Bess, a widow, died in October 2016. Her gross estate, which totaled $7 million, included a $100,000

Question:

Bess, a widow, died in October 2016. Her gross estate, which totaled $7 million, included a $100,000 life insurance policy on her life that she gave away in 2014. The taxable gift that arose from giving away the policy was $15,000. In December 2013, Bess made a $740,000 taxable gift of stock whose value increased to $790,000 by the time Bess died. She owed debts of $80,000 at the time of her death.

a. What was her estate tax base?

b. What unified credit could her estate claim?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Federal Taxation 2017 Comprehensive

ISBN: 9780134421438

30th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

Question Posted: