1. George made his first taxable gift in 2019 of $3.1 million after using his annual exclusion. He paid gift tax in the amount of $142,000 after using his unified credit to offset the tax. George died in 2021, less than 3 years after making this gift. His gross estate at death was valued at $12,000,000. He had no funeral or administrative expenses nor debt. George made a $300,000 bequest (via will) to his best friend Paul. Using the gross-up rule, what are the total cash requirements for Georges estate?

   Federal Estate Tax Calculation Worksheet (George)

   Gross Estate (includes gift tax paid within 3 yrs of death) $ 12,142,000

   Funeral and Administrative Expenses

   Debts and Taxes

   Casualty and Theft Loss

   Total deductions $_________________

   Adjusted Gross Estate $ ________________

   Marital Deduction

   Charitable Deduction

   State Death Tax Deduction

   Total deductions $_____0________

   Taxable Estate $ $12,142,000___

   +Adjusted Taxable Gifts $ ____________

   Tentative Tax Base $ _____________

   Tentative Tax (compute tax) $ _____________

   -Gift tax paid or payable (credit) -$ 142,000_____

   Estate Tax Payable Before Credits $_______________

   Tax Credits

   -Unified Credit ($4,625,800)

   -Prior Transfer Credit

   -Foreign Death Tax Credit

   Total Credits $_________________

   Net Federal Estate Tax Payable $_________________

   Total Cash Bequests $_________________

   Total Cash Requirements $ ________________

   	a.	$1,071,000
   	b.	$1,574,800
   	c.	$1,274,000
   	d.	$176,800
   	e.	$1,764,800