c. This year Casey made a gift worth $7.2 million to Stephanie. Casey is married to Helen in a common law state, and the 2010 gift was the only other taxable gift he or Helen has ever made. Casey and Helen elect to gift split. (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars, not millions of dollars.)
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Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom’s will directed his executor to distribute his cash and stock to his wife, Kaffie, the real estate to his church, The First Church of Methodology, and the remainder ofhis assets were to be placed in trust for his three children. Tom’s estate consisted of the following:Assets:Personal assets$1,560,000Cash and stock26,500,000Intangible assets (film rights)84,000,000Real estate17,500,000$ 129,560,000Liabilities:Mortgage$5,700,000Other liabilities6,600,000$12,300,000a. Tom made a taxable gift of $7.60 million in 2011. Compute the estate tax for Tom’s estate. (Refer to Exhibit 25-1and Exhibit 25-2.)(Enter your answers in dollars, not millions of dollars.)
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- Fall '16
- Taxation in the United States, taxable gifts