Ms. Jacki Jerome, a famous rock superstar, dies on November 28, 2015, and leaves her entire estate, with a fair value of $23,400,000 (after settling all estate expenses and liabilities) to her cousin Maggie.
REQUIRED:
Calculate the federal tax on Ms. Jerome's estate. (You may ignore any state-level inheritance taxes and assume that federal taxes are paid at the 40 percent rate.)