8. Computing the federal transfer tax - Practice 1 Aa Aa E When Damian Uhl died in 2012, he left an estate valued at $25,000,000. His trust directed distribution as follows: $400,000 in charitable deductions ($75,000 to the local hospital plus $325,000 to his alma mater), and the remainder to his four adult children. Death-related costs were $9,500 for funeral expenses, and $150,000 in administrative expenses ($70,000 paid to attorneys, $20,000 paid to accountants, and $60,000 paid to the trustee of his living trust. In addition, there were debts of $850,000. Use the following worksheet and Exhibits 15.7 and 15.8 to calculate the federal estate tax due on Damian Uhl's estate. Enter a value of $0 for any line that does not apply. Name: Damian Uhl Line Computation Computing Federal Estate Tax Due Date: 11/30/2012 Item Amount Total Amount Subtract sum of: Gross estate (a) Funeral expenses (b) Administrative expenses (c) Debts (d) Other expenses Total: Result: Subtract sum of: Result: Add: Result: Compute: Subtract sum of: Adjusted gross estate (a) Marital deduction (b) Charitable deduction Total: Taxable estate Adjusted taxable gifts (post-1976) Estate tax base Tentative tax on estate tax basea (a) Gift tax payable on post-1976 gifts (b) Unified tax creditb Total: Total estate taxes Other credits Federal estate tax due 10 11 Result: Subtract: Result: 12 ause Exhibit 15.7 to calculate the tentative tax. Use Exhibit 15.8 to determine the appropriate unified tax credit. Use the following dropdown menus to obtain the relevant tax schedules and credits: Exhibits - Tax schedules and credits Exhibit 15.7 Federal Unified Transfer Tax Rates Exhibit 15.8 Unified Credits and Applicable Exclusion Amounts for Estates and Gifts 8. Computing the federal transfer tax - Practice 1 Aa Aa E When Damian Uhl died in 2012, he left an estate valued at $25,000,000. His trust directed distribution as follows: $400,000 in charitable deductions ($75,000 to the local hospital plus $325,000 to his alma mater), and the remainder to his four adult children. Death-related costs were $9,500 for funeral expenses, and $150,000 in administrative expenses ($70,000 paid to attorneys, $20,000 paid to accountants, and $60,000 paid to the trustee of his living trust. In addition, there were debts of $850,000. Use the following worksheet and Exhibits 15.7 and 15.8 to calculate the federal estate tax due on Damian Uhl's estate. Enter a value of $0 for any line that does not apply. Name: Damian Uhl Line Computation Computing Federal Estate Tax Due Date: 11/30/2012 Item Amount Total Amount Subtract sum of: Gross estate (a) Funeral expenses (b) Administrative expenses (c) Debts (d) Other expenses Total: Result: Subtract sum of: Result: Add: Result: Compute: Subtract sum of: Adjusted gross estate (a) Marital deduction (b) Charitable deduction Total: Taxable estate Adjusted taxable gifts (post-1976) Estate tax base Tentative tax on estate tax basea (a) Gift tax payable on post-1976 gifts (b) Unified tax creditb Total: Total estate taxes Other credits Federal estate tax due 10 11 Result: Subtract: Result: 12 ause Exhibit 15.7 to calculate the tentative tax. Use Exhibit 15.8 to determine the appropriate unified tax credit. Use the following dropdown menus to obtain the relevant tax schedules and credits: Exhibits - Tax schedules and credits Exhibit 15.7 Federal Unified Transfer Tax Rates Exhibit 15.8 Unified Credits and Applicable Exclusion Amounts for Estates and Gifts