Your client Harry is a 72-year-old widower. His current net worth is $20,000,000. In his will, he leaves everything to his only child Sally, who is married and has six teenage children. Harry would like to know what estate tax liability he would face if he were to die today. Assume that Harry has never made any taxable gifts.

Also, assume the current exemption amount is $11,700,000 and the applicable tax rate is 40%. SHOW WORK FOR PARTIAL CREDIT.

Answer rating: 100% (QA)

Solution Total Current Net Assets 2000000... View the full answer