1. In each of the following independent situations, determine the gift tax that was due and the decedent's final estate tax liability (net of any unified tax credit). Decedent Joseph Brandi Caden Year of death 2002 2005 2012 Taxable estate $1,000,000 $1,800,000 $1,500,000 Post-1976 taxable gifts Made in 2001 800,000 - - Made in 2002 - 900,000 - Made in 2011 - - 5,300,000 If an amount is zero, enter "0". Decedent Joseph Brandi Caden Estate tax due $ $ $ Gift tax $ $ $ 2. Compute the Federal income tax liability for the Valerio Trust. The entity reports the following transactions for the 2012 tax year. The trustee accumulates all accounting income for the year. Operating income from a business $400,000 Dividend income, all from U.S. corporations 30,000 Interest income, City of San Antonio bonds 40,000 Fiduciary fees, deductible portion 10,000 Net rental losses, passive activity (100,000) Carryout the tax computation to two decimal places and if required, round your final answer to the nearest dollar. The fiduciary taxable income for the Kim Trust is $ . The Federal income tax liability for the Kim Trust is $ 3. The Ricardo Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each. For the current calendar year, the trust generates ordinary income of $50,000, a long-term capital gain of $25,000 (allocable to corpus), and a trustee commission expense of $10,000 (allocable to corpus). a. Each beneficiary is entitled to receive income of $. b. The trust's DNI is $. c. The trust's taxable income is $. d. Each of the beneficiaries can report $ of gross income. 4.Under the terms of the Lagos Trust instrument, the trustee has discretion to distribute or accumulate income on behalf of Willie, Sylvia, and Doris in equal shares. The trustee can also invade corpus for the benefit of any of the beneficiaries to the extent of each person's respective one-third interest in the trust. How much income is taxed? (Hint: Apply the separate share rule.) In the current year, the trust has DNI of $120,000. Distribution and accumulation amounts were as follows. To Willie: $40,000 from DNI and $10,000 from corpus. To Sylvia: $25,000. The remaining $15,000 DNI is accumulated. To Doris: $0. The $40,000 DNI is accumulated. How much income is taxed to each taxpayer? If the amount is zero, enter "0". Taxable Income a. Willie $ b. Sylvia $ c. Doris $ d. Lagos $