Bethany Johnson, a widow, died 5 years ago without leaving a will. Respond to the following questions and submit your answers in a Word Document to the Unit 3: Assignment Dropbox. Remember to review a

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Bethany Johnson, a widow, died 5 years ago without leaving a will. Respond to the following questions and submit your answers in a Word Document to the Unit 3: Assignment Dropbox. Remember to review and reference the applicable sections of the Tax Code, including Publications 706 and 709.

1. Which of the following items are included in Bethany’s gross estate?

a. A life estate in a trust that pays Bethany $25,000 per year until she dies. b. A remainder interest in a trust worth $60,000 owned by Bethany. c. A one-half interest in investment land valued at $100,000 owned as joint tenants (Bethany and her brother) with right of survivorship.

2. In a 3-4 paragraphs (less than 500 words), prepare a sample will for Bethany to show the transfer of the assets above to Bethany’s son, Mike Johnson.

Bethany Johnson, a widow, died 5 years ago without leaving a will. Respond to the following questions and submit your answers in a Word Document to the Unit 3: Assignment Dropbox. Remember to review a
AC561 : Taxation of Estates and Trusts Unit 3 Assignment Unit 3 Assignment : Details and Rubric Review the scenar io below to complete your Unit 3 Assignment. This assignment will assess your understanding of the following course outcome below: AC561 -1: Differentiate between the various estates in property. Scenario: Bethany Johnson, a widow, died 5 years ago without leaving a will. Respond to the following questions and submit your answers in a Word Document to the Unit 3: Assignment Dropbox. Remember to review and reference the applicable sections of the Ta x Code, including Publications 706 and 709. 1. Which of the following items are included in Bethany’s gross estate? a. A life estate in a trust that pays Bethany $25,000 per year until she dies. b. A remainder interest in a trust worth $60,000 owned by Bet hany. c. A one -half interest in investment land valued at $100,000 owned as joint tenants (Bethany and her brother) with right of survivorship. 2. In a 3-4 paragraphs (less than 500 words), prepare a sample will for Bethany to show the transfer of the assets above to Bethany’s son, Mike Johnson. Respond in a Word Document to the Unit 3: Assignment Dropbox. View the rubric below for grading details. Assi gnment Submission Requirements: Responses must adhere to the following formatting guidelines: Microsoft Word document or appropriate reporting application specified in the assignment, double spacing, 12 – point Times New Roman or Arial font, one -inch margin s, APA in -text citations and an APA reference list for qualitative responses. Show work for all questions that require computations. Important Note: Reponses to assignments should be the original work of the student. Responses must adhere to the Universit y’s academic integrity requirements. Unit 3 Assignment: 60 points Assignment Criteria Points Possible Points Earned Content and Focus Includes the main elements, computations, and the question requirements (15pts per question). 30 Analysis and Critical Thinking Provides an excellent in -depth analysis that demonstrates a complete understanding of tax concepts; all related tax concepts are correctly applied (10pts per question). 20 AC561 : Taxation of Estates and Trusts Unit 3 Assignment Organization and Presentation Demonstrates excellent college -lev el organization and style for tax accounting reporting; presents work in Microsoft Word, showing all necessary formulas, computations, and steps whenever applicable (5pts per question). 10 Total for Assignment 60

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