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Reuired B and C Mr. Jackson died on June 19 when the total FMV of his property was $23 million and his debts totaled $2789
Reuired B and C Mr. Jackson died on June 19 when the total FMV of his property was $23 million and his debts totaled $2789 milion. His executor paid $23,000 funeral expenses and $172,000 accounting and legal fees to settle the estate. Mr. Jackson bequeathed $500,000 to the First Lutheran Church of Milwaukee and $1 million to Westem Wisconsin College. He bequeathed his art collection (FMV $6.4 million) to his wite and the residual of his estate to his three children. Assume the laxable year is 2022 Required: 0. Compute Mr. Jackson's taxable estate b. Compute the estate tax payable by Mr Jackson's executor if Mr. Jackson made no taxable gifts during his lifetime c. Compute the estate tax payable by Mr Jackson's executor if Mr. Jackson made a substantial taxable gift in 2011 and used 55 million of his lifetime transfer tax exclusion to reduce the amount on which gift tax was owed to zero Complete this question by entering your answers in the tabs below. Compute Me Jackson's taxable estate. Note Consder intermediste cakculations in dollars and not in milions of dollari. fnter your final answer alio in dollars and not in millons of doltar
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