Bess died in October 2014. Her gross estate, which totaled $7 million, included a $100,000 life insurance

Question:

Bess died in October 2014. Her gross estate, which totaled $7 million, included a $100,000 life insurance policy on her life that she gave away in 2012. The taxable gift that arose from giving away the policy was $15,000. In December 2011, Bess made a $740,000 taxable gift of stock whose value increased to $790,000 by the time Bess died. Assume her estate tax deductions totaled $80,000.

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 2015 Comprehensive

ISBN: 9780133807783

28th Edition

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

Question Posted: