Question 4 Datuk Ronald, an American and a recently deceased multi-millionaire left an estate in the United States with the following information. $'000 Gross value of estate 6,500 Debt 250 Donations 75 Administrative expense 50 Gifts 30 The estate tax rate is 40%. Required: (i) Calculate the tax liability of the estate. (10 marks) (ii) What is the "annual gift tax exclusion" and how is it used as a tax planning tool? (5 marks) (iii) What is a "Defined Contribution Plan"? (5 marks) (iv) What is the official retirement age in Malaysia and the prescribe rate of contribution for the private employer in Malaysia? (5 marks) [Total: 25 Marks]