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Tavon dies and is survived by his spouse, Marge. Under Tavon's will, all of his otherwise uncommitted assets pass to Marge. For each of the property interests listed below, determine the marital deduction allowed to Tavon's estate. If an amount is zero, enter "0". If required, round your final answers to the nearest dollar. a. b. C. Timberland worth $4,540,000 owned by Tavon, Marge, and Amber (Marge's sister) as equal tenants in common. Amber furnished the original purchase price. e. Residence of Tavon and Marge worth $1,100,000, owned by them as tenants by the entirety with right of survivorship. Tavon provided the original purchase price. Insurance policy on Tavon's life (maturity value of $2,250,000), owned by Marge and payable to her as the beneficiary. d. Insurance policy on Tavon's life (maturity value of $350,000), owned by Tavon with Marge as the designated beneficiary. Lump-sum distribution from a qualified pension plan of $2,445,000 (Tavon had contributed $733,500 to his account), with Marge as the beneficiary. Marital Deduction 0

Tavon dies and is survived by his spouse, Marge. Under Tavon's will, all of his otherwise uncommitted assets pass to Marge. For each of the property interests listed below, determine the marital deduction allowed to Tavon's estate. If an amount is zero, enter "0". If required, round your final answers to the nearest dollar. a. b. C. Timberland worth $4,540,000 owned by Tavon, Marge, and Amber (Marge's sister) as equal tenants in common. Amber furnished the original purchase price. e. Residence of Tavon and Marge worth $1,100,000, owned by them as tenants by the entirety with right of survivorship. Tavon provided the original purchase price. Insurance policy on Tavon's life (maturity value of $2,250,000), owned by Marge and payable to her as the beneficiary. d. Insurance policy on Tavon's life (maturity value of $350,000), owned by Tavon with Marge as the designated beneficiary. Lump-sum distribution from a qualified pension plan of $2,445,000 (Tavon had contributed $733,500 to his account), with Marge as the beneficiary. Marital Deduction 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tavon dies and is survived by his spouse, Marge. Under Tavon's will, all of his otherwise uncommitted assets pass to Marge. For each of the property interests listed below, determine the marital deduction allowed to Tavon's estate. If an amount is zero, enter "0". If required, round your final answers to the nearest dollar. a. b. C. Timberland worth $4,540,000 owned by Tavon, Marge, and Amber (Marge's sister) as equal tenants in common. Amber furnished the original purchase price. e. Residence of Tavon and Marge worth $1,100,000, owned by them as tenants by the entirety with right of survivorship. Tavon provided the original purchase price. Insurance policy on Tavon's life (maturity value of $2,250,000), owned by Marge and payable to her as the beneficiary. d. Insurance policy on Tavon's life (maturity value of $350,000), owned by Tavon with Marge as the designated beneficiary. Lump-sum distribution from a qualified pension plan of $2,445,000 (Tavon had contributed $733,500 to his account), with Marge as the beneficiary. Marital Deduction 0
Transcribed Image Text:Tavon dies and is survived by his spouse, Marge. Under Tavon's will, all of his otherwise uncommitted assets pass to Marge. For each of the property interests listed below, determine the marital deduction allowed to Tavon's estate. If an amount is zero, enter "0". If required, round your final answers to the nearest dollar. a. b. C. Timberland worth $4,540,000 owned by Tavon, Marge, and Amber (Marge's sister) as equal tenants in common. Amber furnished the original purchase price. e. Residence of Tavon and Marge worth $1,100,000, owned by them as tenants by the entirety with right of survivorship. Tavon provided the original purchase price. Insurance policy on Tavon's life (maturity value of $2,250,000), owned by Marge and payable to her as the beneficiary. d. Insurance policy on Tavon's life (maturity value of $350,000), owned by Tavon with Marge as the designated beneficiary. Lump-sum distribution from a qualified pension plan of $2,445,000 (Tavon had contributed $733,500 to his account), with Marge as the beneficiary. Marital Deduction 0
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