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If the federal inheritance tax is set at 40% of all assets above $5 million at the time of death, and a states inheritance tax
If the federal inheritance tax is set at 40% of all assets above $5 million at the time of death, and a states inheritance tax is set at 5% of all assets above $1 million at the time of death, what does an individual who dies owning a professional sport franchise that is worth $420 million owe in total tax liability? (Assume no other assets at time of death.)
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