Question
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Toms will directed his executor to distribute his cash and
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Toms will directed his executor to distribute his cash and stock to his wife, Kaffie, and the real estate to his church, The First Church of Methodology. The remainder of his assets were to be placed in trust for his three children. Toms estate consisted of the following:
Assets: | |
---|---|
Personal assets | $ 1,450,000 |
Cash and stock | 25,500,000 |
Intangible assets (film rights) | 79,000,000 |
Real estate | 16,500,000 |
$ 122,450,000 | |
Liabilities: | |
Mortgage | $ 4,700,000 |
Other liabilities | 5,600,000 |
$ 10,300,000 |
b. Fill out lines 1 through 12 in part 2 of Form 706 for Toms estate. (Use 2021 tax rules regardless of year on tax form.)
Visit the IRS website and download Form 706. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save."
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