Explain the difference in this illustration. Illustration A: Unmarried decedent but Head of the Family Old tax

Explain the difference in this illustration.       

Transcribed Image Text:

Illustration A: Unmarried decedent but Head of the Family Old tax Code: FMV of family home Book value Maximum limit Deductible family home allowance Illustration A: Married decedent Old tax Code: FMV of family home Book value Maximum limit Deductible family home allowance Case 1 800,000 500,000 1,000,000 800,000 Case 1 1,800,000 1,500,000 1,000,000 900,000 Case 2 3,000,000 4,000,000 1,000,000 1,000,000 Case 2 3,000,000 4,000,000 1,000,000 1,000,000 Illustration A: Unmarried decedent but Head of the Family Old tax Code: FMV of family home Book value Maximum limit Deductible family home allowance Illustration A: Married decedent Old tax Code: FMV of family home Book value Maximum limit Deductible family home allowance Case 1 800,000 500,000 1,000,000 800,000 Case 1 1,800,000 1,500,000 1,000,000 900,000 Case 2 3,000,000 4,000,000 1,000,000 1,000,000 Case 2 3,000,000 4,000,000 1,000,000 1,000,000

Answer rating: 100% (QA)

The key differences between the two illustrations are related to the familys FMV Fair Market Value b... View the full answer