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Ch 15: Assignment - Preserving Your Estate Ted Kanewski died in 2012, leaving an estate of $24,000,000. Ted's wife died in 2009. In 2009, Ted gave his son property that resulted in a taxable gift of $5,000,000 and upon which Ted paid $1,100,000 in transfer taxes. Ted had made no other taxable gifts during his life. Ted's will provided a charitable bequest of $750,000 to the local animal shelter, Exhibits - Tax schedules and credits Exhibit 15.7 - Federal Unified Transfer Tax Rates Exhibit 15 8 Unified Credits and Applicable Exclusion Amounts for Estates and Gifts DS Taxable Estate Value Tentative Tax 95 More Than Base Amount + Percent On Excess Over $0 $0 REE trial ted 10,000 1,800 20% $10,000 But Not More Than 10,000 20,000 40,000 60,000 80,000 3,800 22% 20,000 20,000 40,000 60,000 8,200 24% 13,000 26% 40,000 60,000 80,000 80,000 100,000 18,200 28% 100,000 150,000 30% 23,800 38,800 250,000 32% 150,000 250,000 100,000 150,000 250,000 500,000 70,800 34% 500,000 155,800 37% 500,000 charitable bequest of $750,000 to the local animal shelter. Exhibits - Tax schedules and credits Exhibit 15.7 Federal Unified Transfer Tax Rates: Exhibit 15.8 Unified Credits and Applicable Exclusion Amounts for Estates and Gifts: Unified TaxCredit- Estates Applicable ExclusionAmount- Estates Unified TaxCredit- Gifts Year 2006 $345,800 $345,800 2007 $2,000,000 $2,000,000 $2,000,000 $3,500,000 Applicable ExclusionAmount --Gifts $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 2008 $780,800 $780,800 $780,800 $1,455,800 Estate tax repealed for 2010 $345,800 2009 $345,800 $330,800 2010 2011 2012 $1,730,800 $1,772,800 $2,045,800 $5,000,000 $5,120,000 $5,250,000 $1,730,800 $1,772,800 $2,045,800 $5,000,000 $5,120,000 $5,250,000 2013 Use the following worksheet and Exhibits 15.7 and 15.8 to determine the federal transfer tax on Ted Kanewski's estate. (Hint: Enter a value of $0 for any line that does not apply.) Name: Ted Computation Computing Federal Estate Tax Due Date: 11/30/2011 Item Amount Gross estate Line Total Amount $ 2 Subtract sum of: (a) Funeral expenses $ (b) Administrative expenses $ (c) Debts $ (d) Other expenses $ E trial ed Total: $ ) 3 Result: Adjusted gross estate S 4 Subtract sum of: (a) Marital deduction 5 (b) Charitable deduction Total: ( 5 Result: Taxable estate 6 Add: Adjusted taxable gifts (post-1976) TO 7 Result: Estate tax base 8 Computer Tentative tax on estate tax base 9 Subtract sum of: (a) Gift tax payable on post-1976 gifts 1 (b) Unified tax credit Total: S 3 search 020 PM 7/2/2020 10 Result: Total estate taxes $ 11 Subtract: Other credits ( $ 12 Result: Federal estate tax due $ a use Exhibit 15.7 to calculate the tentative tax. b Use Exhibit 15.8 to determine the appropriate unified tax credit. Ch 15: Assignment - Preserving Your Estate Ted Kanewski died in 2012, leaving an estate of $24,000,000. Ted's wife died in 2009. In 2009, Ted gave his son property that resulted in a taxable gift of $5,000,000 and upon which Ted paid $1,100,000 in transfer taxes. Ted had made no other taxable gifts during his life. Ted's will provided a charitable bequest of $750,000 to the local animal shelter, Exhibits - Tax schedules and credits Exhibit 15.7 - Federal Unified Transfer Tax Rates Exhibit 15 8 Unified Credits and Applicable Exclusion Amounts for Estates and Gifts DS Taxable Estate Value Tentative Tax 95 More Than Base Amount + Percent On Excess Over $0 $0 REE trial ted 10,000 1,800 20% $10,000 But Not More Than 10,000 20,000 40,000 60,000 80,000 3,800 22% 20,000 20,000 40,000 60,000 8,200 24% 13,000 26% 40,000 60,000 80,000 80,000 100,000 18,200 28% 100,000 150,000 30% 23,800 38,800 250,000 32% 150,000 250,000 100,000 150,000 250,000 500,000 70,800 34% 500,000 155,800 37% 500,000 charitable bequest of $750,000 to the local animal shelter. Exhibits - Tax schedules and credits Exhibit 15.7 Federal Unified Transfer Tax Rates: Exhibit 15.8 Unified Credits and Applicable Exclusion Amounts for Estates and Gifts: Unified TaxCredit- Estates Applicable ExclusionAmount- Estates Unified TaxCredit- Gifts Year 2006 $345,800 $345,800 2007 $2,000,000 $2,000,000 $2,000,000 $3,500,000 Applicable ExclusionAmount --Gifts $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 2008 $780,800 $780,800 $780,800 $1,455,800 Estate tax repealed for 2010 $345,800 2009 $345,800 $330,800 2010 2011 2012 $1,730,800 $1,772,800 $2,045,800 $5,000,000 $5,120,000 $5,250,000 $1,730,800 $1,772,800 $2,045,800 $5,000,000 $5,120,000 $5,250,000 2013 Use the following worksheet and Exhibits 15.7 and 15.8 to determine the federal transfer tax on Ted Kanewski's estate. (Hint: Enter a value of $0 for any line that does not apply.) Name: Ted Computation Computing Federal Estate Tax Due Date: 11/30/2011 Item Amount Gross estate Line Total Amount $ 2 Subtract sum of: (a) Funeral expenses $ (b) Administrative expenses $ (c) Debts $ (d) Other expenses $ E trial ed Total: $ ) 3 Result: Adjusted gross estate S 4 Subtract sum of: (a) Marital deduction 5 (b) Charitable deduction Total: ( 5 Result: Taxable estate 6 Add: Adjusted taxable gifts (post-1976) TO 7 Result: Estate tax base 8 Computer Tentative tax on estate tax base 9 Subtract sum of: (a) Gift tax payable on post-1976 gifts 1 (b) Unified tax credit Total: S 3 search 020 PM 7/2/2020 10 Result: Total estate taxes $ 11 Subtract: Other credits ( $ 12 Result: Federal estate tax due $ a use Exhibit 15.7 to calculate the tentative tax. b Use Exhibit 15.8 to determine the appropriate unified tax credit