Elaine died on May 1, 2017. Her gross estate consisted of the following items: Elaines Sec. 2053

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Elaine died on May 1, 2017. Her gross estate consisted of the following items:

$ 40,000 4,200,000 Cash Stocks traded on a stock exchange Personal residence 25% capital interest in a 60-person partner

Elaine€™s Sec. 2053 deductions totaled $200,000. She had no other deductions.

a. What percentage of Elaine€™s federal estate taxes can be paid in installments under Sec. 6166? When is the first installment payment due?

b. Could Elaine€™s estate elect Sec. 6166 treatment if the stocks were valued at $6.2 million instead of $4.2 million?

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Federal Taxation 2018 Comprehensive

ISBN: 9780134532387

31st Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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Question Posted: Apr 04, 2018 04:07 AM

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Elaine died on May 1, 2017. Her gross estate consisted of the following items: Elaines Sec. 2053

Question:

$ 40,000 4,200,000 Cash Stocks traded on a stock exchange Personal residence 25% capital interest in a 60-person partnership 3,100,000

Step by Step Answer:

a 4031 The adjusted gross estate gross estate minus Sec 205...View the full answer

Federal Taxation 2018 Comprehensive

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