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: