C Case Facts: Angela had previously been married to Thomas Goss - they divorced in 2004. They had one child together, Treena Goss. Angela married Adam Smith in 2006. They had no children together. Angela drafted a will in 2006 leaving her estate (including any residuary assets) to Treena. Angela was involved in a car accident on 1/2/2020 and died. She was a passenger in a vehicle driven by her friend Dawn. Dawn was cited for driving too fast for conditions. Dawn's insurance company paid out their policy limits of $500,000 for the wrongful death claim; $250,000 to Angela's husband Adam and $250,000 to her daughter Treena. No payment was made for pain and suffering. Angela's last medical expenses were $4,000, her funeral expenses were $20,000 and the administrative fees for the estate were $11,000. Wisconsin does not impose an estate tax. Angela had no outstanding debts and made no taxable gifts prior to her death. Her assets are detailed in the attached statements dated 12/31/2019 (days prior to her death) . Complete the following charts for the gross estate/at death transfers and the estate tax calculation.Use YAHOO FINANCE to obtain the high and low trading prices for for stock holdings and for the end of day values for mutual fund holdings. Asset Who Inherits FULL FMV 01/02/20 Angela's Interest % Probate Estate $ Gross Estate $ New Owner's Tax Basis $ ABC Brokerage Vanguard Rollover RA Empower: Fiskar 401(k) House: 221 E. Main Associated Bank NML Life Insurance TOTAL Estate Tax Calculation Gross Estate Less Deductions: Last Medical Expenses Administrative Costs Funeral Expenses Debts of the Decedent Losses during the administration of the estate EQUALS: Adjusted Gross Estate Less: Unlimited Charitable Deduction Unlimited Marital Deduction State Death Tax Deduction EQUALS: Taxable Estate PLUS Previous Taxable Gifts EQUALS: Tentative Tax Base Tentative Tax LESS Allowable Credits Credit for Previous Gift Tax Paid Applicable Estate Tax Credit (Unified Credit) Credit for Tax Paid on Prior Gifts Foreign Death Tax Credit EQUALS Federal Estate Tax Liability Applicable Exclusion Amount: $11,580,000...which is a tax credit of $4,577,800 for a tax credit ABC Brokerage Monthly Statement December 31, 2019 Joint Brokerage Account 5662987 Account Owners Adam and Angela Smith, Community Property Symbol Name Total Cost Quantity Price on 12/31/19 Balance on 12/31/19 TGT Target Corp $8,800 176.0 $128.21 $22,564.96 MMM 3M Company $12,000 200.0 $176.42 $35,284.00 GOOGL Alphabet Inc CIA $5,000 20.0 $1,339.39 $26,787.80 TOTAL $25,800 $84,636.76 Note: To determine the fair market value on the date of Angela's death, average the HIGH and LOW trading price per share for each holding on 1/2/2020. Use Yahoo Finance to find historical trading prices. FMV on Symbol High 1/2/20 Low 1/2/20 Average Price/Share 1/2/20 Quantity 1/02/20 TGT 176.0 MMM 200.0 GOOGL 20.0 TOTAL VANGUARD Statement as of 12/31/2019 Rollover IRA (Traditional) - Angela Smith Account 88040025231 Holdings as of 12/31/2019: Symbol Name Quantity Price on 12/31/19 Balance on 12/31/19 VFORX Vanguard Target Retirement 2040 16,476.602 39.13 644,729.44 TOTAL 644,729.44 Beneficiary: Thomas Goss Assume all contributions were pre-tax and that all contributions occurred before her second marriage in 2006 marriage (so this is separate property). Note: Mutual funds do not trade throughout the day - the prices are determined at the close of the market each trading day. To determine the fair market value for this holding on the date of Angela's death, use the closing price per share on 1/2/2020. Use Yahoo Finance to find historical trading prices. Symbol Price/Share 1/2/20 Quantity FMV on 1/02/20 VFORX TOTAL EMPOWER Retirement FISKAR CORP 401(k) FBO Angela Smith 12/31/2019 Symbol Name Average Price/Share Quantity Price on 12/31/19 Balance on 12/31/19 VFORX Vanguard Target Retirement 2040 31.56 6,758.776 39.13 264,470.90 TOTAL 264,470.90 Beneficiary: To the person I am married to at the time of my death Assume all contributions were pre-tax. Note: Mutual funds do not trade throughout the day - the prices are determined at the close of the market each trading day. To determine the fair market value for this holding on the date of Angela's death, use the closing price per share on 1/2/2020. Use Yahoo Finance to find historical trading prices. Symbol Price/Share 1/2/20 Quantity FMV on 1/02/20 VFORX TOTAL REAL ESTATE WARRANTY DEED THIS DEED, made between SINCLAIR STEPHENS (GRANTOR) and ADAM SMITH and ANGELA SMITH (GRANTEES). Grantor for a valuable consideration conveys to Grantee the the following described real estate: 221 E. Main Street, Madison WI Dated November 15, 2006 Note: Property purchased on 11/15/2006 for $400,000 with community funds. Current market value as of 1/2/2020 is $700,000. There is no mortgage on the house. Associated Bank December 31, 2019 Consolidated Statement: Savings, Checking, Money Market and CD's Account Owners: Adam Smith and Angela Smith (Community property) Consolidated account balances as of 12/31/2019: $212,000 Assume balances were unchanged through 1/2/2020 Northwestern Mutual Whole Life Policy Statement as of 12/31/2019 Policy Number: Policyowner: Insured: Beneficiary: Purchase Date: 121511-10 Angela Smith Angela Smith Adam Smith 09/01/2013 Current Death Benefit: Cash Value: $500,000 $22,000