Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please provide answer with proper explanation and solution neatly to understand and I Need to take screenshot please send me I will upvote Please solve

image text in transcribed

image text in transcribed

Please provide answer with proper explanation and solution neatly to understand and I Need to take screenshot please send me I will upvote

Please solve others

OK as per your request I hope 1 to 6 questions are clear but I am uploading 7 to 8 questions which is not clear.. Please answer all bits it's urgent I will give upvote

image text in transcribed

Last value k missing I am updating here $4,150,000

Pls solve the problem urgently

S1 died November 30, 2013, survived by 80-year-old S2. The $7520 rate was 4%. They had an ABC estate plan. At S1's death their holdings had the following net value: S1 Separate Property. $6,400,000 Community Property. $6,000,000 S2 Separate Property. $1,800,000 $14,200,000 total S2 died October 9, 2015, and the trusts had the following values: Trust A: $5,000,000 Trust B: $6,422,872 Trust C: $5,077,128 1) At what value will Trust A be funded? 2) At what value will Trust B be funded? 3) At what value will Trust C be funded? A. $673.982 (allow for rounding) B. $740,000 C. $2,000,000/$9,400,000 QTIP fraction should be elected D. $2,300,000/$5,000,000 QTIP fraction should be elected 4) What is the QTIP fraction necessary to equalize the two estates at $7,100,000? 5) What is S1's 2013 estate tax liability? E. None of the other answers is correct 6) S2's executor will take advantage of the prior transfer credit. Regarding the determination of the PTC for S2's estate, what is "credit limit one"? F. $2,300,000/$4,150,000 QTIP fraction should be elected G 400.000 7) S2's taxable estate was correctly determined to be $7.813,830. 52's executor will take advantage of the prior transfer credit. Regarding the determination of the PTC for S2's estate, what is "credit limit two? Note, Tables factor for a life estate (age 80,4%) is 0.26493. 8) What is the prior transfer credit for S2's estate? H$196,048 ow for rounding 55.250.000 51 tos 159 54150.000 Please explain your answer. 7) S2's taxable estate was correctly determined to be $7,813,830. S2's executor will take advantage of the prior transfer credit. Regarding the G. $4,800,000 determination of the PTC for S2's estate, what is "credit limit two"? Note, Table S factor for a life estate (age 80, 4%) is 0.26493. 8) What is the prior transfer credit for S2's estate? $196,048 (allow for H. rounding) I. $5,250,000 J. $1,105,169 S1 died November 30, 2013, survived by 80-year-old S2. The $7520 rate was 4%. They had an ABC estate plan. At S1's death their holdings had the following net value: S1 Separate Property. $6,400,000 Community Property. $6,000,000 S2 Separate Property. $1,800,000 $14,200,000 total S2 died October 9, 2015, and the trusts had the following values: Trust A: $5,000,000 Trust B: $6,422,872 Trust C: $5,077,128 1) At what value will Trust A be funded? 2) At what value will Trust B be funded? 3) At what value will Trust C be funded? A. $673.982 (allow for rounding) B. $740,000 C. $2,000,000/$9,400,000 QTIP fraction should be elected D. $2,300,000/$5,000,000 QTIP fraction should be elected 4) What is the QTIP fraction necessary to equalize the two estates at $7,100,000? 5) What is S1's 2013 estate tax liability? E. None of the other answers is correct 6) S2's executor will take advantage of the prior transfer credit. Regarding the determination of the PTC for S2's estate, what is "credit limit one"? F. $2,300,000/$4,150,000 QTIP fraction should be elected G 400.000 7) S2's taxable estate was correctly determined to be $7.813,830. 52's executor will take advantage of the prior transfer credit. Regarding the determination of the PTC for S2's estate, what is "credit limit two? Note, Tables factor for a life estate (age 80,4%) is 0.26493. 8) What is the prior transfer credit for S2's estate? H$196,048 ow for rounding 55.250.000 51 tos 159 54150.000 Please explain your answer. 7) S2's taxable estate was correctly determined to be $7,813,830. S2's executor will take advantage of the prior transfer credit. Regarding the G. $4,800,000 determination of the PTC for S2's estate, what is "credit limit two"? Note, Table S factor for a life estate (age 80, 4%) is 0.26493. 8) What is the prior transfer credit for S2's estate? $196,048 (allow for H. rounding) I. $5,250,000 J. $1,105,169

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions