2. If Holden died today, which of the following statements is true regarding the transfers made in his will? For full credit, explain why each statement is true or false. (a) Wendy will receive Holden's interest in the inherited stock portfolio. (b) Heather will receive the proceeds of the life insurance policy. (c) Kimberly will receive the yacht in place of the house boat. (d) Grace may potentially receive Vacation Home 1 as Amy's rightful heir 3. Assuming Wendy died today, calculate her gross estate. 4. Assuming Wendy died today, calculate her probate estate. 5. Ignoring the above data, assume that Holden died today and the estate tax due was $2,355,888 and Keith is appointed executor. Unfortunately, Keith forgot to file an Estate Tax Return (Form 706) and pay the estate tax due until 96 days after the return's due date. How much is the failure-to-file penalty? 6. Identify and value each taxable gift made by Holden during his life. Where appropriate, explain any exemptions or exclusions that applied. 7. Calculate Holden's gift tax due in each year he made a taxable gift. Show your work. Even if the tax due is zero, show your calculation in each year there is a taxable gift. 8. Identify and value each taxable gift made by Wendy during her life. Where appropriate, explain any exemptions or exclusions that applied. 9. Calculate Wendy's gift tax due in each year she made a taxable gift. Show your work. Even if the tax due is zero, show your calculation in each year there is a taxable gift. Heaher 7 Winsha Timber 3 kids 2. If Holden died today, which of the following statements is true regarding the transfers made in his will? For full credit, explain why each statement is true or false. (a) Wendy will receive Holden's interest in the inherited stock portfolio. (b) Heather will receive the proceeds of the life insurance policy. (c) Kimberly will receive the yacht in place of the house boat. (d) Grace may potentially receive Vacation Home 1 as Amy's rightful heir 3. Assuming Wendy died today, calculate her gross estate. 4. Assuming Wendy died today, calculate her probate estate. 5. Ignoring the above data, assume that Holden died today and the estate tax due was $2,355,888 and Keith is appointed executor. Unfortunately, Keith forgot to file an Estate Tax Return (Form 706) and pay the estate tax due until 96 days after the return's due date. How much is the failure-to-file penalty? 6. Identify and value each taxable gift made by Holden during his life. Where appropriate, explain any exemptions or exclusions that applied. 7. Calculate Holden's gift tax due in each year he made a taxable gift. Show your work. Even if the tax due is zero, show your calculation in each year there is a taxable gift. 8. Identify and value each taxable gift made by Wendy during her life. Where appropriate, explain any exemptions or exclusions that applied. 9. Calculate Wendy's gift tax due in each year she made a taxable gift. Show your work. Even if the tax due is zero, show your calculation in each year there is a taxable gift. Heaher 7 Winsha Timber 3 kids