Zac Peterson’s estate reports the following information: Value of estate assets . . . . $2,300,000Conveyed to spouse .. . . . .. . 1,000,000Conveyed to children . . . . . . . 230,000Conveyed to trust fund for benefit of cousin . . . . . . . . . . . 500,000Conveyed to charities . . . . . .. 260,000Funeral expenses . . . . . . . . . . . 23,000Administrative expenses . . . . . 41,000Debts . . . . . . . . . . . . . . . . . . .. 246,000 What is the taxable estate value?
Zac Peterson’s estate reports the following information: Value of estate assets . . . . $2,300,000Conveyed to spouse .. . . . .. . 1,000,000Conveyed to children . . . . . . . 230,000Conveyed to trust fund for benefit of cousin . . . . . . . . . . . 500,000Conveyed to charities . . . . . .. 260,000Funeral expenses . . . . . . . . . . . 23,000Administrative expenses . . . . . 41,000Debts . . . . . . . . . . . . . . . . . . .. 246,000 What is the taxable estate value?
Chapter18: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 32CE
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Question
Zac Peterson’s estate reports the following information:
Value of estate assets . . . . $2,300,000
Conveyed to spouse .. . . . .. . 1,000,000
Conveyed to children . . . . . . . 230,000
Conveyed to trust fund for benefit of cousin . . . . . . . . . . . 500,000
Conveyed to charities . . . . . .. 260,000
Funeral expenses . . . . . . . . . . . 23,000
Administrative expenses . . . . . 41,000
Debts . . . . . . . . . . . . . . . . . . .. 246,000
What is the taxable estate value?
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