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At his death in 2015, Angel owned the following property: Description Value Real Estate $5,000,000 Investments $14,000,000 Personal Property $1,000,000 The real estate is subject
At his death in 2015, Angel owned the following property:
Description | Value |
Real Estate | $5,000,000 |
Investments | $14,000,000 |
Personal Property | $1,000,000 |
The real estate is subject to a $2,000,000 mortgage, and Angel made taxable gifts in 2011 totaling $5 million at which time he offset the gift tax with a unified credit (exemption equivalent of $5 million). Angel has never been married. Compute the amount of his estate tax due, using the boxes below.
Taxable Estate:
Cumulative Taxable Transfers:
Tax on Cumulative Transfers:
Unified Credit:
Estate Tax Due:
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