Shannon died on June 5, 2023. Shannon's gross estate valued $18,250,000 as of his date of death. The Executor did not elect the alternate valuation date. Shannon had taxable gifts (after the applicable annual exclusion) of $400,000 in previous years. No gift tax was paid when the gifts were made, but $160,000 of the unified credit was utilized. At the time of her death, the following expenses were incurred or outstanding: Funeral expenses $ 18,000 Administration expenses $ 10,000 State death taxes $912,500 Designated charitable contributions $125,000 What is Shannon's estate tax liability?

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To calculate Shannons estate tax liability we first need to determine the taxable estate by adding t... View the full answer