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 $ 800,000 Cash and stock 24,000,000 Intangible assets (film rights) 71,500,000 Real estate 15,000,000 $ 111,300,000 Liabilities: Mortgage $ 3,200,000 Other liabilities 4,100,000 $ 7,300,000 a. Tom made a taxable gift of $8 million in 2011.

Compute the estate tax for Toms estate.

a. Tom made a taxable gift of $8 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) (Enter your answers in dollars, not millions of dollars.) $ 111,300,000 24,000,000 (15,000,000) 7,300,000 $ 65,000,000 8,000,000 Gross estate Marital Deduction Charitable Deduction Debts Taxable Estate Adjusted taxable gifts Cumulative taxable transfers Tax on cumulative transfers Current tax on adjusted taxable gifts Tentative estate tax Applicable credit (tax on $11.58 million) Estate Tax Due $ 73,000,000 $ 0 0 $ 0 0 a. Tom made a taxable gift of $8 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) (Enter your answers in dollars, not millions of dollars.) $ 111,300,000 24,000,000 (15,000,000) 7,300,000 $ 65,000,000 8,000,000 Gross estate Marital Deduction Charitable Deduction Debts Taxable Estate Adjusted taxable gifts Cumulative taxable transfers Tax on cumulative transfers Current tax on adjusted taxable gifts Tentative estate tax Applicable credit (tax on $11.58 million) Estate Tax Due $ 73,000,000 $ 0 0 $ 0 0