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When Yakov Tokarev died in 2012, he left an estate valued at $15,000,000. His trust directed distribution as follows: $300,000 in charitable deductions ($50,000 to the local hospital plus $250,000 to his alma mater), and the remainder to his four adult children. Death-related costs were $8,500 for funeral expenses, and $125,000 in administrative expenses ($60,000 paid to attorneys, $15,000 paid to accountants, and $50,000 paid to the trustee of his living trust. In addition, there were debts of $650,000. Use the following dropdown menus to obtain the relevant tax schedules and credits: Exhibits - Tax schedules and credits Exhibit 15.7 Unified Credits and Applicable Exclusion Amounts for Estates and Gifts: Exhibit 15.8 Federal Unified Transfer Tax Rates: Year 2008 Applicable Exclusion Amount- Estates $2,000,000 $3,500,000 Unified Tax Credit- Gifts $345,800 $345,800 $330,800 Applicable Exclusion Amount -Gifts $1,000,000 $1,000,000 $1,000,000 2009 2010 2011 Unified Tax Credit- Estates $780,800 $1,455,800 Estate tax repealed for 2010 $1,730,800 $1,772,800 $2,045,800 $2,081,800 $2,117,800 $2,125,800 $2,141,800 $4,417,800 2012 2013 2014 $5,000,000 $5,120,000 $5,250,000 $5,340,000 $5,430,000 $5,340,000 $5,490,000 $11,180,000 $1,730,800 $1,772,800 $2,045,800 $2,081,800 $2,117,800 $2,125,800 $2,141,800 $4,417,800 $5,000,000 $5,120,000 $5,250,000 $5,340,000 $5,430,000 $5,340,000 $5,490,000 $11,180,000 2015 2016 2017 2018 Source: Internal Revenue Service. 1 $ 3 Use the following worksheet to calculate the federal estate tax due on Yakov Tokarev's estate. (Hint: Enter a value of $0 for any line that does not apply. Use Exhibit 15.7 to calculate the tentative tax. Use Exhibit 15.8 to determine the appropriate unified tax credit.) Computing Federal Estate Tax Due Name: Yakov Tokarev Date: 11/30/2012 Line Computation Item Amount Total Amount Gross estate 2 Subtract sum of: (a) Funeral expenses (b) Administrative expenses $ (c) Debts $ (d) Other expenses $0.00 Total: Result: Adjusted gross estate Subtract sum of: (a) Marital deduction $0.00 (b) Charitable deduction Total: $ ) 5 Result: Taxable estate Add: Adjusted taxable gifts (post-1976) $0.00 Result: Estate tax base $ Compute: Tentative tax on estate tax base Subtract sum of: (a) Gift tax payable on post-1976 gifts $0.00 (b) Unified tax credit Total: Result: Total estate taxes Subtract: Other credits ($0.00) Result: Federal estate tax due $ 4 $ 11 u 6 7 8 9 $ $ 10 $ 11 12 When Yakov Tokarev died in 2012, he left an estate valued at $15,000,000. His trust directed distribution as follows: $300,000 in charitable deductions ($50,000 to the local hospital plus $250,000 to his alma mater), and the remainder to his four adult children. Death-related costs were $8,500 for funeral expenses, and $125,000 in administrative expenses ($60,000 paid to attorneys, $15,000 paid to accountants, and $50,000 paid to the trustee of his living trust. In addition, there were debts of $650,000. Use the following dropdown menus to obtain the relevant tax schedules and credits: Exhibits - Tax schedules and credits Exhibit 15.7 Unified Credits and Applicable Exclusion Amounts for Estates and Gifts: Exhibit 15.8 Federal Unified Transfer Tax Rates: Year 2008 Applicable Exclusion Amount- Estates $2,000,000 $3,500,000 Unified Tax Credit- Gifts $345,800 $345,800 $330,800 Applicable Exclusion Amount -Gifts $1,000,000 $1,000,000 $1,000,000 2009 2010 2011 Unified Tax Credit- Estates $780,800 $1,455,800 Estate tax repealed for 2010 $1,730,800 $1,772,800 $2,045,800 $2,081,800 $2,117,800 $2,125,800 $2,141,800 $4,417,800 2012 2013 2014 $5,000,000 $5,120,000 $5,250,000 $5,340,000 $5,430,000 $5,340,000 $5,490,000 $11,180,000 $1,730,800 $1,772,800 $2,045,800 $2,081,800 $2,117,800 $2,125,800 $2,141,800 $4,417,800 $5,000,000 $5,120,000 $5,250,000 $5,340,000 $5,430,000 $5,340,000 $5,490,000 $11,180,000 2015 2016 2017 2018 Source: Internal Revenue Service. 1 $ 3 Use the following worksheet to calculate the federal estate tax due on Yakov Tokarev's estate. (Hint: Enter a value of $0 for any line that does not apply. Use Exhibit 15.7 to calculate the tentative tax. Use Exhibit 15.8 to determine the appropriate unified tax credit.) Computing Federal Estate Tax Due Name: Yakov Tokarev Date: 11/30/2012 Line Computation Item Amount Total Amount Gross estate 2 Subtract sum of: (a) Funeral expenses (b) Administrative expenses $ (c) Debts $ (d) Other expenses $0.00 Total: Result: Adjusted gross estate Subtract sum of: (a) Marital deduction $0.00 (b) Charitable deduction Total: $ ) 5 Result: Taxable estate Add: Adjusted taxable gifts (post-1976) $0.00 Result: Estate tax base $ Compute: Tentative tax on estate tax base Subtract sum of: (a) Gift tax payable on post-1976 gifts $0.00 (b) Unified tax credit Total: Result: Total estate taxes Subtract: Other credits ($0.00) Result: Federal estate tax due $ 4 $ 11 u 6 7 8 9 $ $ 10 $ 11 12