Use workshee ckson 2018, he at $8,300,000. directed distribu as follows: $22,000 to the local hospital, $160,000 to his alma mater, and the remainder to his three adult children. Death-related costs were $17,000 for funeral expenses, $45,000 paid to attorneys, $3,000 paid to accountants, and $35,000 paid to the trustee of his living trust. In addition, there were debts of $135,000. Use Worksheet 15.1 and Exhibit 15.5 and Exhibit 15.6 to calculate the federal estate tax due on Jackson's estate. Round your answer to nearest whole dollar.
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- When Jacob Kohler died unmarried in 2015, he left an estate valued at 7,900,000. His trust directed distribution as follows: $19,000 to the local hospital, $150,000 to his alma mater, and the remainder to his 3 children. Death-related costs and expenses were $15,100 for funeral, $30,000 paid to attorneys, $6,500 paid to accountants, and $35,000 paid to the trustee of his living trust. In addition, debts of $115,000. Calculate the federal estate tax due on his estate.When Jacob Kohler died unmarried in 2015, he left an estate valued at $7,900,000. His trust directed distribution as follows: $20,000 to the local hospital, $170,000 to his alma mater, and the remainder to his three adult children. Death-related costs and expenses were $15,800 for funeral expenses, $50,000 paid to attorneys, $3,500 paid to accountants, and $35,000 paid to the trustee of his living trust. In addition, there were debts of $80,000. Use Exhibit 15.7 and Exhibit 15.8 to calculate the federal estate tax due on his estate. Round your answer to the nearest whole dollar.The terms of a will currently undergoing probate are: “A gift to my brother Chris of $40,000 cash; to my son Eric, $75,000 from my Redstone Savings Bank account; and to my daughter Lauryn, all of my remaining property.” At the time of death, the balance in the savings account was $60,000, and there was additional cash (after payment of funeral expenses and all claims against the estate) of $95,000. The gift to Chris is a
- David Davis died in 2019 and left an estate valued at $13,900,000 after the payment of his debts. His will gave $45,000 to the Humane Society. $102,000 to the University of Missouri, $154,000 to the Boy Scouts of America, and the remainder to his sister Mindy. The expenses of settling the estate were $10,000 for the funeral, $5,000 to his brother as executor, and $3,000 to accountants and lawyers. (a) Your answer is correct. Calculate David's gross estate. 2$ 13900000 eTextbook and Media Attempts: 1 of 3 used (b) Calculate David's adjusted gross estate. 24In addition to cash contributions to charity. Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2023: Charity Property Cost FMV State University Cash $15,000 $15,000 Red Cross Cash 14,500 14,500 5,000 82,000 28,000 17,000 State History Museum City Medical Center Dell Stock Antique painting 1. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. 2. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover.Mark's will contains the following dispositive provisions. $10,000 to the American Cancer Society. $5,000 to the Pastor of my church. $4,000 to my cousin Vinny who has extensive medical issues. $4,000 to Grave Robbers, a nonprofit cemetery association. $3,000 to the First Presbyterian Church in London, England. What is the amount of the charitable deduction available to Mark's estate? Group of answer choices $10,000. $13,000. $17,000. $21,000. $26,000.
- In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2022: Charity Property Cost FMV State University Cash $ 15,200 $ 15,200 Red Cross Cash 14,600 14,600 State History Museum Painting 5,020 82,800 City Medical Center Dell stock 30,000 19,000 a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean's AGI this year is $160,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution. What is Dean's charitable contribution deduction for the painting in this situation (ignoring AGI limitations)? d. Suppose that…Jerry Tasch’s will has the following provisions: $150,000 in cash goes to Thomas Thorne. All shares of Coca-Cola go to Cindy Phillips. Residence goes to Kevin Simmons. All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri. Prepare journal entries for the following transactions: Discovered the following assets (at fair value): Collected interest of $7,000. Paid funeral expenses of $20,000. Discovered debts of $40,000. Located an additional savings account of $12,000. Conveyed title to the residence to Kevin Simmons. Collected life insurance policy. Discovered additional debts of $60,000. Paid debts totaling $100,000. Conveyed cash of $150,000 to appropriate beneficiary. Sold the shares of Polaroid for $112,000. Paid administrative expenses of $10,000.James Albemarle created a trust fund at the beginning of 2016. The income from this fund will go to his son Edward. When Edward reaches the age of 25, the principal of the fund will be conveyed to United Charities of Cleveland. Mr. Albemarle specified that 75 percent of trustee fees are to be paid from principal. Terry Jones, CPA, is the trustee.Prepare all necessary journal entries for the trust to record the following transactions:a. James Albemarle transferred cash of $300,000, stocks worth $200,000, and rental property valued at $150,000 to the trustee of this fund.b. Immediately invested cash of $260,000 in bonds issued by the U.S. government. Commissions of $3,000 are paid on this transaction.c. Incurred permanent repairs of $7,000 so that the property can be rented. Payment is made immediately.d. Received dividends of $4,000. Of this amount, $1,000 had been declared prior to the creation of the trust fund.e. Paid insurance expense of $2,000 on the rental property.f. Received…
- James Albemarle created a trust fund at the beginning of 2016. The income from this fund will go to his son Edward. When Edward reaches the age of 25, the principal of the fund will be conveyed to United Charities of Cleveland. Mr. Albemarle specified that 75 percent of trustee fees are to be paid from principal. Terry Jones, CPA, is the trustee. Prepare all necessary journal entries for the trust to record the following transactions: James Albemarle transferred cash of $300,000, stocks worth $200,000, and rental property valued at $150,000 to the trustee of this fund. Immediately invested cash of $260,000 in bonds issued by the U.S. government. Commissions of $3,000 are paid on this transaction. Incurred permanent repairs of $7,000 so that the property can be rented. Payment is made immediately. Received dividends of $4,000. Of this amount, $1,000 had been declared prior to the creation of the trust fund. Paid insurance expense of $2,000 on the rental property. Received rental income…In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2021: Charity Property Cost FMV State University Cash $ 16,400 $ 16,400 Red Cross Cash 15,200 15,200 State History Museum Antique painting 5,140 87,600 City Medical Center Dell stock 42,000 31,000 Problem 6-49 Part-a (Algo) answers needed for all parts a, b c, and d a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean’s AGI this year is $220,000. Determine Dean’s itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the…James Albemarle created a trust fund at the beginning of 2016. The income from this fund will go to his son Edward. When Edward reaches the age of 25, the principal of the fund will be conveyed to United Charities of Cleveland. Mr. Albemarle specified that 75 percent of trustee fees are to be paid from principal. Terry Jones, CPA, is the trustee. a. James Albemarle transferred cash of $320,000, stocks worth $220,000, and rental property valued at $160,000 to the trustee of this fund. b. Immediately invested cash of $270,000 in bonds issued by the U.S. government. Commissions of $4,000 are paid on this transaction. c. Incurred permanent repairs of $7,200 so that the property can be rented. Payment is made immediately. d. Received dividends of $4,400. Of this amount, $1,200 had been declared prior to the creation of the trust fund. e. Paid insurance expense of $2,200 on the rental property. f. Received rental income of $8,200. g. Paid $4,400 from the trust for trustee services rendered.…