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8. Computing the federal transfer tax - Practice 1 When Roger Dill died in 2012, he left an estate valued at $20,000,000. His trust directed distribution as follows: $200,000 in charitable deductions ($75,000 to the local hospital plus $125,000 to his alma mater), and the remainder to his four adult children. Death-related costs were $7,500 for funeral expenses, and $100,000 in administrative expenses ($50,000 paid to attorneys, $10,000 paid to accountants, and $40,000 paid to the trustee of his living trust. In addition, there were debts of $450,000. Use the following dropdown menus to obtain the relevant tax schedules and credits: Exhibits - Tax schedules and credits Exhibit 15.7 - Federal Unified Transfer Tax Rates: Exhibit 15.8 -- United Credits and Applicable Exclusion Amounts for Estates and Gifts Tentative Tax But Not More Than Base Amount + Percent on Excess Over $0 1,800 20% Taxable Estate Value More Than $0 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 22% 24% 26% 3,800 8,200 13,000 18,200 23,800 38,800 80,000 100,000 150,000 250,000 500,000 28% $10,000 20,000 40,000 60,000 80,000 100,000 150,000 250,000 500,000 30% 32% 34% 70,800 155,800 37% 3 Use the following worksheet and Exhibits 15.7 and 15.8 in your textbook to calculate the federal estate tax due on Roger Dill's estate. (Hint: Enter value of $0 for any line that does not apply.) Computing Federal Estate Tax Due Name: Roger Di Date: 11/30/2012 Line Computation Item Amount Total Amount 1 Gross estate 2 Subtract sum of: (a) Funeral expenses $ (b) Administrative expenses 5 (c) Debts $ (d) Other expenses Total: ( > Result: Adjusted gross estate Subtract sum of: (a) Marital deduction (b) Charitable deduction Total: 5 Result: Taxable estate $ 6 Add: Adjusted taxable gifts (post-1976) 7 Result: Estate tax base 8 Compute: Tentative tax on estate tax base" 5 9 Subtract sum of: (*) Gift tax payable on post-1976 gifts (b) Unified tax credit Total: 10 Result: Total estate taxes 11 Subtract: Other credits 5 Result: Federal estate tax due 4 $ 5 12