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help please!!!!! Melissa died on May 22, 2020. As of this date, Melissa's gross antate was valued at $10.3 million. on November 22, Melissa's grosa

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Melissa died on May 22, 2020. As of this date, Melissa's gross antate was valued at $10.3 million. on November 22, Melissa's grosa estate was valued at $16.7 million The estate neither distributed nor sold any assets before November 22, 2020. Melissa's estate had no deductions or adjusted taxable gifts. Requirement What was Melissa's lowest possible estate tax liability? (Click the icon to view the unified credit amounts.) (Click the icon to view the unified transfer tax rates) Determine the gross and taxable estate, then compute the estate tax liability. (Enter amounts in dollars instead of in millions 18.100,000 Grossestate and taxable estate Tentative estate tax Minus: Unified credit Estate tax due Unified credit amounts Year of Gift/Year of Death Amount of Credit Basic Exclusion Amount January through June, 1977 $ 30,000 (6,000) $ 120.666 (30.000 July through December, 1977 30.000 120.866 1978 34,000 134.000 1979 38.000 147,333 1980 42.500 161,563 1981 47,000 2 175.625 1982 62,800 225.000 1983 79,300 275,000 1984 96,300 325.000 1985 121.800 400,000 1986 155,800 500,000 1987 through 1997 192.800 600.000 1998 202.050 625.000 1999 211,300 650.000 2000 and 2001 220.550 675.000 2002 and 2003 345,800 1.000.000 2004 and 2005 555,800 (345 800) 1.500,000 (1.000.000) 2006, 2007, and 2008 780.800 (345,800) 2.000.000 (1,000,000)" 2009 1,455,800 (345,800) 3.500,000 (1.000.000) 2010 1,730 800" (330,800)" 5,000,000" (1.000.000) 2011 1.730.800 5.000,000 2012 1.772.800 5,120.000 2013 2,045,800 5.250.000 2014 2,081,800 5.340.000 2015 2,117,800 5.430,000 2016 2,125,800 5,450.000 2017 2.141.800 5.490.000 2018 4.417.800 11.180.000 2019 4,505,800 11.400.000 2020 4,577.800 11.580.000 The numbers in parentheses represent the credit and exemption equivalent amounts for the gift tax ** This amount applied if the executor ppted to have the estate subject to the estate tax and FMV basis rule in 2010 Print Done 0 Unified transfer tax rates 2002 UNIFIED TRANSFER TAX RATES For decedents dying after 2001 and gifts made after 2001, the maximum tax rates are as follows: If the Amount with Respect to which the Year Tentative Tax to Be Computed Is: The Tentative Tax is: Over $2,500,000 $1,025,800, plus 50% of the excess of such amount over $2,500,000. 2003 Over $2,000,000 $780,800, plus 49% of the excess of such amount over $2,000,000 2004 Over $2,000,000 $780,800, plus 48% of the excess of such amount over $2,000,000. 2005 Over $2,000,000 $780,800, plus 47% of the excess of such amount over $2,000,000 2006 Over $2,000,000 5780,800, plus 46% of the excess of such amount over $2,000,000 2007-2009 Over $1,500,000 $555,800, plus 45% of the excess of such amount over $1,500,000 2010 Over $500,000" S155,800, plus 35% of the excess of such amount over $500,000** 2011-2012 Over $500,000 $155,800, plus 35% of the excess of such amount over $500,000 2013 and after Over $1,000,000 $345,800, plus 40% of the excess of such amount over $1,000,000 * Gift tax only unless the executor opted to have the estate subject to the estate tax and FMV basis rule in 2010 Print Done Melissa died on May 22, 2020. As of this date, Melissa's gross antate was valued at $10.3 million. on November 22, Melissa's grosa estate was valued at $16.7 million The estate neither distributed nor sold any assets before November 22, 2020. Melissa's estate had no deductions or adjusted taxable gifts. Requirement What was Melissa's lowest possible estate tax liability? (Click the icon to view the unified credit amounts.) (Click the icon to view the unified transfer tax rates) Determine the gross and taxable estate, then compute the estate tax liability. (Enter amounts in dollars instead of in millions 18.100,000 Grossestate and taxable estate Tentative estate tax Minus: Unified credit Estate tax due Unified credit amounts Year of Gift/Year of Death Amount of Credit Basic Exclusion Amount January through June, 1977 $ 30,000 (6,000) $ 120.666 (30.000 July through December, 1977 30.000 120.866 1978 34,000 134.000 1979 38.000 147,333 1980 42.500 161,563 1981 47,000 2 175.625 1982 62,800 225.000 1983 79,300 275,000 1984 96,300 325.000 1985 121.800 400,000 1986 155,800 500,000 1987 through 1997 192.800 600.000 1998 202.050 625.000 1999 211,300 650.000 2000 and 2001 220.550 675.000 2002 and 2003 345,800 1.000.000 2004 and 2005 555,800 (345 800) 1.500,000 (1.000.000) 2006, 2007, and 2008 780.800 (345,800) 2.000.000 (1,000,000)" 2009 1,455,800 (345,800) 3.500,000 (1.000.000) 2010 1,730 800" (330,800)" 5,000,000" (1.000.000) 2011 1.730.800 5.000,000 2012 1.772.800 5,120.000 2013 2,045,800 5.250.000 2014 2,081,800 5.340.000 2015 2,117,800 5.430,000 2016 2,125,800 5,450.000 2017 2.141.800 5.490.000 2018 4.417.800 11.180.000 2019 4,505,800 11.400.000 2020 4,577.800 11.580.000 The numbers in parentheses represent the credit and exemption equivalent amounts for the gift tax ** This amount applied if the executor ppted to have the estate subject to the estate tax and FMV basis rule in 2010 Print Done 0 Unified transfer tax rates 2002 UNIFIED TRANSFER TAX RATES For decedents dying after 2001 and gifts made after 2001, the maximum tax rates are as follows: If the Amount with Respect to which the Year Tentative Tax to Be Computed Is: The Tentative Tax is: Over $2,500,000 $1,025,800, plus 50% of the excess of such amount over $2,500,000. 2003 Over $2,000,000 $780,800, plus 49% of the excess of such amount over $2,000,000 2004 Over $2,000,000 $780,800, plus 48% of the excess of such amount over $2,000,000. 2005 Over $2,000,000 $780,800, plus 47% of the excess of such amount over $2,000,000 2006 Over $2,000,000 5780,800, plus 46% of the excess of such amount over $2,000,000 2007-2009 Over $1,500,000 $555,800, plus 45% of the excess of such amount over $1,500,000 2010 Over $500,000" S155,800, plus 35% of the excess of such amount over $500,000** 2011-2012 Over $500,000 $155,800, plus 35% of the excess of such amount over $500,000 2013 and after Over $1,000,000 $345,800, plus 40% of the excess of such amount over $1,000,000 * Gift tax only unless the executor opted to have the estate subject to the estate tax and FMV basis rule in 2010 Print Done

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