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When Jane dies this year her gross estate included the following: • Cash $37,429 held in Jane's name • Investments $161,793 titled JTWROS with her husband Jake a U.S. Citizen . Life Insurance $231,910 son is beneficiary • House $395,974 owned solely by Jane Jane's will leaves $20,000 to her son and the remainder of her probate assets to Jake. Estate Administrative expenses are $25,000 for administrative expenses, $50,000 for funeral expenses and $20,000 for credit card debt. What is the amount of the marital deduction on Jane's estate tax return? ((Round your answer to 2 decimal places)

When Jane dies this year her gross estate included the following: • Cash $37,429 held in Jane's name • Investments $161,793 titled JTWROS with her husband Jake a U.S. Citizen . Life Insurance $231,910 son is beneficiary • House $395,974 owned solely by Jane Jane's will leaves $20,000 to her son and the remainder of her probate assets to Jake. Estate Administrative expenses are $25,000 for administrative expenses, $50,000 for funeral expenses and $20,000 for credit card debt. What is the amount of the marital deduction on Jane's estate tax return? ((Round your answer to 2 decimal places)

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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When Jane dies this year her gross estate included the following: • Cash $37,429 held in Jane's name $161,793 titled JTWROS with her husband Jake a U.S. Citizen $231,910 son is beneficiary $395,974 owned solely by Jane Investments • Life Insurance • House . Jane's will leaves $20,000 to her son and the remainder of her probate assets to Jake. Estate Administrative expenses are $25,000 for administrative expenses, $50,000 for funeral expenses and $20,000 for credit card debt. What is the amount of the marital deduction on Jane's estate tax return? ((Round your answer to 2 decimal places)
Transcribed Image Text:When Jane dies this year her gross estate included the following: • Cash $37,429 held in Jane's name $161,793 titled JTWROS with her husband Jake a U.S. Citizen $231,910 son is beneficiary $395,974 owned solely by Jane Investments • Life Insurance • House . Jane's will leaves $20,000 to her son and the remainder of her probate assets to Jake. Estate Administrative expenses are $25,000 for administrative expenses, $50,000 for funeral expenses and $20,000 for credit card debt. What is the amount of the marital deduction on Jane's estate tax return? ((Round your answer to 2 decimal places)
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