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, the real estate to his church, The First Church of Methodology, and the remainder of his assets were to be placed in trust for his three children. Toms estate consisted of the following:
Personal Assets: 800,000
Cash and Stock: 24 million
Intangible assets: 71,500,000
Real estate: 15 million
Liabilities (mortgage): 3,200,000 Other Liabilities: 4,100,000
Tom made a taxable gift of $8 million in 2011.
A). Compute the estate tax for Toms estate. (Reference the tax rate schedule in Exhibit 25-1 and the Unified Credit schedule in Exhibit 25-2 to answer this problem. I calculated most of it, Just need help on finding:
1). the current tax on adjustable gifts
2). Unified Credit
3). Estate tax due
The tables needed can be accessed at http://www.chegg.com/homework-help/questions-and-answers/need-highlighted-parts-answered-tom-hruise-entertainment-executive-fatal-accident-film-set-q9649645
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