On february 1, 2020, nelson corporation purchased a parcel of land as a factory site for $320,000. an old building on the property was demolished, and construction began on a new building which was completed on november 1, 2020. costs incurred during this period are listed below:
demolition of old building $ 20,000architect's fees 35,000legal fees for title investigation and purchase contract 5,000construction costs 1,390,000(salvaged materials resulting from demolition were sold for $10,000.)
nelson should record the cost of the land and new building, respectively, as?

As manager of kids skids, meghan wants to develop her relationship management skills. in order to do this, she learns how to

In 2015, lori assigned a paid-up whole life insurance policy to an irrevocable life insurance trust (ilit) for the benefit of her three children. the ilit contained a crummey provision for the benefit of each child. at the time of the transfer, the whole life insurance policy was valued at $200,000, and since lori had not made any other taxable gifts during her lifetime, she did not owe any gift tax. lori died in 2016, and the face value of the whole life insurance policy of $2,000,000 was paid to the ilit. regarding this transfer, how much is included in lori’s gross estate at her death?

Kevin and jenny, who are both working full-time, have three children all under the age of ten. the two youngest children, who are three and five years old, attended eastside pre-school for a total cost of $3,000. ervin, who is nine, attended big kid daycare after school at a cost of $2,000. jenny has earned income of $15,000 and kevin earns $14,000. what amount of childcare expenses should be used to determine the child and dependent care credit?