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When felix Lane died in 2012 , he left an estate valued at $25,000,000. His trust directed distribution as follows: $400,000 in charitable deductions ($75,000
When felix Lane died in 2012 , he left an estate valued at $25,000,000. His trust directed distribution as follows: $400,000 in charitable deductions ($75,000 to the local hospital plus $325,000 to his airna mater), and the remainder to his four adult chidren, Death-related costs were $9,500 for funeral expenses, and $150,000 in administrative expenses ($70,000 paid to attorneys, $20,000 paid to accountants, and $50,000 paid to the trustee of his living trust. In addition, there were debts of $850,000. Use the following dropdown menus to obtain the relevant tax schedules and credits: Exhibits - Tax schedules and credits Exha4 157 - Unifed Credits and Applicable Exidusion Amounts for Estsles and Cens Source: Internal Revrrue Cade, Sitcien 2001. Use Exhibut 15.7 to calculate the tentative tax. Use Exhibut 15.8 to determine the appropriate unufied tax credit.)
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