If the federal inheritance tax is set at 40% of all assets above ($5) million at the
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If the federal inheritance tax is set at 40% of all assets above \($5\) million at the time of death, and a state's inheritance tax is set at 5% of all assets above \($1\) million at the time of death, what does an individual who dies owning a professional sport franchise that is worth \($420\) million owe in total tax liability? Assume no other assets at time of death.
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