! Required information [The following information applies to the questions displayed below.) Tom Hruise was an entertainment executive who had a fatal accident on a film set Tom's will directed his executor to distribute his cash and stock to his wife, Kaffie, and the real estate to his church, The First Church of Methodology. The remainder of his assets were to be placed in trust for his three children. Tom's estate consisted of the following: Assets: personal assets Cash and stock Intangible assets (film rights) Real estate $ 1,520,000 26,200,000 82,500,000 17,200,000 $ 127,420,000 Liabilities: Mortgage Other liabilities $ 5,400,000 6,300,000 $ 11,700,000 a. Tom made a taxable gift of $7.30 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) (Enter your answers in dollars, not millions of dollars.) Gross estate Marital Deduction Charitable Deduction Debts Taxable Estate Adjusted taxable gifts Cumulative taxable transfers Tax on cumulative transfers Current tax on adjusted taxable gifts Tentative estate tax Applicable credit Estate Tax Due EXHIBIT 25-1 Unified Transfer Tax Rates Not Over Tentative Tax Plus of Amount Over Tax Base Equal to or Over $ 0 $ 0 18% $ 0 10.000 1.800 20 20.000 $10,000 20,000 40,000 60,000 80.000 3.800 22 10,000 20.000 40.000 8.200 40.000 60,000 80,000 13.000 18.200 100,000 28 60.000 80.000 100.000 100.000 150.000 23.800 30 250.000 38.800 32 150.000 500.000 70.800 34 150.000 250.000 500.000 750,000 1,000,000 750,000 155,800 37 250.000 500.000 750,000 1,000,000 1,000,000 248,300 345.800 40 *The applicable credit and exemption are zero for estates that opted out of the estate tax in 2010. EXHIBIT 25-2 The Exemption Equivalent Year of Transfer Gift Tax Estate Tax 1986 $500,000 600,000 1987-1997 $500,000 600.000 625,000 650.000 1998 625,000 1999 650.000 2000-2001 20022003 675,000 1.000.000 1.500.000 2004-2005 2006-2008 2009-2010 2011 2012 2013 675,000 1,000,000 1,000,000 1,000,000 1,000,000 5,000,000 5.120.000 5.250,000 5,340.000 5.430,000 5.450.000 5,490,000 11,180.000 11,400,000 11,580,000 11,700,000 2014 2015 2,000,000 3,500,000 5.000.000 5.120.000 5,250.000 5,340.000 5.430.000 5,450,000 5,490,000 11,180,000 11,400.000 11,580.000 11,700 000 2016 2017 2018 2019 2020 2021 *The applicable credit and exemption are zero for taxpayers who opt out of