The following unmarried individuals died in 2016. The estate of John Lexington has a taxable value of $4,590,000. The estate of Dorothy Alexander has a taxable value of $4.9 million. The estate of Scotty Fitzgerald has a taxable value of $5.6 million. None of these individuals made any taxable gifts during their lifetimes. Which of the following statements is true? Choose the correct.a. Only Fitzgerald’s estate will have to pay federal estate taxes.b. All three of the estates will have to pay federal estate taxes. c. None of these estates is large enough to necessitate the payment of estate taxes.d. Only the estates of Alexander and Fitzgerald are large enough to necessitate the payment of estate taxes.
The following unmarried individuals died in 2016. The estate of John Lexington has a taxable value
of $4,590,000. The estate of Dorothy Alexander has a taxable value of $4.9 million. The estate of Scotty Fitzgerald has a taxable value of $5.6 million. None of these individuals made any taxable gifts during their lifetimes. Which of the following statements is true? Choose the correct.
a. Only Fitzgerald’s estate will have to pay federal estate taxes.
b. All three of the estates will have to pay federal estate taxes. c. None of these estates is large enough to necessitate the payment of estate taxes.
d. Only the estates of Alexander and Fitzgerald are large enough to necessitate the payment of
estate taxes.
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