Please Do not Give image format Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor todistribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. Theremainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following:Assets:Personal assetsCash and stockIntangible assets (film rights)Real estateLiabilities:MortgageOther liabilities$ 800,00024,000,00071,500,00015,000,000$ 111,300,000Estate Tax Due$ 3,200,0004,100,000$ 7,300,000Problem 25-50 Part a (Static)a. Tom made a taxable gift of $8 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. EXHIBIT 25-1 Unified Transfer Tax RatesTax Base Equal to or Over$010,00020,00040,00060,00080,000100,0001986150,000250,000500,000750,0001,000,00028303234373940The applicable credit and exemption are zero for estates that opted out of the estate tax in 2010.Not Over$10,00020,00040,00060,00080,000100,000150,0001987-1997199819992000-20012002-20032004-20052006-20082009-2010*250,000500,000201120122013201420152016201720182019202020212022Tentative Tax$01,8003,8008,200750,0001,000,00013,00018,20023,80038,80070,800155,800248,300345.800Show Transcribed TextPlus18%2022EXHIBIT 25-2 The Exemption Equivalent / Applicable Exclusion AmountYear of TransferGift TaxEstate Tax$500,000$500,000600,000600,000625,000625,000650,000650,000675,000675,0001,000,0001,000,0001,000,0001,500,0001,000,0002,000,0001,000,0003,500,0005,000,0005,120,0005,250,0005,340,0005,430,0002426of Amount Over$010,00020,00040,00060,00080,000100,000150,000250,000500,000750,0001,000,0005,000,0005,120,0005,250,0005,340,0005,430,0005,450,0005,490,00011,180,00011,400,00011,580,00011,700,00012,060,0005,450,0005,490,00011,180,00011,400,00011,580,00011,700,00012,060,000*The estate tax was optional for decedents dying in 2010. In lieu of the estate tax,estate tax in 2010.

WORKING NOTE 3: ESTATE TAX DUE Calculation of Estate Tax Due @40% ($73 Million - $5.43…

a. Tom made a taxable gift of $8 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. Estate Tax Due

a. Tom made a taxable gift of $8 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. Estate Tax Due

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter8: Trusts

Section: Chapter Questions

Problem 2CTD

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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 Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,520,000 26,200,000 82,500,000 17,200,000 $ 127,420,000 Estate Tax Due $ 5,400,000 6,300,000 $ 11,700,000 Problem 25-50 Part a (Algo) a. Tom made a taxable gift of $7.30 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.
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. Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,780,000 24,300,000 73,000,000 15,300,000 114,380,000 $ 3,500,000 4,400,000 $ 7,900,000 Estate Tax Due $ a. Tom made a taxable gift of $5.40 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 [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 Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities Gross estate Marital Deduction Charitable Deduction Debts Taxable Estate Adjusted taxable gifts Cumulative taxable transfers Tax on cumulative transfers Less taxes paid on prior gifts Tentative estate tax a. Tom made a taxable gift of $6.40 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. Answer is not complete. $…
Required Information [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 Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,250,000 26,300,000 83,000,000 17,300,000 $ 127,850,000 $ 5,500,000 6,400,000 $ 11,900,000 a. Tom made a taxable gift of $7.40 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. Estate Tax Due
Question.
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 $ 1,040,000 Cash and stock 24,200,000 Intangible assets (film rights) 72,500,000 Real estate 15,200,000 $ 112,940,000 Liabilities: Mortgage $ 3,400,000 Other liabilities 4,300,000 $ 7,700,000 b. Fill out lines 1 through 12 in part 2 of Form 706 for Tom's estate. Exhibit 25-2. Note: Use 2022 tax rules regardless of year on tax form. Input all values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required.
Tom Hale 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 and his real estate to a church (an “A” charity). 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 $ 1,340,000 Cash and stock 26,400,000 Intangible assets (film rights) 83,500,000 Real estate 17,400,000 $ 128,640,000 Liabilities: Mortgage $ 5,600,000 Other liabilities 6,500,000 $ 12,100,000 Tom made a taxable gift of $7.50 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. EXHIBIT 25-1 Unified Transfer Tax Rates* Tax Base Equal to or Over Not Over Tentative Tax Plus of Amount Over $ 0 $10,000 $ 0 18% $ 0 10,000 20,000 1,800 20 10,000 20,000 40,000 3,800 22 20,000…
Donna Stober’s estate has the following assets (all figures approximate fair value): The house, cash, and other assets are left to the decedent’s spouse. The investment land is contributed to a charitable organization. The automobiles are to be given to the decedent’s brother. The investments in stocks and bonds are to be put into a trust fund. The income generated by this trust will go to the decedent’s spouse annually until all of the couple’s children have reached the age of 25. At that time, the trust will be divided evenly among the children. The following amounts are paid prior to distribution and settlement of the estate: funeral expenses of $20,000 and estate administration expenses of $10,000. What value is to be reported as the taxable estate for federal estate tax purposes?
Marie Hardy’s will has the following provisions: "I leave the cash balance deposited in the First National Bank (up to a total of $50,000) to Jack Abrams. I leave $18,000 cash to Suzanne Benton. I leave 1,000 shares of Coca-Cola Company stock to Cindy Cheng. I leave my house to Dennis Davis. I leave all of my other assets and properties to Wilbur N. Ed." a. Assume that the estate has the following assets: $41,000 cash in the First National Bank, $16,000 cash in the New Hampshire Savings and Loan, 800 shares of Coca-Cola stock, 1,100 shares of Xerox stock, a house, and other property valued at $13,000. What distributions will be made from this estate? (Make estate distributions in the order mentioned in the question.) cash Jack 41,000 cash Suzanne 18,000 Coca-Cola Cindy 800 Shares House Dennis 0 Other property Wilbur ???? The problem needs a $$ amount for Wilbur, and I cannot get it b. Assume that the estate has the following assets: $55,000 cash in the First National Bank, $6,000 cash…
Marie Hardy’s will has the following provisions:“I leave the cash balance deposited in the First National Bank (up to a total of $50,000) to Jack Abrams. I leave $18,000 cash to Suzanne Benton. I leave 1,000 shares of Coca-Cola Company stock to Cindy Cheng. I leave my house to Dennis Davis. I leave all of my other assets and proper-ties to Wilbur N. Ed.”a. Assume that the estate has the following assets: $41,000 cash in the First National Bank, $16,000 cash in the New Hampshire Savings and Loan, 800 shares of Coca-Cola stock, 1,100 shares of Xerox stock, a house, and other property valued at $13,000. What distributions will be made from this estate?b. Assume that the estate has the following assets: $55,000 cash in the First National Bank, $6,000 cash in the New Hampshire Savings and Loan, 1,200 shares of Coca-Cola stock, 600 shares of Xerox stock, and other property valued at $22,000. What distributions will be made from this estate?
Marie Hardy's will has the following provisions: "I leave the cash balance deposited in the First National Bank (up to a total of $50,000) to Jack Abrams. leave $18,000 cash to Suzanne Benton. I leave 1,000 shares of Coca-Cola Company stock to Cindy Cheng. I leave my house to Dennis Davis. I leave all of my other assets and properties to Wilbur N. Ed." a. Assume that the estate has the following assets: $41,000 cash in the First National Bank, $16,000 cash in the New Hampshire Savings and Loan, 800 shares of Coca-Cola stock, 1,100 shares of Xerox stock, a house, and other property valued at $13,000. What distributions will be made from this estate? b. Assume that the estate has the following assets: $55,000 cash in the First National Bank, $6,000 cash in the New Hampshire Savings and Loan, 1,200 shares of Coca-Cola stock, 600 shares of Xerox stock, and other property valued at $22,000. What distributions will be made from this estate? (Make estate distributions in the order mentioned…
Marie Hardy’s will has the following provisions: "I leave the cash balance deposited in the First National Bank (up to a total of $50,700) to Jack Abrams. I leave $19,800 cash to Suzanne Benton. I leave 1,260 shares of Coca-Cola Company stock to Cindy Cheng. I leave my house to Dennis Davis. I leave all of my other assets and properties to Wilbur N. Ed." Assume that the estate has the following assets: $40,600 cash in the First National Bank, $17,700 cash in the New Hampshire Savings and Loan, 1,050 shares of Coca-Cola stock, 1,360 shares of Xerox stock, a house, and other property valued at $14,100. What distributions will be made from this estate? Assume that the estate has the following assets: $55,200 cash in the First National Bank, $5,300 cash in the New Hampshire Savings and Loan, 1,360 shares of Coca-Cola stock, 590 shares of Xerox stock, and other property valued at $29,000. What distributions will be made from this estate?