Will, a bachelor, died in 2017. At that time, his sole asset was cash of $6 million.

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Will, a bachelor, died in 2017. 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:

FMV of Gift Property at Date of Death Атоunt of Taxable Gifts $270,000 90,000 Date October 1987 October 1991 $290,000

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)?

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Federal Taxation 2018 Comprehensive

ISBN: 9780134532387

31st Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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Question Posted: Apr 04, 2018 04:05 AM

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Will, a bachelor, died in 2017. At that time, his sole asset was cash of $6 million.

Question:

FMV of Gift Property at Date of Death Атоunt of Taxable Gifts $270,000 90,000 Date October 1987 October 1991 $290,000 45,000

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a Gross estate and taxable estate 6000000 Plus Adjusted taxable gifts 360000 Es...View the full answer

Federal Taxation 2018 Comprehensive

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