Week 6 Individual Assignment - Godfrey’s Assets

  

Review the textbook problem #54 on page 608.

Prepare a 350- to 700-word document that addresses and includes the amount of taxable estate for each of the following:

• Address the question at the end      of the scenario.
• If Godfrey came to you before      his death and told you that he had a spouse and two children under the age      of 18, what kind of estate plan would you suggest for him?
• What if Godfrey had no spouse      but had two children under the age of 18?
• What if Godfrey had no spouse      or children, but had a favorite niece?

Feel free to set up the assignment in memo format since you are responding to Godfrey's questions.  You can include a Q&A within the memo. Start your memo with a brief introduction to let Godfrey know the memo will address. 

Word Count: Make sure you are at least meeting the minimum word count.

APA: If you quote, paraphrase, and/or summarize from any source apply APA.

54.[LO 12.4] When Godfrey died in 2016, his assets were valued as follows:

   

Asset

Date of death valuation

Valuation six months later

 

Stocks

$2,220,000

$2,180,000

 

Bonds

4,600,000

4,620,000

 

Home

800,000

780,000

 

Total

$7,620,000

$7,580,000

The executor sold the stock two months after the decedent's death for $2,200,000. 

The bonds were sold seven months after the decedent's death for $4,630,000. What 

valuation should be used for the gross estate?