Question: Lola died eight months ago, and her executor is finalizing her estate tax return. The executor has determined that Lola's adjusted gross estate is $15,830,000
Lola died eight months ago, and her executor is finalizing her estate tax return. The executor has determined that Lola's adjusted gross estate is $15,830,000 and that her estate is entitled to a charitable deduction in the amount of $500,000. Calculate the estate tax liability for Lola's estate for 2023. $0 Subtract the charitable deduction from the adjusted gross estate to get the taxable estate ($15,830,000 - $500,000 = $15,330,000). The tentative tax on the taxable estate is $6,077,800 ($345,800 + 0.40 ($14,330,000)). Subtract the applicable estate tax credit to determine the federal estate tax liability ($6,077,800 - $5,113,800 = $964,000). $964,000 $345,800 $6,077,800 Just give the
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
