All of the Following Apply to the Coverdell Education Savings
All of the following apply to the Coverdell education savings account except:
A) Beneficiaries may be able to be changed.
B) Allows the same contribution as a Section 529 qualified tuition plan.
C) Has a $2,000 annual contribution limit.
D) Limits the contribution of higher income taxpayers.
Glenda, age 8, has $6,150 interest from a trust fund established by her grandfather several years ago. What is Glenda's tax liability?
Glenda, age 8, has $6,150 interest from a trust fund established by her grandfather several years ago. How much of Glenda's income is taxed at the trust and estate's tax rate?
When Shipley died, he owned $100,000 in bonds that he left to his church, a $400,000 house held in joint tenancy with right of survivorship with his brother, and a collection of antique automobiles valued at $1,300,000 that he left to his son. What are Shipley's probate estate and his gross estate, respectively?
A) $1,600,000; $1,300,000
B) $1,400,000; $1,300,000
C) $1,600,000; $1,600,000
D) $1,400,000; $1,600,000