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 |
a. Tom made a taxable gift of $6.60 million in 2011. Compute the estate tax for Toms estate. (Refer to Exhibit 25-1 and Exhibit 25-2.)
(Enter your answers in dollars, not millions of dollars.)
|
I only need the 4 which are empty pls
EXHIBIT 25-1 Unified Transfer Tax Rates*
Tax Base Equal to or Over | Not Over | Tentative Tax | Plus | of Amount Over |
---|---|---|---|---|
$ 0 | $10,000 | $ 0 | 18% | $ 0 |
10,000 | 20,000 | 1,800 | 20 | 10,000 |
20,000 | 40,000 | 3,800 | 22 | 20,000 |
40,000 | 60,000 | 8,200 | 24 | 40,000 |
60,000 | 80,000 | 13,000 | 26 | 60,000 |
80,000 | 100,000 | 18,200 | 28 | 80,000 |
100,000 | 150,000 | 23,800 | 30 | 100,000 |
150,000 | 250,000 | 38,800 | 32 | 150,000 |
250,000 | 500,000 | 70,800 | 34 | 250,000 |
500,000 | 750,000 | 155,800 | 37 | 500,000 |
750,000 | 1,000,000 | 248,300 | 39 | 750,000 |
1,000,000 | 345,800 | 40 | 1,000,000 |
*The applicable credit and exemption are zero for estates that opted out of the estate tax in 2010.
EXHIBIT 25-2 The Exemption Equivalent
Year of Transfer | Gift Tax | Estate Tax |
---|---|---|
1986 | $500,000 | $500,000 |
19871997 | 600,000 | 600,000 |
1998 | 625,000 | 625,000 |
1999 | 650,000 | 650,000 |
20002001 | 675,000 | 675,000 |
20022003 | 1,000,000 | 1,000,000 |
20042005 | 1,000,000 | 1,500,000 |
20062008 | 1,000,000 | 2,000,000 |
20092010* | 1,000,000 | 3,500,000 |
2011 | 5,000,000 | 5,000,000 |
2012 | 5,120,000 | 5,120,000 |
2013 | 5,250,000 | 5,250,000 |
2014 | 5,340,000 | 5,340,000 |
2015 | 5,430,000 | 5,430,000 |
2016 | 5,450,000 | 5,450,000 |
2017 | 5,490,000 | 5,490,000 |
2018 | 11,180,000 | 11,180,000 |
2019 | 11,400,000 | 11,400,000 |
2020 | 11,580,000 | 11,580,000 |
2021 | 11,700,000 | 11,700,000 |
*The applicable credit and exemption are zero for taxpayers who opt out of the estate tax in 2010.
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