In each independent scenario below, calculate Thumper's estate tax liability. Assume a flat transfer tax rate of

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Question:

In each independent scenario below, calculate Thumper's estate tax liability. Assume a flat transfer tax rate of 40% to keep calculations simple.

1. Thumper is married. He dies in 2018 with a gross estate of $7,000,000 and no debts. He made no prior year taxable gifts. Thumper leaves his entire estate to his wife of 30 years. $

2. Thumper is single. Thumper dies in 2018 with a gross estate of $13,000,000 and debts totaling $1,200,000. He made no prior year taxable gifts. He leaves his entire estate to his children. $

3. Thumper is married. He dies in 2019 with a gross estate of $10,800,000 and debts totaling $400,000. He leaves $3,000,000 to his wife and the rest of his estate to his children. He made prior year taxable gifts totaling $2,800,000. $

4. Thumper is single. He dies in 2020 with a gross estate of $11,300,000 and debts totaling $380,000. He leaves his entire estate to his children. He made prior year taxable gifts totaling $2,900,000. $