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TAX RETURN SCENARIO Brian Berry of 942 Canal Street, Madison, WI 53716 died on August 12, 2021. He was survived by his wife, Michelle, and

TAX RETURN SCENARIO Brian Berry of 942 Canal Street, Madison, WI 53716 died on August 12, 2021. He was survived by his wife, Michelle, and their son, Andrew. At the time of his death, Brian was employed by a auto parts manufacturer as a floor manager. The executor reports that he has discovered the property listed below: Automobile in Brians name $18,000 Qualified retirement plan funded by Brians employer 825,000 Stocks in public companies in the name of Brian 10,250,000 Checking account, Brian and Michelle, joint tenants with right of survivorship 11,600 Undeveloped land (not leased or farmed) in the name of Brian 4,200,000 Face value of term life insurance policy on Brians life 2,050,000 Other information includes the following: 1. Brians funeral expenses were $2,400 and the estates administrative expenses were $28,000. 2. The estate paid state estate taxes of $50,000. 3. Brian willed $2,500,000 of his stocks to Michelle and the rest of his property to Andrew. 4. Michelle is the beneficiary of the retirement plan. 5. Brian owned the life insurance policy, and his estate is the beneficiary. 6. Brian made his only taxable gift, $6.25 million taxable amount, in November 2017 and paid all the gift taxes from an account solely in his name. 7. Brian owed $12,800 on a car loan 8. Assume the estates marginal income tax rate will be 35%.

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