Veronica would like for her 3 children to inherit her second property on her death. However, she
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Veronica would like for her 3 children to inherit her second property on her death. However, she knows there will be a significant tax bill on that day and would like the children to not worry about the capital gains tax. Veronica would like to set up an insurance policy to cover the cost of the tax bill. Assuming Veronica's Marginal Tax Rate (MTR) at death is 53%. How much tax will Veronica owe for the capital gains of the cottage on death?
ACB = $ 147844
FMV today = $ 270589
FMV on death = $ 572546
Related Book For
Cornerstones of Managerial Accounting
ISBN: 978-0324660135
3rd Edition
Authors: Mowen, Hansen, Heitger
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