Back
Uncategorized

Grossmont College The Fiduciary of Sergios Estate Memorandum

Grossmont College The Fiduciary of Sergios Estate Memorandum Grossmont College The Fiduciary of Sergios Estate Memorandum.

Description

BELOW ARE THE PROFESSORS DIRECTIONS. I WENT AHEAD AND POSTED THEM FOR YOU TO UNDERSTAND EVERYTHING CLEARLY AND HOPEFULLY EVERYTHING IS EASILY READABLE AND UNDERSTANDABLE. THE DIRECTIONS ARE PRETTY STRAIGHT FORWARD. THANKS!

BACKGROUND:  (TAX MEMO)

Sergio entered into a contract on March 25 to sell real estate for $1 million.  The sale was subject to a condition that the property was rezoned from R-7 to CN-2.  The adjusted basis of the property was $200,000.  The purchaser placed $50,000 in escrow, that was refundable if the zoning was not accomplished by September 30.

Sergio continued working on the rezoning up until the day he died.  He died on September 6.  The rezoning was approved on September 17 and on September 19 the remainder of the purchase price, $950,000 was paid to his estate.

The fiduciary of Sergio’s estate is trying to work out whether the sale goes on the final return for Sergio or is included in the return for the estate and is seeking your advice as to when the sale occurred, why and the income tax and estate tax consequences.Did the sale occur before or after the death of Sergio?

Partial list of aids to help you with your research:

George W. Keck, 49 T.C. 313 (1968), rev’d 69-2 USTC ¶9626, 24 AFTR 2d 69-5554, 415 F.2d 531 (CA-6, 1969)

Trust Company of Georgia v. Ross, 68-1 USTC ¶9133, 21 AFTR 2d 311, 392 F.2d 694 (CA-5. 1967)

Grossmont College The Fiduciary of Sergios Estate Memorandum

Grossmont College The Fiduciary of Sergios Estate Memorandum
Facebook

We use cookies to give you the best experience. Cookie Policy

× How can I help you?