Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will direct his executor to distribute his cash and stock to his wife, Kaffie, the real estate to his church, The First Church of Methodology, and the remainder of his assets were to be placed in trust for his three children. Tom's estate consisted of the following: (Enter your answers in dollars, not millions of dollars.) Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ $ $ $ 800,000 24,000,000 71,500,000 15,000,000 111,300,000 3,200,000 4,100,000 7,300,000 Tom made a taxable gift of $8 million in 2011. Compute the estate tax for Tom's estate.
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will direct his executor to distribute his cash and stock to his wife, Kaffie, the real estate to his church, The First Church of Methodology, and the remainder of his assets were to be placed in trust for his three children. Tom's estate consisted of the following: (Enter your answers in dollars, not millions of dollars.) Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ $ $ $ 800,000 24,000,000 71,500,000 15,000,000 111,300,000 3,200,000 4,100,000 7,300,000 Tom made a taxable gift of $8 million in 2011. Compute the estate tax for Tom's estate.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Tom Hruise was an entertainment executive who had a fatal accident on a film set.
Tom's will direct his executor to distribute his cash and stock to his wife, Kaffie, the
real estate to his church, The First Church of Methodology, and the remainder of his
assets were to be placed in trust for his three children. Tom's estate consisted of the
following: (Enter your answers in dollars, not millions of dollars.)
Assets:
Personal assets
Cash and stock
Intangible assets (film rights)
Real estate
Liabilities:
Mortgage
Other liabilities
$
$
$
$
800,000
24,000,000
71,500,000
15,000,000
111,300,000
3,200,000
4,100,000
7,300,000
Tom made a taxable gift of $8 million in 2011. Compute the estate tax for Tom's
estate.
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