Question: 3.Jack, a widower, died this year with a gross estate of $6.6 million. Jack made one taxable gift in his lifetime of $700,000 to his
3.Jack, a widower, died this year with a gross estate of $6.6 million. Jack made one taxable gift in his lifetime of $700,000 to his brother last year. The amount of the unified credit used to offset his taxable gift was 229,800. Funeral and administrative expenses cost $140,000. Jack's debts and mortgages totaled $300,000. What was Jack's taxable estate? Show your work.
4.What was Jack's (below) tentative tax base? Show your work.
5.Assuming Jack did not pay gift taxes on any lifetime transfers, how much is Jack's tentative estate tax? Use the Tax Table below. Show your work.
6.After applying the unified credit, how much is Jack's Estate Tax Due? Use the Tax Table above. Show your work.
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