Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities Gross estate Marital Deduction Charitable Deduction $1,790,000 24,800,000 75,500,000 15,800,000 $ 117,890,000 Problem 25-50 Part a (Algo) a. Tom made a taxable gift of $5.90 million in 2011. Compute the estate tax for Tom's estate. Debts Taxable Estate Adjusted taxable gifts Cumulative taxable transfers Tax on cumulative transfers Less taxes paid on prior gifts $ 4,000,000 4,900,000 $ 8,900,000 $ $ $ 117,890,000 (24,800,000) (15,800,000) (8,900,000) 68,390,000 5,900,000 74,290,000 360,000 9 Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities Gross estate Marital Deduction Charitable Deduction $1,790,000 24,800,000 75,500,000 15,800,000 $ 117,890,000 Problem 25-50 Part a (Algo) a. Tom made a taxable gift of $5.90 million in 2011. Compute the estate tax for Tom's estate. Debts Taxable Estate Adjusted taxable gifts Cumulative taxable transfers Tax on cumulative transfers Less taxes paid on prior gifts $ 4,000,000 4,900,000 $ 8,900,000 $ $ $ 117,890,000 (24,800,000) (15,800,000) (8,900,000) 68,390,000 5,900,000 74,290,000 360,000 9
Expert Answer:
Answer rating: 100% (QA)
To calculate Tom Hruises estate tax well follow the provided information and perform the necessary c... View the full answer
Related Book For
Taxation Of Individuals And Business Entities 2016
ISBN: 9781259334870
7th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
Students also viewed these law questions
-
(c) Convert the following C++ code using while-loop instead of for-loop and using switch-statement instead of if-statement, such that it gives the same output. [8 Marks] int A[3][3] =...
-
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his wife, Kaffie, the real estate to his church,...
-
Consider the investment projects given in the following table: Net Cash Flow n Project A Project B Project C 0 - $100 - $150 - $10 1 30 50 410 2 50 50 -558 3 50 252 4 50 IRR 23.24% 21.11% 20%, 40%,...
-
You are in a supermarket, shopping for orange juice. There are several brands of orange juice on the shelf. Provide one example of how you may use the availability heuristic to decide which brand of...
-
Why is a chain reaction more likely to occur in a big piece of uranium than in a small piece?
-
What is a training objective? Write a sample training objective in behavioral terms.
-
Frodo and Samwise will take the ring to Mordor or Gandalf is not a wizard and Frodo is a hobbit. Translate the written form of each compound logical statement into symbolic form.
-
Costello Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials1 pound plastic at $7.00 per pound .....$ 7.00 Direct labor1.6 hours at...
-
need part 2 answers Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31,2 Ontario Skateboard Company employs a perpetual inventory system....
-
Margo, a calendar year taxpayer, paid $1,580,000 for new machinery (seven-year recovery property) placed in service on August 1, 2023. a. Assuming that the machinery was the only tangible property...
-
Storage costs are 25% per annum of stock value. Ordering costs are K20,000 per order. Price per unit of material is K3,200. You are required to calculate (a) Reorder level (b) Economic Order Quantity...
-
You bought a put option for COKE stock with the exercise price of $850. You decide to exercise your put option when the stock price is $839. What is your profit or loss when you exercise this put...
-
Many people believe that all citizens benefit when a society's literacy rate is high through a stronger economy, more informed democratic participation, etc. This belief is used as an argument for...
-
Investigate the role of advanced environmental impact assessment tools, such as ecological footprint analysis and life cycle assessment (LCA), in quantifying the ecological, social, and economic...
-
What are the comments and reaction about per given topic discussed: 1. Central Banks and Federal Reserve Banks in the World and their development 2. Brief History of the Bangko Sentral ng Pilipinas...
-
A police officer drives his car 8.0 mi north before making right hand turn and driving 9.0 mi to the east. Finally, he makes a left hand turn and travels another 2.0 mi to the north and 14 mi to the...
-
Evaluate Cov ( X , Y ) 1 Y 0 1 2 3 0 , 7 0 0 , 0 4 0 , 0 1 0 , 0 1 0 , 1 0 0 , 0 0 0 , 0 1 0 , 0 1 2 0 , 0 5 0 , 0 1 0 , 0 1 0 , 0 0 3 0 , 0 5 0 , 0 0 0 , 0 0 0 , 0 0
-
Name some of the various types of financial intermediaries described in the chapter and indicate the primary reason(s) each was created.
-
Dain's Diamond Bit Drilling purchased the following assets this year. Assume its taxable income for the year was $53,000 before deducting any §179 expense (assume no bonus depreciation but...
-
Ian retired in June 2014 at the age of 69 (he turned 70 in August 2014). Ian's retirement account was valued at $490,000 at the end of 2013 and $500,000 at the end of 2014. What is Ian's required...
-
Tempe Corporation is a calendar-year corporation. At the beginning of 2015, its election to be taxed as an S corporation became effective. Tempe Corp.'s balance sheet at the end of 2014 reflected the...
-
Find the Fourier series of the following: a. \(f(x)=x, x \in[0,2 \pi]\). b. \(f(x)=\frac{x^{2}}{4},|x|
-
Find the Fourier series of each function \(f(x)\) of period \(2 \pi\). For each series, plot the Nth partial sum, \[S_{N}=\frac{a_{0}}{2}+\sum_{n=1}^{N}\left[a_{n} \cos n x+b_{n} \sin n x ight]\] for...
-
The result in Problem 12b, above gives a Fourier series representation of \(\frac{x^{2}}{4}\). By picking the right value for \(x\) and a little arrangement of the series, show that a....
Study smarter with the SolutionInn App