Roberto dies and leaves behind $22 million in assets.  He has debts of $500,000.  His administrative and funeral costs are $45,000.  His wife Jenny (still alive) is trying to sort out his estate.  She wants to know how much he owes in estate taxes.  The federal exclusion amount is $12 million.  Estate tax rate is 40%.  

How much does Roberto's estate owe in estate taxes?

Answer rating: 100% (QA)

To calculate the total estate tax we first need to determine the taxable estate The taxable estate i... View the full answer