Adam Bedwell died in 2012, leaving an estate of $27,000,000. Adam's wife died in 2009. In 2009, Adam gave his son property that resulted in a taxable gift of $6,000,000 and upon which Adam paid $1,300,000 in transfer taxes. Adam had made no other taxable gifts during his life. Adam's will provided a charitable bequest of $900,000 to his town's historical society.

Transcribed Image Text:

Exhibit 15.7-Federal Unified Transfer Tax Rates: Exhibits - Tax schedules and credits Exhibit 15.8 - Unified Credits and Applicable Exclusion Amounts for Estates and Gifts: Taxable Estate Value More Than Tentative Tax But Not More Than Base Amount + Percent On Excess Over $0 10,000 $0 10,000 20,000 1,800 20% $10,000 20,000 40,000 3,800 22% 20,000 40,000 60,000 8,200 24% 40,000 60,000 80,000 13,000 26% 60,000 80,000 100,000 18,200 28% 80,000 100,000 150,000 23,800 30% 100,000 150,000 250,000 38,800 32% 150,000 250,000 500,000 70,800 34% 250,000 500,000 155,800 37% 500,000 Exhibit 15.7-Federal Unified Transfer Tax Rates: Exhibits - Tax schedules and credits Exhibit 15.8 - Unified Credits and Applicable Exclusion Amounts for Estates and Gifts: Taxable Estate Value More Than Tentative Tax But Not More Than Base Amount + Percent On Excess Over $0 10,000 $0 10,000 20,000 1,800 20% $10,000 20,000 40,000 3,800 22% 20,000 40,000 60,000 8,200 24% 40,000 60,000 80,000 13,000 26% 60,000 80,000 100,000 18,200 28% 80,000 100,000 150,000 23,800 30% 100,000 150,000 250,000 38,800 32% 150,000 250,000 500,000 70,800 34% 250,000 500,000 155,800 37% 500,000