Question
John dies with an estate valued at $3 million which is comprised of the following assets: $1 million home; $1 million IRA; and $1 million
John dies with an estate valued at $3 million which is comprised of the following assets: $1 million home; $1 million IRA; and $1 million of cash. Johns wife is the owner and the beneficiary of a $1 million insurance policy on Johns life. The ASPCA is the beneficiary of Johns IRA. Johns will provides that upon his death, of his assets will pass to his wife, with the remaining assets passing to the ASPCA. John dies in 2006.
What is the value of the marital deduction allowed to Johns estate?
What is the value of Johns charitable deduction? What credits are available to reduce Johns estate tax liability? I. Marital deduction. II. Charitable deduction. III. Administration expenses. (more than one may apply)
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