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Check my work 12 ! Required information [The following information applies to the questions displayed below.] 10 points Tom Hruise was an entertainment executive who
Check my work 12 ! Required information [The following information applies to the questions displayed below.] 10 points Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his wife, Kaffie, and the real estate to his church, The First Church of Methodology. The remainder of his assets were to be placed in trust for his three children. Tom's estate consisted of the following: eBook Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate 200 $ 1,270,000 25,700,000 80,000,000 16,700,000 $ 123,670,000 Hint Print Liabilities: Mortgage Other liabilities $ 4,900,000 5,800,000 $ 10,700,000 References a. Tom made a taxable gift of $6.80 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) (Enter your answers in dollars, not millions of dollars.) Gross estate Marital Deduction Charitable Deduction Debts Taxable Estate Adjusted taxable gifts Cumulative taxable transfers Tax on cumulative transfers Current tax on adjusted taxable gifts Tentative estate tax Applicable credit Estate Tax Due
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