Olexiy is a 66 year old widow. His wife died about 3 years ago. Olexiy died peacefully
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Olexiy is a 66 year old widow. His wife died about 3 years ago. Olexiy died peacefully in his sleep and left the following assets in his estate:
Principal residence $615,000 (Individually owned: ACB 300,000)
RRIF $317,071 (Beneficiary: Adult Son; ACB $185,000)
Life Insurance $100,000 (Beneficiary: Estate)
Non-registered Portfolio $204,968 (Individually owned: ACB $95,000)
Assuming that Olexiy has no other income in the year of death, What amount of taxes would he owe assuming a tax rate of 40% in the year of death?
Round you answer to the nearest dollar.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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