Kellen dies. Kellen's wife died 5 years ago. Kellen's gross estate is valued at $12 million. His funeral and administrative costs total $40,000. Kellen owes a total of $600,000 on a mortgage and other debts. Assuming the Federal Estate Tax Exemption is $11,800,000 and the estate tax rate is 40%, how much is Dan's estate tax liability?

Answer rating: 100% (QA)

To calculate Kellens estate tax liability we need to consider the taxable estate after dedu... View the full answer