Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities Gross estate Marital Deduction Charitable Deduction $1,790,000 24,800,000 75,500,000 15,800,000 $ 117,890,000 Problem 25-50 Part a (Algo) a. Tom made a taxable gift of $5.90 million in 2011. Compute the estate tax for Tom's estate. Debts Taxable Estate Adjusted taxable gifts Cumulative taxable transfers Tax on cumulative transfers Less taxes paid on prior gifts $ 4,000,000 4,900,000 $ 8,900,000 $ $ $ 117,890,000 (24,800,000) (15,800,000) (8,900,000) 68,390,000 5,900,000 74,290,000 360,000 9 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: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities Gross estate Marital Deduction Charitable Deduction $1,790,000 24,800,000 75,500,000 15,800,000 $ 117,890,000 Problem 25-50 Part a (Algo) a. Tom made a taxable gift of $5.90 million in 2011. Compute the estate tax for Tom's estate. Debts Taxable Estate Adjusted taxable gifts Cumulative taxable transfers Tax on cumulative transfers Less taxes paid on prior gifts $ 4,000,000 4,900,000 $ 8,900,000 $ $ $ 117,890,000 (24,800,000) (15,800,000) (8,900,000) 68,390,000 5,900,000 74,290,000 360,000 9
Expert Answer:
Answer rating: 100% (QA)
To calculate Tom Hruises estate tax well follow the provided information and perform the necessary c... View the full answer
Related Book For
Taxation Of Individuals And Business Entities 2016
ISBN: 9781259334870
7th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
Students also viewed these law questions
-
(c) Convert the following C++ code using while-loop instead of for-loop and using switch-statement instead of if-statement, such that it gives the same output. [8 Marks] int A[3][3] =...
-
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 wife, Kaffie, the real estate to his church,...
-
Consider the investment projects given in the following table: Net Cash Flow n Project A Project B Project C 0 - $100 - $150 - $10 1 30 50 410 2 50 50 -558 3 50 252 4 50 IRR 23.24% 21.11% 20%, 40%,...
-
You are in a supermarket, shopping for orange juice. There are several brands of orange juice on the shelf. Provide one example of how you may use the availability heuristic to decide which brand of...
-
A position vector extends from the origin to point A (a, b, c). Determine the angles , , which the tail of the vector makes with the x, y, z axes, respectively. Given: a = 2 m b = 3 m c = 6 m
-
8. The P-V diagram below shows an expansion at constant pressure, for 1 mole of a monatomic gas. The pressure is constant at 3 atm while the volume increases from 2 L to 8 L. For this process, find...
-
What is delegation? What is its significance in structural modeling?
-
Vail Resorts, Inc., owns and operates five premier year-round ski resort properties (Vail Mountain, Beaver Creek Resort, Breckenridge Mountain, and Keystone Resort, all located in the Colorado Rocky...
-
The following information pertains to the City of Williamson for 2 0 2 4 , its first year of legal existence. For convenience, assume that all transactions are for the general fund, which has three...
-
Tuckered Outfitters plans to market a custom brand of packaged trail mix. The ingredients for the trail mix will include Raisins, Grain, Chocolate Chips, Peanuts, and Almonds costing, respectively,...
-
Threats to independence of an auditor can broadly be categorized into 5 types. (a) Identify these threats and give examples (5 Marks) (b) Using examples outline the possible safeguards that an...
-
What part of the A. tumefaciens DNA gets transferred to the genome of a plant cell during infection?
-
On rare occasions, an organism may have three copies of a chromosome and therefore three copies of the genes on that chromosome (instead of the usual number of two copies). The alleles for each gene...
-
What type of DNA structure is recognized by RecG and RuvABC? Do you think these proteins recognize DNA sequences? Be specific about what type(s) of molecular recognition these proteins can perform.
-
Cancer are caused by environmental agents that produce mutations in somatic cells. Is an individual with cancer considered a genetic mosaic? Explain why or why not.
-
Discuss some of the worthwhile traits that can be modified in transgenic plants.
-
8) Sum of weights in exponential smoothing is A) <1 B) 1 C) >1 D) None of the above 9) The last period's forecast was 70 and demand was 60. What is the simple exponential smoothing forecast with...
-
San Carlos Bank and Trust Company uses a credit-scoring system to evaluate most consumer loans that amount to more than $2,500. The key factors used in its scoring system are found at the conclusion...
-
Dain's Diamond Bit Drilling purchased the following assets this year. Assume its taxable income for the year was $53,000 before deducting any §179 expense (assume no bonus depreciation but...
-
Ian retired in June 2014 at the age of 69 (he turned 70 in August 2014). Ian's retirement account was valued at $490,000 at the end of 2013 and $500,000 at the end of 2014. What is Ian's required...
-
Tempe Corporation is a calendar-year corporation. At the beginning of 2015, its election to be taxed as an S corporation became effective. Tempe Corp.'s balance sheet at the end of 2014 reflected the...
-
Describe the significance of the term filious nullius.
-
Calculate the isentropic compressibility for air at a pressure of \(0.5 \mathrm{~atm}\). Compare the result with that for the isothermal compressibility obtained in Example 1.3. Data From Example...
-
Describe the nature and significance of the biology plus approach to establishing parental rights for unwed fathers.
Study smarter with the SolutionInn App