Required information Skip to question [The following information applies to the questions displayed below.] 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 spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets $ 1,020,000 Cash and stock 25,900,000 Intangible assets (film rights) 81,000,000 Real estate 16,900,000 $ 124,820,000 Liabilities: Mortgage $ 5,100,000 Other liabilities 6,000,000 $ 11,100,000 a. Tom made a taxable gift of $7.00 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars.

Required information Skip to question [The following information applies to the questions displayed below.] 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 spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets $ 1,020,000 Cash and stock 25,900,000 Intangible assets (film rights) 81,000,000 Real estate 16,900,000 $ 124,820,000 Liabilities: Mortgage $ 5,100,000 Other liabilities 6,000,000 $ 11,100,000 a. Tom made a taxable gift of $7.00 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars.

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter13: Estate Taxes

Section: Chapter Questions

Problem 1CTD

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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 spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following:

Assets:
Personal assets	$ 1,020,000
Cash and stock	25,900,000
Intangible assets (film rights)	81,000,000
Real estate	16,900,000
	$ 124,820,000
Liabilities:
Mortgage	$ 5,100,000
Other liabilities	6,000,000
	$ 11,100,000

a. Tom made a taxable gift of $7.00 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.)

Note: Enter your answers in dollars, not millions of dollars.

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