8000000/15000

Question:

Answer: $3,005,000

Marital deduction disallowed because terminal interest rule violated.

Question:

Answer: 1. Income tax must be paid on the $10,000 tax refund received by Sam’s estate.

2. Income tax must be paid on $3,000,000 of the pension plan balance.

Question: In 2017, Barbara gave her friend, Roger, stock worth $8,000,000. Assuming Barbara made no other gifts during her lifetime, which of the following is correct for 2017?

Answer: Federal gift tax is $998,400.

Explanation:

2017 taxable gifts $7,986,000 ($8,000,000 - 14,000)

2017 TT: $3,140,200 {$2,794,400 [($7,986,000 - 1,000,000 Base) × 40%] + $345,800}

2017 Federal gift tax $998,400 ($3,140,200 - $2,141,800) OR ([$7,986,000 - 5,490,000] × 40%)

Question: Mark dies on March 6. Which, if any, of the following items is excluded in his gross estate?

Answer:

Question:

Answer: