Upon Ryan's death, the following assets were valued: Personal belongings $450,000 FMV Investment in stocks and bonds
Question:
Upon Ryan's death, the following assets were valued:
Personal belongings $450,000 FMV
Investment in stocks and bonds $17,300,000 FMV
Insurance proceeds on a policy on his life.
His niece is the beneficiary. Ryan possessed the right to change beneficiaries, which was never exercised. $600,000 FMV
Corpus of a trust. Ryan possessed the right to appoint the ownership of the Trust's corpus and income only to his children. $900,000 FMV
In addition, Ryan had personal debts of $60,000 and his estate incurred funeral expenses of $15,000 and legal/accounting fees of $35,000 (not deducted on the fiduciary income tax return). Ryan's will provides for $200,000 bequest to the American Heart Association, with all other assets passing to his children. Compute Ryan's taxable estate.
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair