Will, a bachelor, died in 2020. At that time, his sole asset was cash of $15 million.

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Will, a bachelor, died in 2020. At that time, his sole asset was cash of $15 million. Assume no debts or funeral and administration expenses and no charitable bequests. His gift history was as follows:

Атоunt of Taxable Gifts FMV of Gift Property at Date of Death Date October 1997 $270,000 90,000 $290,000 45,000 October 2001

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 1997)?

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Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts

ISBN: 9780135919460

34th Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

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Question Posted: Nov 20, 2020 01:03 AM

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Will, a bachelor, died in 2020. At that time, his sole asset was cash of $15 million.

Question:

Атоunt of Taxable Gifts FMV of Gift Property at Date of Death Date October 1997 $270,000 90,000 $290,000 45,000 October 2001

Step by Step Answer:

a Gross estate and taxable estate 15000000 Plus Adjusted taxable gifts 360000 ...View the full answer

Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts

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