What is the name of your state? Iowa
I'm inexperienced, so my questions might seem elementary... I have numerous questions about an estate I'm trying to figure out:
If a parent, owning an LLP sells ownership to his children, and dies while purchase-money-notes have still not been paid by the children, is the amount of the notes included in the gross estate?
If land is purchased in 1990 for $100,000 (Purchaser and his 4 children are listed as equal tenants in common) and FMV at death was $400,000, what amount is included in gross estate? ($80,000 or $400,000?)
Contributions to a Keogh (H.R. 10) includes $630,000 in contributions and $310,000 in income from contributions. What amount is included in gross estate? ($940,000 or $630,000)
Is the spouse entitled to a percentage of ownership in land inherited by the spouse prior to marriage? Is the spouse automatically entitled to a percentage of ownership of land purchased after marriage? Is the spouse automatically entitled to half of all bank account balances (Bonds, CD's, Money Market accounts)?
Hope you guys can help!
I'm inexperienced, so my questions might seem elementary... I have numerous questions about an estate I'm trying to figure out:
If a parent, owning an LLP sells ownership to his children, and dies while purchase-money-notes have still not been paid by the children, is the amount of the notes included in the gross estate?
If land is purchased in 1990 for $100,000 (Purchaser and his 4 children are listed as equal tenants in common) and FMV at death was $400,000, what amount is included in gross estate? ($80,000 or $400,000?)
Contributions to a Keogh (H.R. 10) includes $630,000 in contributions and $310,000 in income from contributions. What amount is included in gross estate? ($940,000 or $630,000)
Is the spouse entitled to a percentage of ownership in land inherited by the spouse prior to marriage? Is the spouse automatically entitled to a percentage of ownership of land purchased after marriage? Is the spouse automatically entitled to half of all bank account balances (Bonds, CD's, Money Market accounts)?
Hope you guys can help!