Bess, a widow, died in October 2016. Her gross estate, which totaled $7 million, included a $100,000
Question:
Bess, a widow, died in October 2016. Her gross estate, which totaled $7 million, included a $100,000 life insurance policy on her life that she gave away in 2014. The taxable gift that arose from giving away the policy was $15,000. In December 2013, Bess made a $740,000 taxable gift of stock whose value increased to $790,000 by the time Bess died. She owed debts of $80,000 at the time of her death.
a. What was her estate tax base?
b. What unified credit could her estate claim?
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a 766 million estate tax base calculated as follows Gross estate 7000000 Minus Deductions 80000 ...View the full answer
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Related Book For 
Federal Taxation 2017 Comprehensive
ISBN: 9780134421438
30th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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