Assume the same facts as in Problem 13-47 except that Yuji's will also provided for setting up
Question:
a. What was the amount of Yuji's taxable estate? Provide two possible answers.
b. Assume Yuji's widow died in December 2013. With respect to Yuji's former assets, which items will be included in the widow's gross estate? Provide two possible answers, but you need not indicate amounts.
In Problem 13-47
When Yuji died in March 2013, his gross estate was valued at $8 million. He owed debts totaling $300,000. Funeral and administration expenses were $12,000 and $120,000, respectively. The marginal estate tax rate exceeded his estate's marginal income tax rate because the estate collected only about $8,000 of income. Yuji willed his church $300,000 and his spouse $1.1 million. Calculate Yuji's taxable estate.
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Related Book For
Federal Taxation 2014 Comprehensive
ISBN: 9780133438598
27th Edition
Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson
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