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Marise, a successful single businesswoman, wants to include her son John in her business. Her business is currently worth $100,000,000.  She would like to make the largest possible gift she can make this year to him without incurring any gift tax.  She has not made any gifts in the past.  She has already given him $[gift] in cash this year.  How much ownership can she give to John in 2024?

In 2000, John and Jack bought commercial real estate at a cost of $40,000 and took ownership as tenants in common.  John died 3 years ago and left his interest to Jack.   The property was valued at $200,000 when John died.   Jack sold the property this year for $[sale].  What is Jack’s taxable gain?

Mario and his brother purchased an apartment house in joint tenancy with right of survivorship.  They are both unmarried.  Mario paid 10% of the entire purchase price of $300,000.  His brother managed the building.  At Mario’s death the building was worth $[fmv].  What is included in Mario’s gross estate?

John made the following transfers to the following people in the current year.  If he did not split gifts what is the amount of his taxable gifts for the year?  Assume that the 2024 annual exclusion amount.   Donee                      Gift Value Son                           Boat [boat] Daughter                  Car  25,000 Grandson                 Check for $18,000 written directly to ASU his college

John and Jenny are married.  They have 7 children.    John has assets of $[assets] and Jenny has assets of $2,000,000.  There is no state death tax. John would like to minimize estate taxes at his death.  Assuming 2024 estate tax laws, how much should he put in a credit shelter trust? (Round your answer to 2 decimal places)

Julia set up an irrevocable trust for her children and grandchildren with Crummey powers.  Her husband John DID NOT agree to gift splitting to fund the trust.  They have [children] children and [grandc] grandchildren who will be named as trust beneficiaries.   Assume the annual gift exclusion for 2024.  How much can she contribute to the trust this year without gift tax consequences?

John and Judy own the following property interests  Residence JTWROS                                            $250,000 Investment Real Estate John  sole owner        $[invre] Life Insurance John owner  Judy beneficiary    $[life] Investment account in John’s Revocable trust $80,000 What is the amount of the probate estate if John dies today? (Round your answer to 2 decimal places)  

The first 15 years following the 6166 election requires interest only and no principal repayment .

Which of the statements best describes the lifetime gift and estate tax exemption equivalent for 2024?

You are single and you have not used any of your unified credit.  What is the maximum amount a single individual can give to a single, third-party donee in 2024 without using any of their lifetime exemption?