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9. Computing the federal transfer tax - Practice 2 Miguel Perlmutter died in 2012, leaving an estate of $21,000,000. Miguel's wife died in 2009. In 2009, Miguel gave his son property that resulted in a taxable gift of $4,000,000 and upon which Miguel paid $950,000 in transfer taxes. Miguel had made no other taxable gifts during his life. Miguel's will provided a charitable bequest of $500,000 to the local animal shelter. Exhibits - Tax schedules and credits Exhibit 15.7 -- Federal Unified Transfer Tax Rates Exhibit 15.8 Unified Credits and Applicable Exclusion Amounts for Estates and Gits: Taxable Estate Value More Than Tentative Tax + Percent But Not More Than Base Amount On Excess Over $0 $0 20% 22% 1,800 3,800 8,200 13,000 $10,000 20,000 40,000 24% 10,000 20,000 40,000 60,000 80,000 100,000 150,000 250,000 500,000 10,000 20,000 40,000 60,000 80,000 100,000 150,000 250,000 500,000 26% 28% 30% 18,200 23,800 38,800 70,800 155,800 60,000 80,000 100,000 150,000 250,000 500,000 32% 34% 37% Line Total Amount 1 2 Computing Federal Estate Tax Due Name: Miguel Date: 11/30/2011 Computation Item Amount Gross estate Subtract sum of: (a) Funeral expenses (b) Administrative expenses $ (c) Debts $ (d) Other expenses Total: Result: Adjusted gross estate Subtract sum of: (a) Marital deduction (b) Charitable deduction $ 3 4 $ $ Total: 5 Result: $ 6 Add: 7 Result: 8 Compute: Subtract sum of: 9 $ Taxable estate Adjusted taxable gifts (post-1976) Estate tax base Tentative tax on estate tax base (a) Gift tax rayable on post-1976 gifts (b) Unified tax credit Total: Total estate taxes Other credits Federal estate tax due $ 10 Result: 11 Subtract: Result: 12 $ "Use Exhibit 15.7 to calculate the tentative tax. Use Exhibit 15.8 to determine the appropriate unified tax credit