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 Dawns insurance company paid out their policy limits of $500,000 for the wrongful death claim $250,000 to Angelas husband Adam and $250,000 to her daughter Treena No payment was made for pain and suffering Angelas 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 1 2 2020 for stock holdings and for the end of day values for mutual fund holdings Asset FULL FMV 01 02 20 Angelas Interest Probate Estate Gross Estate Who Inherits New Owners Tax Basis ABC Brokerage 85,232 78 42,616 39 42,616 39 42,616 39 Treena 42,616 39 Vanguard Rollover IRA 649,507 651 649,507 651 0 649,507 651 Thomas Gross 649,507 651 Empower Fiskar 401(k) 266,430 95 266,430 95 0 266,430 95 Adam SMith 266,430 95 House 221 E Main 700,000 350,000 350,000 350,000 Treena 350,000 Associated Bank 212,000 106,000 106,000 106,000 Treena 106,000 NML Life Insurance 500,000 500,000 0 500,000 Adam Smith 500,000 TOTAL Estate Tax Calculation Gross Estate 1,936,554 99 Less Deductions Last Medical Expenses 4,000 Administrative Costs 11,000 Funeral Expenses 20,000 Debts of the Decedent 10 Losses during the administration of the estate 0 25,000 EQUALS Adjusted Gross Estate 1,911,554 99 Less Unlimited Charitable Deduction 0 Unlimited Marital Deduction 788,430 95 State Death Tax Deduction 0 EQUALS Taxable Estate 1,123,1224 04 PLUS Previous Taxable Gifts 0 EQUALS Tentative Tax Base Tentative Tax LESS Allowable Credits Credit for Previous Gift Tax Paid 0 Applicable Estate Tax Credit (Unified Credit) Credit for Tax Paid on Prior Gifts 0 Foreign Death Tax Credit 0 EQUALS Federal Estate Tax Liability Estate Tax Calculation Gross Estate 1,936,554 99 Less Deductions Last Medical Expenses 4,000 Administrative Costs 11,000 Funeral Expenses 20,000 Debts of the Decedent 10 Losses during the administration of the estate 0 25,000 EQUALS Adjusted Gross Estate 1,911,554 99 Less Unlimited Charitable Deduction 0 Unlimited Marital Deduction 788,430 95 State Death Tax Deduction 0 EQUALS Taxable Estate 1,123,1224 04 PLUS Previous Taxable Gifts 0 EQUALS Tentative Tax Base Tentative Tax LESS Allowable Credits Credit for Previous Gift Tax Paid 0 Applicable Estate Tax Credit (Unified Credit) Credit for Tax Paid on Prior Gifts 0 Foreign Death Tax Credit 0 EQUALS Federal Estate Tax Liability

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Case Facts: Angela had previously been married to Thomas Goss - they divorced in 2004. They had one child together, Treena Goss. Angela married Adam

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. Dawns insurance company paid out their policy limits of $500,000 for the wrongful death claim; $250,000 to Angelas husband Adam and $250,000 to her daughter Treena. No payment was made for pain and suffering.
Angelas 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 1/2/2020 for stock holdings and for the end of day values for mutual fund holdings.

Asset

FULL FMV 01/02/20

Angelas Interest

Probate Estate

Gross Estate

Who Inherits

New Owners Tax Basis

ABC Brokerage

85,232.78

42,616.39

Treena

42,616.39

Vanguard Rollover IRA

649,507.651

Thomas Gross

649,507.651

Empower: Fiskar 401(k)

266,430.95

Adam SMith

266,430.95

House: 221 E. Main

700,000

350,000

Treena

350,000

Associated Bank

212,000

106,000

Treena

106,000

NML Life Insurance

500,000

Adam Smith

500,000

TOTAL

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Estate Tax Calculation Gross Estate 1,936,554.99 Less Deductions: Last Medical Expenses 4,000 Administrative Costs 11,000 Funeral Expenses 20,000 Debts of the Decedent 10 Losses during the administration of the estate 0 25,000 EQUALS: Adjusted Gross Estate 1,911,554.99 Less: Unlimited Charitable Deduction 0 Unlimited Marital Deduction 788,430.95 State Death Tax Deduction 0 EQUALS: Taxable Estate 1,123,1224.04 PLUS Previous Taxable Gifts 0 EQUALS: Tentative Tax Base Tentative Tax LESS Allowable Credits Credit for Previous Gift Tax Paid 0 Applicable Estate Tax Credit (Unified Credit) Credit for Tax Paid on Prior Gifts 0 Foreign Death Tax Credit 0 EQUALS Federal Estate Tax Liability Estate Tax Calculation Gross Estate 1,936,554.99 Less Deductions: Last Medical Expenses 4,000 Administrative Costs 11,000 Funeral Expenses 20,000 Debts of the Decedent 10 Losses during the administration of the estate 0 25,000 EQUALS: Adjusted Gross Estate 1,911,554.99 Less: Unlimited Charitable Deduction 0 Unlimited Marital Deduction 788,430.95 State Death Tax Deduction 0 EQUALS: Taxable Estate 1,123,1224.04 PLUS Previous Taxable Gifts 0 EQUALS: Tentative Tax Base Tentative Tax LESS Allowable Credits Credit for Previous Gift Tax Paid 0 Applicable Estate Tax Credit (Unified Credit) Credit for Tax Paid on Prior Gifts 0 Foreign Death Tax Credit 0 EQUALS Federal Estate Tax Liability