Question
Early in 2015, Mythos was diagnosed with a very fast-acting terminal illness. At the time of his diagnosis, his gross estate was valued at $10,430,000.
Early in 2015, Mythos was diagnosed with a very fast-acting terminal illness. At the time of his diagnosis, his gross estate was valued at $10,430,000. Wanting to do some deathbed tax planning, he made gifts that totaled $8,570,000 (taxable gifts, reduced by 10 annual exclusions, was $8,430,000), resulting in a gift tax liability of $1,200,000. This large deathbed gift left Mythos with an estate valued at $1,860,000 at his death. What is Mythos' gross estate? A. $10,430,000 B. $1,860,000 C. $0 D. $3,060,000 E. None of the other answers is correct
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