Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will
Question:
Assets:
Personal assets.............................................$ 800,000
Cash and stock...........................................24,000,000
Intangible assets (film rights)...........................71,500,000
Real estate................................................15,000,000
..........................................................$111,300,000
Liabilities:
Mortgage.................................................$ 3,200,000
Other liabilities.............................................4,100,000
.............................................................$ 7,300,000
a) Tom made a taxable gift of $8 million in 2011. Compute the estate tax for Tom's estate.
b) Fill out lines 1 through 12 in part 2 of Form 706 for Tom's estate.
Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...
Fantastic news! We've Found the answer you've been seeking!
Step by Step 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
Question Posted: