Will, a bachelor, died in 2014. At that time, his sole asset was cash of $6 million.
Question:
Will, a bachelor, died in 2014. At that time, his sole asset was cash of $6 million. Assume no debts or funeral and administration expenses and no charitable bequests. His gift history was as follows:
a. What was Will's estate tax base?
b. How would your answer to Part a change if Will made the first gift in 1974 (instead of 1987)?
Transcribed Image Text:
Amount of Taxable Gifts $270,000 90,000 FMV of Gift Property at Date of Death $290,000 45,000 Date October 1987 October 1991
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a Gross estate and taxable estate 6000000 Plus Adjusted taxable gifts 360000 Estat...View the full answer
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Related Book For
Federal Taxation 2015 Comprehensive
ISBN: 9780133807783
28th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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