search this Assignment: Chapter 15 Preserving Your Estate 0 Back to Assignment Attempts Average 1 9. Computing the federal transfer tax Practice 2 Eric Juarez died in 2012, leaving an estate of $24,000,000. Eric's wife died in 2009. In 2009, Eric gave his son property that resulted in a taxable gift of $5,000,000 and upon which Eric paid $1,100,000 in transfer taxes. Eric had made no other taxable gifts during his ife. Eric's will provided a charitable bequest of $750,000 to his synagogue, Exhibits - Tax schedules and credits Et 157 Unified Credits and Applicable Exclusion Amounts for Estates and its Exhibit 158-Federal Unified Transfer Tax Rates Year 2008 Applicable Exclusion Amount- Estates $2,000,000 $3,500,000 Unified Tax Credit Gifts $345,000 $345.500 $330.800 Applicable Exclusion Amount --Gifts $1,000,000 $1,000,000 $1,000,000 2009 2010 Unified Tax Credit- Estates $780,800 51,455,800 Estate tax repealed for 2010 $1,730,800 31.772,800 $2,045,800 $2,081,500 $2,117,800 2011 2012 $1,730,800 $1,772,800 $2.045,800 $2,051 800 2013 $5,000,000 $5,120.000 55.250,000 55.340.000 $5,430,000 35 340,000 55.490,000 2014 $5,000,000 $5,120,000 $5,250,000 $3.340,000 55,430,000 $5.340.000 $5,490,000 311.160,000 2015 2016 $2,117,800 $2.125 300 32.141,800 34,437 800 52,125,800 $2.141.800 $4,417.800 2017 2018 3:1 180.000 Selenice Exhibits - Tax schedules and credits 10 Exhibit 15 7 Unified Credits and Applicable Exclusion Amounts for Estates and Gifts Exhibit 15.8 - Federal United Transfer Tax Rates 5 Taxable Estate Value More Than But Not More Than Tentative Tax + Percent On Excess Over Base Amount $0 SO 10,000 20% $10,000 1,800 3,800 20.000 22% 10,000 20,000 40,000 60,000 80,000 100,000 24% 40,000 60,000 80,000 8,200 13,000 20,000 40,000 60,000 26% 2896 100,000 150.000 30% 18,200 23,800 38,800 70.800 32 3456 150,000 250.000 500,000 750,000 1.000.000 250,000 500,000 750,000 1.000.000 80,000 100,000 150.000 250.000 500.000 750,000 1,000,000 3735 155,800 248,300 345,600 39 40 Bence Code Section 2 Q Search this cours Assignment: Chapter 15 Preserving Your Estate Use the following worksheet to calculate the federal estate tax due on Eric Juarez's estate. (Hint: Enter a value of so for any line that does not apply. Use Exhibit 15.7 to determine the appropriate unified tax credit. Use Exhibit 15.8 to calculate the tentative tax.) Line Name: Eric Computation Total Amount 1 5 2 Subtract sum of: (S0.00) 3 Result: Computing Federal Estate Tax Due Date: 11/30/2012 Item Amount Gross estate (a) Funeral expenses $0.00 (b) Administrative expenses $0.00 (c) Debts $0.00 (d) Other expenses $0.00 Total: Adjusted grossestate (3) Marital deduction 30.00 (b) Charitable deduction Total: Taxable estate Adjusted taxable gifts.post-1976) Estate tax base Tentative taxon estate tax base (a) Gift tax payable on post-1975 gifts (b) United tax credit 4 Subtract sum of: 5 Result 6 Add 16 2 Result: 8 Compute Subtract sum of 9 17 1400 IS 7 Result: 8 Computer Subtract sum of 9 Adjusted taxable gifts (post-1976) Estate tax base Tentative tax on estate tax base (a) Gift tax payable on post 1976 gifts (b) unified tax credit Total: Total estate taxes 10 11 Result: Subtract: Result ($0.00) Other credits Federal estate tax due 12 Grade it Now Save & Continue Continue without Sing search this Assignment: Chapter 15 Preserving Your Estate 0 Back to Assignment Attempts Average 1 9. Computing the federal transfer tax Practice 2 Eric Juarez died in 2012, leaving an estate of $24,000,000. Eric's wife died in 2009. In 2009, Eric gave his son property that resulted in a taxable gift of $5,000,000 and upon which Eric paid $1,100,000 in transfer taxes. Eric had made no other taxable gifts during his ife. Eric's will provided a charitable bequest of $750,000 to his synagogue, Exhibits - Tax schedules and credits Et 157 Unified Credits and Applicable Exclusion Amounts for Estates and its Exhibit 158-Federal Unified Transfer Tax Rates Year 2008 Applicable Exclusion Amount- Estates $2,000,000 $3,500,000 Unified Tax Credit Gifts $345,000 $345.500 $330.800 Applicable Exclusion Amount --Gifts $1,000,000 $1,000,000 $1,000,000 2009 2010 Unified Tax Credit- Estates $780,800 51,455,800 Estate tax repealed for 2010 $1,730,800 31.772,800 $2,045,800 $2,081,500 $2,117,800 2011 2012 $1,730,800 $1,772,800 $2.045,800 $2,051 800 2013 $5,000,000 $5,120.000 55.250,000 55.340.000 $5,430,000 35 340,000 55.490,000 2014 $5,000,000 $5,120,000 $5,250,000 $3.340,000 55,430,000 $5.340.000 $5,490,000 311.160,000 2015 2016 $2,117,800 $2.125 300 32.141,800 34,437 800 52,125,800 $2.141.800 $4,417.800 2017 2018 3:1 180.000 Selenice Exhibits - Tax schedules and credits 10 Exhibit 15 7 Unified Credits and Applicable Exclusion Amounts for Estates and Gifts Exhibit 15.8 - Federal United Transfer Tax Rates 5 Taxable Estate Value More Than But Not More Than Tentative Tax + Percent On Excess Over Base Amount $0 SO 10,000 20% $10,000 1,800 3,800 20.000 22% 10,000 20,000 40,000 60,000 80,000 100,000 24% 40,000 60,000 80,000 8,200 13,000 20,000 40,000 60,000 26% 2896 100,000 150.000 30% 18,200 23,800 38,800 70.800 32 3456 150,000 250.000 500,000 750,000 1.000.000 250,000 500,000 750,000 1.000.000 80,000 100,000 150.000 250.000 500.000 750,000 1,000,000 3735 155,800 248,300 345,600 39 40 Bence Code Section 2 Q Search this cours Assignment: Chapter 15 Preserving Your Estate Use the following worksheet to calculate the federal estate tax due on Eric Juarez's estate. (Hint: Enter a value of so for any line that does not apply. Use Exhibit 15.7 to determine the appropriate unified tax credit. Use Exhibit 15.8 to calculate the tentative tax.) Line Name: Eric Computation Total Amount 1 5 2 Subtract sum of: (S0.00) 3 Result: Computing Federal Estate Tax Due Date: 11/30/2012 Item Amount Gross estate (a) Funeral expenses $0.00 (b) Administrative expenses $0.00 (c) Debts $0.00 (d) Other expenses $0.00 Total: Adjusted grossestate (3) Marital deduction 30.00 (b) Charitable deduction Total: Taxable estate Adjusted taxable gifts.post-1976) Estate tax base Tentative taxon estate tax base (a) Gift tax payable on post-1975 gifts (b) United tax credit 4 Subtract sum of: 5 Result 6 Add 16 2 Result: 8 Compute Subtract sum of 9 17 1400 IS 7 Result: 8 Computer Subtract sum of 9 Adjusted taxable gifts (post-1976) Estate tax base Tentative tax on estate tax base (a) Gift tax payable on post 1976 gifts (b) unified tax credit Total: Total estate taxes 10 11 Result: Subtract: Result ($0.00) Other credits Federal estate tax due 12 Grade it Now Save & Continue Continue without Sing
