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Required information [The following information applies to the questions displayed below.] Tom Hruise was an entertainment executive who had a fatal accident on a
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 spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,790,000 24,800,000 75,500,000 15,800,000 $ 117,890,000 $ 4,000,000 4,900,000 $ 8,900,000 a. Tom made a taxable gift of $5.90 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars. Estate Tax Due
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