Question: HELP!! Mr . Jackson died on June 1 9 when the total FMV of his property was $ 2 4 million and his debts totaled
HELP!!
Mr Jackson died on June when the total FMV of his property was $ million and his debts totaled $ million. His executor paid $ funeral expenses and $ accounting and legal fees to settle the estate. Mr Jackson bequeathed $ to the First Lutheran Church of Milwaukee and $ million to Western Wisconsin College. He bequeathed his art collection FMV $ million to his wife and the residual of his estate to his three children. Assume the taxable year is
Required:
a Compute Mr Jackson's taxable estate.
b Compute the estate tax payable by Mr Jackson's executor if Mr Jackson made no taxable gifts during his lifetime.
c Compute the estate tax payable by Mr Jackson's executor if Mr Jackson made a substantial taxable gift in and used $ million of his lifetime transfer tax exclusion to reduce the amount on which gift tax was owed to zero.
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Required B
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Compute the estate tax payable by Mr Jackson's executor if Mr Jackson made a substantial taxable gift in and used $ million of his lifetime transfer tax exclusion to reduce the amount on which gift tax was owed to zero.
Note: Consider intermediate calculations in dollars and not in millions of dollars. Enter your final answer also in dollars and not in millions of dollars.
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Estate tax
Required C
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