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When Brian Cohen died in 2012, he left an estate valued at $25,000,000. His trust directed distribution as follows: $400,000 in charitable deductions $75,000 to the local hospital plus $325,000 to his alma mater), and the remainder to his four adult children. Death-related costs were $9,500 for uneral expenses, and $150,000 in administrative expenses ($70,000 paid to attorneys, $20,000 paid to accountants, and $50,000 paid to the trustee of his living trust. In addition, there were debts of $850,000. Use the following dropdown menus to obtain the relevant tax schedules and credits: Exhibits - Tax schedules and credits Exhibit 15.7 -- Unified Credits and Applicable Exclusion Amounts for Estates and Gifts: Exhibit 15.B -- Federal Unified Transfer Tax Rates: Applicable Exclusion Amount- Estates $2,000,000 $3,500,000 Unified Tax Credit- Applicable Exclusion Amount Gifts - Gifts $345,800 $1,000,000 $345,800 $1,000,000 $330,800 $1,000,000 Unified Tax Credit- Year Estates 2008 $ 780,800 2009 $1,455,800 2010 Estate tax repealed for 2010 2011 $1,730,800 2012 $1,772,800 2013 $2,045,800 2014 $2,081,800 $5,000,000 $5,120,000 $5,250,000 $5,340,000 $5,430,000 $5,340,000 $5,490,000 $11,180,000 $1,730,800 $1,772,800 $2,045,800 $2,081,800 $2,117,800 $2,125,800 $2,141,800 $4,417,800 $5,000,000 $5,120,000 $5,250,000 $5,340,000 $5,430,000 $5,340,000 $5,490,000 $11,180,000 2015 2016 $2,117,800 $2,125,800 $2,141,800 2017 2018 $4,417,800 2014 2,061,000 2015 2016 $2,117,800 $2,125,800 $2,141,800 $4,417,800 >5,340,000 $5,430,000 $5,340,000 $5,490,000 $11,180,000 $2,061,000 $2,117,800 $2,125,800 $2,141,800 $4,417,800 >>,340,000 $5,430,000 $5,340,000 $5,490,000 $11,180,000 2017 2018 Source: Internal Revenue Service 1 Use the following worksheet to calculate the federal estate tax due on Brian Cohen's estate. (Hint: Enter a value of $0 for any line that does not apply. Use Exhibit 15.7 to calculate the tentative tax. Use Exhibit 15.8 to determine the appropriate unified tax credit.) Computing Federal Estate Tax Due Name: Brian Cohen Date: 11/30/2012 Line Computation Item Amount Total Amount Gross estate Subtract sum of: (a) Funeral expenses (b) Administrative expenses (c) Debts (d) Other expenses Total: Adjusted gross estate $ $0.00 3 Result: 4 Subtract sum of: (a) Marital deduction $0.00 N Subtract sum of: ILO $0.00 3 Result: Subtract sum of: 5 5 Result: (a) Funeral expenses (b) Administrative expenses (c) Debts (d) Other expenses Total: Adjusted gross estate (a) Marital deduction $0.00 (b) Charitable deduction Total: Taxable estate Adjusted taxable gifts (post-1976) Estate tax base Tentative tax on estate tax base (a) Gift tax payable on post-1976 gifts $0.00 (b) Unified tax credit Total: Total estate taxes Other credits Federal estate tax due 6 Add: $0.00 7 Result: 8 Compute: Subtract sum of: 9 10 Result: 5 11 Subtract: ($0.00) 12 Result