Morgan, a widow, recently passed away. The value of her assets at the time of death was $10,109,000. The cost of her funeral was $7,955, while estate administrative costs totaled $49,049. As stipulated in her will, she left $950,378 to charities. Based on this information answer the following questions: a. Determine the value of Morgan's gross estate. b. Calculate the value of her taxable estate. c. What is her gift-adjusted taxable estate value?
Morgan, a widow, recently passed away. The value of her assets at the time of death was $10,109,000. The cost of her funeral was $7,955, while estate administrative costs totaled $49,049. As stipulated in her will, she left $950,378 to charities. Based on this information answer the following questions: a. Determine the value of Morgan's gross estate. b. Calculate the value of her taxable estate. c. What is her gift-adjusted taxable estate value?
Chapter28: Income Taxati On Of Trusts And Estates
Section: Chapter Questions
Problem 3BCRQ
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT