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UNDERGRADUATE COMPREHENSIVE PROBLEM-ESTATE TAX (FORM 706) Robert A. Smith, Sr. was born February 14, 1939 and died on May 31, 2020 of natural causes.
UNDERGRADUATE COMPREHENSIVE PROBLEM-ESTATE TAX (FORM 706) Robert A. Smith, Sr. was born February 14, 1939 and died on May 31, 2020 of natural causes. Robert, Sr. was predeceased by his wife, Ann, who died January 5, 2019. Ann's executor made a portability election for $2,000,000 deceased spouse unused exemption (DSUE) none of which was applied by Robert for lifetime gifts. Robert's adult children: Rachel and Robert, Jr. are alive. At the time of his death, Robert lived at 1410 N. Main Street, Bowling Green, Ohio 43402. Details regarding Robert Sr.'s estate are summarized below, . On February 14, 2015, Robert Smith, Sr. and his son purchased grazing land in Fayette County with title listed as "Robert, Sr. and Robert Smith, Jr. as joint tenants," The land is near Columbus and was considered to have future potential for residential development. Each owner paid $500,000 of the $1,000,000 original purchase price. The land has a value of $4,000,000 at Robert Sr.'s death. On February 14, 2016, Robert, Sr. transferred a $2.500.000 insurance policy on his life to his children (Robert. Jr. and Rachel) when the cash surrender value was $378,000. Gift-splitting was not elected. No gift tax was due. On February 14, 2018, Robert, Sr. transferred Zoom Video Communications, Inc. stock valued at $4,000,000 to Robert, Jr. and Rachel held as equal tenants in common. Gift-splitting was not elected. No gift tax was due. The stock's fair market value was valued at $8,000,000 at Robert, Sr.'s death. At the time of his death, Robert, Sr. owned a $1,500,000 whole life policy issued by Falcon Insurance Company. The policy lists Robert, Sr.'s estate as the beneficiary and has a cash surrender value of $105,000. Robert, Sr. was a participant in his employer's contributory qualified pension plan. At Robert Sr.'s death, the balance in his accounts are as follows: Employer's contribution Robert, Sr.'s contribution Income earned by the plan $3,000,000 3,000,000 1,500,000
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