A516: Estate and Gift Taxation
ESTATE TAX RETURN PROBLEM
On July 1,
, Bud Light died.
Surviving Bud was his wife, Star, his son, Red (age 39) and his
daughter, Ima (age 37).
Bud was born on July 2,
Star was born on December 25,
Star were married while they were students at the University of Illinois.
They were married on October
in Chicago, Illinois and have lived there until Bud’s death.
The couple was living at 1234
Bright Drive in Chicago, Illinois 60601 (Cook county) at the time of his death.
His social security
number was 447-77-7777.
Star's social security number was 337-61-6666.
The couple's attorney,
Charles E. Ton (111-22-3333), was named executor of the estate.
Mr. Ton's business address is 101
Shyster Parkway, Northbrook, Illinois.
His phone number is 312-123-4567.
Bud’s will be probated by
the Cook County Probate Court, Probate Division 50 West Washington Street, Chicago, IL 60602.
estate’s federal identification number is: 35-1234567.
As part of the probate process, Mr. Ton compiled a list of Bud's assets as of his date of death and other
pertinent information as follows:
1. Personal residence in Chicago, titled in Bud's name; value $640,000.
BMW, titled in Bud's name; wholesale price, $15,000, retail price $17,750.
3. Checking account in Bud's name at Wrigley National Bank; balance on July 1,
4. Cash in Paine Webber Money Market Cash Fund, title in names of Bud and Star, joint tenants
with right of survivorship; $80,000
5. 10,000 shares of Accidental Petroleum Corporation common stock worth $1,260,000.