Roland had a taxable estate of $15.5 million when he died this year. Calculate the amount of
Question:
Roland had a taxable estate of $15.5 million when he died this year. Calculate the amount of estate tax due (if any) under the following alternatives.
a. Roland’s prior taxable gifts consist of a taxable gift of $1 million in 2005.
b. Roland’s prior taxable gifts consist of a taxable gift of $1.5 million in 2005.
c. Explain how the tax calculation would change if Roland made a $1 million taxable gift in the year prior to his death.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
aThe exemption equivalent for gifts in 2005 was 1 million so Roland paid no gift tax with the 2005 transfer Rolands executor would calculate the estat...View the full answer
Answered By
SAHIL KATOCH
I have completed my Masters in finance & now pursuing Investment Banking. I keep an eye on Macroeconomics and monetary policies of G8 central banks, trade currencies and work as a Forex fund Manager.
0 Reviews
10+ Question Solved
Related Book For 
Taxation Of Individuals And Business Entities 2019 Edition
ISBN: 9781259918391
10th Edition
Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver
Question Posted:
