Prior to her death in 2023, Elfrieda made lifetime taxable gifts of $34,000. At her death, she was survived by her husband and daughter and owned the following property interests. Sole ownership: Life insurance on her husband's life with a death benefit of $500,000 and a replacement cost of $120,000, with her children as the beneficiaries A portfolio of stocks, bonds, and CDs valued at $8,000,000 Personal residence with a fair market value of $500,000 Joint ownership: With her husband: household furnishings, personal property, bank accounts, and automobiles worth a total of $800,000 With her daughter: a vacation condo valued at $400,000 for which her executor has records showing a 20% contribution by her daughter Her will bequeaths the personal residence outright to her husband with the rest and remainder of her estate to her daughter. She had debts of $6,000 and administrative costs of $24,000. Which one of these amounts, if any, most closely approximates Elfrieda's estate tax liability? Use the Unified Federal Estate and Gift Tax Rates table. A) $10,000 B) $30,000 C) $40,000 D) $0

Prior to her death in 2023, Elfrieda made lifetime taxable gifts of $34,000. At her death, she was survived by her husband and daughter and owned the following property interests. Sole ownership: Life insurance on her husband's life with a death benefit of $500,000 and a replacement cost of $120,000, with her children as the beneficiaries A portfolio of stocks, bonds, and CDs valued at $8,000,000 Personal residence with a fair market value of $500,000 Joint ownership: With her husband: household furnishings, personal property, bank accounts, and automobiles worth a total of $800,000 With her daughter: a vacation condo valued at $400,000 for which her executor has records showing a 20% contribution by her daughter Her will bequeaths the personal residence outright to her husband with the rest and remainder of her estate to her daughter. She had debts of $6,000 and administrative costs of $24,000. Which one of these amounts, if any, most closely approximates Elfrieda's estate tax liability? Use the Unified Federal Estate and Gift Tax Rates table. A) $10,000 B) $30,000 C) $40,000 D) $0

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