Noah died in 2021 and was survived by his wife and five children. At the time of
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Question:
- Noah died in 2021 and was survived by his wife and five children. At the time of his death, he owned the following property interests:
- Sole property valued at $15,000,000
- Property owned in joint tenancy with right of survivorship (JTWROS) with his spouse with his share valued at $3,000,000
- Noah's will made no charitable bequests and provided that his entire estate go equally to his surviving children.
- Other pertinent facts are:
- Noah made $2,000,000 in post-1976 taxable gifts.
- Noah's estate had $1,000,000 in allowable debts.
- Noah's estate had a funeral and administrative expenses of $100,000.
- Noah's estate paid $300,000 in state death taxes.
- Which one of the following amounts most closely approximates Noah's net federal estate tax liability? Use the Unified Federal Estate and Gift Tax Rates table.
- A) $6,585,800
- B) $6,185,800
- C) $1,560,000
- D) $4,625,800
Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th Edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
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