An unmarried decedent has a gross estate of $25,260,000 and passes away in 2022. Expenses associated...
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An unmarried decedent has a gross estate of $25,260,000 and passes away in 2022. Expenses associated with administering the estate are $200,000. The decedent has also made $400,000 in taxable gifts during her lifetime, and did not pay any gift tax associated with those transfers. State whether the following estate tax calculation is correct. If you disagree, calculate what you propose to be the correct amount. Gross Estate Deductions Taxable Estate Prior Taxable Gifts Total Taxable Estate Less: Unified Credit Estate Tax Base Estate Tax Due $ 25,260,000 $ (200,000) $ 25,060,000 $ 400,000 $ 25,460,000 $(12,060,000) $ 13,000,000 $ 5,145,800 An unmarried decedent has a gross estate of $25,260,000 and passes away in 2022. Expenses associated with administering the estate are $200,000. The decedent has also made $400,000 in taxable gifts during her lifetime, and did not pay any gift tax associated with those transfers. State whether the following estate tax calculation is correct. If you disagree, calculate what you propose to be the correct amount. Gross Estate Deductions Taxable Estate Prior Taxable Gifts Total Taxable Estate Less: Unified Credit Estate Tax Base Estate Tax Due $ 25,260,000 $ (200,000) $ 25,060,000 $ 400,000 $ 25,460,000 $(12,060,000) $ 13,000,000 $ 5,145,800
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The correct calculation is shown below Gross Estate 25260000 Deductions 200000 ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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