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 Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,130,000 25,300,000 78,000,000 16,300,000 $ 120,730,000 $ 4,500,000 5,400,000 $ 9,900,000 Problem 14-50 Part a (Algo) a. Tom made a taxable gift of $6.40 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars.
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 Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,130,000 25,300,000 78,000,000 16,300,000 $ 120,730,000 $ 4,500,000 5,400,000 $ 9,900,000 Problem 14-50 Part a (Algo) a. Tom made a taxable gift of $6.40 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars.
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 33P
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Problem 14-50 (LO 14-3) (Algo)
[The following information applies to the questions displayed below.]
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
Cash and stock
Intangible assets (film rights)
Real estate
Liabilities:
Mortgage
Other liabilities
Problem 14-50 Part a (Algo)
$ 1,130,000
25,300,000
78,000,000
16,300,000
$ 120,730,000
Estate Tax Due
$ 4,500,000
5,400,000
$ 9,900,000
a. Tom made a taxable gift of $6.40 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.)
Note: Enter your answers in dollars, not millions of dollars.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fab8be2ac-c825-42a6-96c3-2e7d3921901d%2Ff9f81da6-9529-4dd1-a528-431a1820bfae%2Fw3v6te7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2
k
t
nces
Required information
Problem 14-50 (LO 14-3) (Algo)
[The following information applies to the questions displayed below.]
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
Cash and stock
Intangible assets (film rights)
Real estate
Liabilities:
Mortgage
Other liabilities
Problem 14-50 Part a (Algo)
$ 1,130,000
25,300,000
78,000,000
16,300,000
$ 120,730,000
Estate Tax Due
$ 4,500,000
5,400,000
$ 9,900,000
a. Tom made a taxable gift of $6.40 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.)
Note: Enter your answers in dollars, not millions of dollars.
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