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Problem $25-50($LO $25-3)($Algo$)$

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Tom Hruise 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, Kaffie, and the real estate to a church, The First Church of Methodology. The

remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following:

Problem $25-50$ Part a $($Algo$)$

a$.$ Tom made a taxable gift of $$6\mathrm{.}60$ 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.The Taurin Partnership $($a calendar$-$year$-$end entity$)$ has the following assets as of December $31$ of the current ynar. On December $31,$ Taurin distributes $\backslash (\backslash$$ $15,000\backslash )$ of cash, $\backslash (\backslash$$ $10,000\backslash )($FMV$)$ of accounts recelvable, and $\backslash (\backslash$$ $40,000\backslash )($FMV$)$ inventory to Emma $($a one$-$third partner$)$ in termination of her partnership interest. Emma's basis in h$.$ partinensh immediately prior to the distribution is $\backslash (\backslash$$ $40,000\backslash ).$ D$.$ What is Emma's basis in the distributed assets? $($Do not round intermediate calculations. Round your fin wars to the h$$arest whole dollar amount.$)/$r$/$n If Emma's basis before the distribution was $\backslash (\backslash$$ $55,000\backslash )$ rather than $\backslash (\backslash$$ $40,000\backslash ),$ what is Emma's recognized gain or loss? $2.$ What is her basis in the distributed assets? $($ Answer is not complete. Complete this question by entering your answers in the tabs below. What is her basis in the distributed assets? $($Do not round intermediate calculations, Round your final answers to the nearest whole dollar amount.$)$