Question
I just need the 3 highlighted sections answered Tom Hruise was an entertainment executive who had a fatal accident on a film set. Toms will
I just need the 3 highlighted sections answered
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Toms will directed his executor to distribute his cash and stock to his wife, Kaffie, the real estate to his church, The First Church of Methodology, and the remainder of his assets were to be placed in trust for his three children. Toms estate consisted of the following: |
Assets: | ||||
Personal assets | $ | 800,000 | ||
Cash and stock | 24,000,000 | |||
Intangible assets (film rights) | 71,500,000 | |||
Real estate | 15,000,000 | |||
$ | 111,300,000 | |||
Liabilities: | ||||
Mortgage | $ | 3,200,000 | ||
Other liabilities | 4,100,000 | |||
$ | 7,300,000 | |||
Gross estate: 111,300,000 Marital Deduction: (24,000,000) Charitable deduction: (15,000,000) Debts: (7,300,000) Taxable Estate: 65,000,000 Prior Taxable Gifts: 8,000,000 Cumulative taxable transfers: 73,000,000 Tentative Tax Current Tax On Adjustable Gifts Gross Estate Tax: Unified Credit: Estate Tax Due:
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