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Augustus1 Augustus1
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7 years ago
Jeffery died in 2009 leaving a $6,000,000 gross estate. Six months after his death, the gross assets are valued at $6,100,000. In years prior to 2009 (but after 1976), Jeffery had made taxable gifts of $300,000. Of the $6,000,000 gross estate, one-half of the estate was transferred to his wife, administrative and funeral expenses were $100,000. Jeffery had debts of $200,000, and the remainder of the estate was transferred to his children.
a.   What is the amount of Jeffery's taxable estate?
b.   What is the tax base for computing Jeffery's estate?
c.   What is the amount of estate tax owed if the tentative estate tax (before credits) is $1,005,800?
d.   Alternatively, if six months after his death, the gross assets in Jeffery's estate declined in value to $2,000,000, can the administrator of Jeffery's estate elect the alternate valuation date?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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Yoko900Yoko900
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Augustus1 Author
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7 years ago
I'm forever indebted to you!

THANKS
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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