An unmarried person who passed away last week had the following line items. Compute (1) The dollar
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Question:
An unmarried person who passed away last week had the following line items. Compute (1) The dollar amount of estate taxes due to the IRS. (2) The dollar amount of assets available for distribution to heirs. Show your work and highlight your final answers.
- Charitable deduction = $2 million
- Cumulative taxable lifetime gifts = $3 million
- Debt = $1.5 million
- Estate admin expenses = $600,000
- Estate-tax-free transfer threshold = $11.70 million (in the year of death)
- Funeral expenses = $500,000
- Gross estate = $40 million
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