gift made in 2000 Tax base $ 900,000 900,000 $1,800,000 Tentative tax on total transfers $555,800 + 45%($1,800,000 – $1,500,000) $ 690,800 Less: Unified tax credit for 2003 Gift tax paid on 2000 gift* Estate tax due $345,800 86,250 (432,050) $ 258,750 *Computation of gift tax on 2000 gift Tentative tax $248,300 + 39%($900,000 – $750,000) Less unified tax credit for 2000 Gift tax for 2000 $ 306,800 (220,550) $ 86,250 Decedent Alice Taxable estate Add: gift made in 2001 Tax base Tentative tax on total transfers $780,800 + 48%($2,500,000 – $2,000,000) Less: Unified tax credit for 2004 Gift tax paid on 2001 gift* Estate tax due $1,700,000 800,000 $2,500,000 $1,020,800 $555,800 47,250 (603,050) $ 417,750 *Computation of gift tax on 2001 gift Tentative tax $248,300 + 39%($800,000 – $750,000) Less unified tax credit for 2001 Gift tax due for 2001 $ 267,800 (220,550) $ 47,250 Decedent Ken Taxable estate Add: gift made in 2011 Tax base Tentative tax on total transfers $155,800 + 35%($6,600,000 – $500,000) Less: Unified tax credit for 2012 Gift tax paid on 2011 gift* Estate tax due $1,400,000 5,200,000 $6,600,000 $2,290,800 $1,730,800 70,000 (1,800,800) $ 490,000 © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com The Federal Gift and Estate Taxes *Computation of gift tax on 2011 gift Tentative tax $155,800 + 35%($5,200,000 – $500,000) Less unified tax credit for 2011 Gift tax due for 2011 18-25 $1,800,800 (1,730,800) $ 70,000 Figure 18.2, Table 18.1, and Appendix A The answers to the Research Problems and the Tax Return Problems are incorporated into the Instructor’s Guide with Lecture Notes to accompany the 2012 Annual Edition of SOUTH-WESTERN FEDERAL TAXATION: CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-26 2012 Corporations Volume/Solutions Manual NOTES © 2012 Cengage Learning All Rights Reserved May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part ... part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-26 2012 Corporations Volume/Solutions Manual NOTES © 2012 Cengage Learning All Rights Reserved... download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-4 Tax Return Problem Research Problem 10 2012 Corporations Volume/Solutions Manual Topic Complete a... or in part To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com 18-10 2012 Corporations Volume/Solutions Manual March 31, 2011 Robert Ball 4560 Walton