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Given the below data, match the total amount with the relevant part of the estate tax formula: T died on June 13, 2021. He owned the following property on his date of death: Cash $20,000,000 Stocks and bonds.. 700,000 Residence .. 800,000 Upon T's death, he owed $100,000 on the mortgage on his residence. T also owned a life insurance policy. The policy was term life insurance which paid $200,000 to his mother upon his death. Its value immediately before his death was $0. T had all of the incidents of ownership with regard to the policy. During his life, T had made only one gift. He gave a diamond ring worth $40,000 (it was an old family heirloom) to his daughter in 1995. No gift taxes were paid on the gift due to the annual exclusion (gift-splitting was elected and the annual exclusion was $10,000) and the unified transfer tax credit in effect for that year. The ring was worth $50,000 on his date of death. T's will contained the following provisions: 1. To my wife I leave all of the stocks and bonds. 2. To my alma mater, State University, I leave $50,000 to establish a chair for a tax professor in the Department of Accounting in the School of Business. 3. The residue of my estate is to go to my daughter. Compute T's estate tax before any credits other than the Federal estate tax credit. What is T's Gross Estate? Choose ] $3,656,000 $9,140,000 What T's Taxable Transfer? $21,500,000 $20,650,000 $21,700,000 $20,850,000 What is T's exclusion amount? $11,700,000 $3,920,000 $4,625,800 What amount of the estate is subject to tax $9,800,000 $20,840,000 What is T's total tax liability? [Choose ] Given the below data, match the total amount with the relevant part of the estate tax formula: T died on June 13, 2021. He owned the following property on his date of death: Cash $20,000,000 Stocks and bonds. 700,000 Residence 800,000 Upon T's death, he owed $100,000 on the mortgage on his residence. T also owned a life insurance policy. The policy was term life insurance which paid $200,000 to his mother upon his death. Its value immediately before his death was $0. T had all of the incidents of ownership with regard to the policy. During his life, T had made only one gift. He gave a diamond ring worth $40,000 (it was an old family heirloom) to his daughter in 1995. No gift taxes were paid on the gift due to the annual exclusion (gift-splitting was elected and the annual exclusion was $10,000) and the unified transfer tax credit in effect for that year. The ring was worth $50,000 on his date of death. T's will contained the following provisions: 1. To my wife I leave all of the stocks and bonds. 2. To my alma mater, State University, I leave $50,000 to establish a chair for a tax professor in the Department of Accounting in the School of Business. 3. The residue of my estate is to go to my daughter. Compute T's estate tax before any credits other than the Federal estate tax credit. What is T's Gross Estate? [Choose ] [Choose ] What T's Taxable Transfer? $3,656,000 $9,140,000 $21,500,000 What is T's exclusion amount? $20,650,000 $21,700,000 $20,850,000 What amount of the estate is subject to tax $11,700,000 $3,920,000 $4,625,800 $9,800,000 What is T's total tax liability? $20,840,000 Cash $20,000,000 Stocks and bonds. 700,000 Residence.... 800,000 Upon T's death, he owed $100,000 on the mortgage on his residence. T also owned a life insurance policy. The policy was term life insurance which paid $200,000 to his mother upon his death. Its value immediately before his death was $0. T had all of the incidents of ownership with regard to the policy. During his life, T had made only one gift. He gave a diamond ring worth $40,000 (it was an old family heirloom) to his daughter in 1995. No gift taxes were paid on the gift due to the annual exclusion (gift-splitting was elected and the annual exclusion was $10,000) and the unified transfer tax credit in effect for that year. The ring was worth $50,000 on his date of death. T's will contained the following provisions: 1. To my wife I leave all of the stocks and bonds. 2. To my alma mater, State University, I leave $50,000 to establish a chair for a tax professor in the Department of Accounting in the School of Business. 3. The residue of my estate is to go to my daughter. Compute T's estate tax before any credits other than the Federal estate tax credit. What is T's Gross Estate? [Choose ] What T's Taxable Transfer? [Choose ] Choose ] What is T's exclusion amount? $3,656,000 $9,140,000 $21,500,000 What amount of the estate is subject to tax $20,650,000 $21,700,000 $20,850,000 $11,700,000 What is T's total tax liability? $3,920,000 $4,625,800 $9,800,000 $20,840,000 What is T's Gross Estate? [ Choose ] What T's Taxable Transfer? [ Choose ] What is T's exclusion amount? [ Choose ] [Choose ] What amount of the estate is subject to tax $3,656,000 $9,140,000 $21,500,000 What is T's total tax liability? $20,650,000 $21,700,000 $20,850,000 $11,700,000 $3,920,000 $4,625,800 $9,800,000 $20,840,000 Quiz saved at 10:09 am Submit Quiz What is T's Gross Estate? [ Choose] v
