question archive At the time of her death, on October 2, 2011, at the age of 97, your client, Ima Deceased, owned the following assets, all of which are to be transferred, according to her will, to her son, who is her only beneficiary: Cost FMV Term deposits $ 75,000 $ 75,000 Shares of Bell Canada Enterprise (a public corporation) 250,000 370,000 In 2011, she had received the following amounts up to the date of death: Fees for acting as an art consultant $20,000 Pension income 36,000 Interest on term deposits 1,500 Dividends on Bell shares 8,960 Interest on the term deposits is payable on April 30 and October 31
Subject:FinancePrice:3.87 Bought7
At the time of her death, on October 2, 2011, at the age of 97, your client, Ima Deceased, owned the following assets, all of which are to be transferred, according to her will, to her son, who is her only beneficiary:
|
Cost |
FMV |
Term deposits |
$ 75,000 |
$ 75,000 |
Shares of Bell Canada Enterprise (a public corporation) |
250,000 |
370,000 |
In 2011, she had received the following amounts up to the date of death:
Fees for acting as an art consultant |
$20,000 |
Pension income |
36,000 |
Interest on term deposits |
1,500 |
Dividends on Bell shares |
8,960 |
Interest on the term deposits is payable on April 30 and October 31. Since April 30, 2011, when the above $1,500 was paid, additional interest of $1,275 accrued to the date of death. Also, a dividend of $1,120 was declared on the Bell shares, payable to all shareholders of record on September 30, 2011, but the cheque was not mailed until October 6, 2011.
Required:
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