At the time of her death in 2011, Amber owns property worth $4,000,000. Other information regarding her affairs is as follows.
At the time of her death in 2011, Amber owns property worth $4,000,000. Other
information regarding her affairs is as follows.
Unpaid
pledge to the building fund of her church
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$50,000
College
graduation gift she had promised her grandson
20,000
Local
property taxes owed (accrued prior to death)
100,000
Casualty
loss to uninsured vacation home (fire occurred one month before death)
400,000
Mortgage
owed on personal residence
700,000
All of these items (except the casualty loss) were paid by her estate and none
were deducted on Form 1041 (income tax return of the estate). What is Ambers
taxable estate?
2255. CHAPTER
18THE FEDERAL GIFT AND ESTATE TAXES Question PR #13
At the time of Clints death in 2011, part of his estate consists of the
following.
Roth IRA
(value of $1,000,000) with Jennifer as the designated beneficiary.
Land (worth
$3,000,000) held in joint tenancy with Jennifer. Jennifer is Clints wife and
originally furnished the purchase price.
Building
(worth $3,000,000) held as equal tenants in common with Jennifer and Dana.
Dana is Clints mother, and she originally purchased the property.
Under Clints will, all of his property passes to his wife, Jennifer. How much
marital deduction is Clints estate allowed?
2256. CHAPTER
18THE FEDERAL GIFT AND ESTATE TAXES Question PR #14
Calvins will passes $800,000 of cash to his widowed sister, Muriel. The estate
tax attributable to the cash is $110,000. Muriel dies seven years later, and
the estate tax generated by the $800,000 is $100,000. How much of a credit for
tax on prior transfers will Muriels estate be allowed?
2257. CHAPTER
18THE FEDERAL GIFT AND ESTATE TAXES Question ES #1
As reflected by the tax law, Congressional policy relative to the Federal gift
and estate taxes has been very inconsistent. Comment on this policy regarding
the following time periods.
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