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FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Estate Tax Formula. Sue died on
May 3, 2016. On October 1, 2013,
Sue gave Tom land valued at
$7,014,000. Sue applied a unified
credit of $2,045,800 against the gift
tax due on this transfer. On Sue's
date of death the land was valued at
$9.4 million. With respect to this
transaction, what amount was
included in Sue's gross estate? What
is the amount of Sue's adjusted
taxable gifts attributable to the 2013
gift?
Transcribed Image Text:Estate Tax Formula. Sue died on May 3, 2016. On October 1, 2013, Sue gave Tom land valued at $7,014,000. Sue applied a unified credit of $2,045,800 against the gift tax due on this transfer. On Sue's date of death the land was valued at $9.4 million. With respect to this transaction, what amount was included in Sue's gross estate? What is the amount of Sue's adjusted taxable gifts attributable to the 2013 gift?
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