Chapter 4, Problem 2.2CS

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Tom Hale 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 and his real estate to a church (an “A” charity). 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 $ 1,340,000 Cash and stock 26,400,000 Intangible assets (film rights) 83,500,000 Real estate 17,400,000   $ 128,640,000 Liabilities:   Mortgage $ 5,600,000 Other liabilities 6,500,000   $ 12,100,000     a. Tom made a taxable gift of $7.50 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.  EXHIBIT 25-2 The Exemption Equivalent / Applicable Exclusion Amount Year of Transfer Gift Tax Estate Tax 1986 $500,000 $500,000 1987 1997 600,000 600,000 1998 625,000 625,000 1999 650,000 650,000…

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Rajiv and Laurie Amin are recent college graduates looking to purchase a new home. They are purchasing a $200,000 home by paying $20,000 down and borrowing the other $180,000 with a 30-year loan secured by the home. The Amins have the option of (1) paying no discount points on the loan and paying interest at 3 percent or (2) paying 1 discount point on the loan and paying interest of 2.5 percent. Both loans require the Amins to make interest-only payments for the first five years. Unless otherwise stated, the Amins itemize deductions irrespective of the amount of interest expense. The Amins are in the 24 percent marginal ordinary income tax bracket. Assume the original facts, except that the amount of the loan is $300,000. What is the break-even point for the Amins for paying the point to get a lower interest rate?

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