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9. Computing the federal transfer tax-Practice 2 Antonio Bloom died in 2012, leaving an estate of $21,000,000. Antonio's wife died in 2009. In 2009, Antonio
9. Computing the federal transfer tax-Practice 2 Antonio Bloom died in 2012, leaving an estate of $21,000,000. Antonio's wife died in 2009. In 2009, Antonio gave his son property that resulted in a taxable gift of $4,000,000 and upon which Antonio paid $950,000 in transfer taxes. Antonio had made no other taxable gifts during his life. Antonio's will provided a charitable bequest of $500,000 to his town's historical society. Exhibits - Tax schedules and credits Use the following worksheet to calculate the federal estate tax due on Antonio Bloom's estate. (Hint: Enter a value of $0 for any line that does not apply. Use Exhibit 15.7 to determine the appropriate unified tax credit. Use Exhibit 15.8 to calculate the tentative tax.) 9. Computing the federal transfer tax-Practice 2 Antonio Bloom died in 2012, leaving an estate of $21,000,000. Antonio's wife died in 2009. In 2009, Antonio gave his son property that resulted in a taxable gift of $4,000,000 and upon which Antonio paid $950,000 in transfer taxes. Antonio had made no other taxable gifts during his life. Antonio's will provided a charitable bequest of $500,000 to his town's historical society. Exhibits - Tax schedules and credits Use the following worksheet to calculate the federal estate tax due on Antonio Bloom's estate. (Hint: Enter a value of $0 for any line that does not apply. Use Exhibit 15.7 to determine the appropriate unified tax credit. Use Exhibit 15.8 to calculate the tentative tax.)
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