Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets $ 1,040,000 Cash and stock 24,200,000 Intangible assets (film rights) 72,500,000 Real estate 15,200,000 $ 112,940,000 Liabilities: Mortgage $ 3,400,000 Other liabilities 4,300,000 $ 7,700,000 b. Fill out lines 1 through 12 in part 2 of Form 706 for Tom's estate. Exhibit 25-2. Note: Use 2022 tax rules regardless of year on tax form. Input all values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required.
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets $ 1,040,000 Cash and stock 24,200,000 Intangible assets (film rights) 72,500,000 Real estate 15,200,000 $ 112,940,000 Liabilities: Mortgage $ 3,400,000 Other liabilities 4,300,000 $ 7,700,000 b. Fill out lines 1 through 12 in part 2 of Form 706 for Tom's estate. Exhibit 25-2. Note: Use 2022 tax rules regardless of year on tax form. Input all values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required.
Chapter19: Family Tax Planning
Section: Chapter Questions
Problem 16CE
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Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following:
| Assets: | |
|---|---|
| Personal assets | $ 1,040,000 |
| Cash and stock | 24,200,000 |
| Intangible assets (film rights) | 72,500,000 |
| Real estate | 15,200,000 |
| $ 112,940,000 | |
| Liabilities: | |
| Mortgage | $ 3,400,000 |
| Other liabilities | 4,300,000 |
| $ 7,700,000 |
b. Fill out lines 1 through 12 in part 2 of Form 706 for Tom's estate. Exhibit 25-2.
Note: Use 2022 tax rules regardless of year on tax form. Input all values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required.
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