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Problem $14-50($LO $14-3)($Algo$)$

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Tom Hale was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse and his real estate to a church $($an $$A$$ charity$).$ The remainder of Tom$$s assets were to be placed in trust for three children. Tom$$s estate consisted of the following:

Assets:$$Personal assets$ $1,080,000$Cash and stock$26,100,000$Intangible assets $($film rights$)82,000,000$Real estate$17,100,000$$ $126,280,000$Liabilities:$$Mortgage$ $5,300,000$Other liabilities$6,200,000$$ $11,500,000$

Problem $14-50$ Part a $($Algo$)$

a$.$ Tom made a taxable gift of $$7\mathrm{.}20$ million in $2011.$ Compute the estate tax for Tom's estate. $($Refer to Exhibit $25-1$ and Exhibit $25-2.)$

Note: Enter your answers in dollars, not millions of dollars.