Question
At the time of his death, Hal owns property worth $5,000,000. Other information regarding his affairs is as follows. Unpaid pledge to the building fund
At the time of his death, Hal owns property worth $5,000,000. Other information regarding his affairs is as follows.
Unpaid pledge to the building fund of his church $50,000
College graduation gift he had promised his grandson 20,000
Local property taxes owed (accrued prior to death) 100,000
Casualty loss to uninsured vacation home (fire occurred one month before
death in a Federal disaster area) 500,000
Mortgage owed on personal residence 800,000
All of these items (except the casualty loss) were paid by his estate, and none were deducted on Form 1041 (income tax return of the estate). What is Hal's taxable estate?
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South Western Federal Taxation 2014 Comprehensive Volume
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
37th Edition
1285180925, 978-1285180922
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