9. Bill Klein - Decedent . SSSR value 200,000 50,000 400,000 30,000,000 Joint Checking Account (w-spouse) Automobile - BMW Personal Residence-owned jointly w-spouse Investment Portfolio Life Insurance policy on the life of Spouse (owned by Decedent). Death Benefit is $3,500,000, Cash Surrender Value is $500,000. Decedent is the beneficiary. $1MM Life Insurance Policy on Dededent's Life (owned by Decadent) - Cash Surrender Value is $120,000 ..... beneficiary is Clemson University . ?? ?? to Clemson University 200,000 Mortgage on House (paid in full by the estate) Funeral Expenses Attorney Expenses Credit Card Bills etc / Car Loan 10,000 15,000 75.000 Taxable Gifts since 1976 $1,000,000 ..... No tax was paid with the gift tax return. $15,000,000 special bequest to spouse ......... the balance (the RESIDUAL) is left to the daughter a Calculate the GROSS ESTATE. Show your work. (4 points) b. Calculate the TAXABLE ESTATE. Show your work. (3 points) C. Calculate the TENTATIVE TAX BASE. Show your work. (3 points) d. Calculate the TAX and BALANCE DUE. USE a 40% assumed tax rate, calculate the tax that must be paid on the Estate Tax Retum. (3 points). 9. Bill Klein - Decedent . SSSR value 200,000 50,000 400,000 30,000,000 Joint Checking Account (w-spouse) Automobile - BMW Personal Residence-owned jointly w-spouse Investment Portfolio Life Insurance policy on the life of Spouse (owned by Decedent). Death Benefit is $3,500,000, Cash Surrender Value is $500,000. Decedent is the beneficiary. $1MM Life Insurance Policy on Dededent's Life (owned by Decadent) - Cash Surrender Value is $120,000 ..... beneficiary is Clemson University . ?? ?? to Clemson University 200,000 Mortgage on House (paid in full by the estate) Funeral Expenses Attorney Expenses Credit Card Bills etc / Car Loan 10,000 15,000 75.000 Taxable Gifts since 1976 $1,000,000 ..... No tax was paid with the gift tax return. $15,000,000 special bequest to spouse ......... the balance (the RESIDUAL) is left to the daughter a Calculate the GROSS ESTATE. Show your work. (4 points) b. Calculate the TAXABLE ESTATE. Show your work. (3 points) C. Calculate the TENTATIVE TAX BASE. Show your work. (3 points) d. Calculate the TAX and BALANCE DUE. USE a 40% assumed tax rate, calculate the tax that must be paid on the Estate Tax Retum. (3 points)