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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 film
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, the real estate to his church, The First Church of Methodology, and the remainder of his assets were to be placed in trust for his three children. Tom's estate consisted of the following: Assets: 1,050,000 24,100,000 72,000,000 15,100,000 112,250,000 Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities $3,300,000 4,200,000 $ 7,500,000 Mortgage Other liabilities a. Tom made a taxable gift of $5.20 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 Debts Adjustable gross estate Marital deduction Charitable deduction Taxable estate Adjusted taxable gifts Cumulative taxable transfers Current tax rates Tax on cumulative transfers Gift taxes payable on adjusted taxable gifts at current rate Tentative estate tax Applicable credit Gross estate tax
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