Problem 25-50 (LO 25-3) (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 $ 1,210,000 25,000,000 76,500,000 16,000,000 $ 118,710,000 4,200,000 5,100,000 $ 9,300,000 Problem 25-50 Part a (Algo) a. Tom made a taxable gift of $6.10 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.
Problem 25-50 (LO 25-3) (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 $ 1,210,000 25,000,000 76,500,000 16,000,000 $ 118,710,000 4,200,000 5,100,000 $ 9,300,000 Problem 25-50 Part a (Algo) a. Tom made a taxable gift of $6.10 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.
Chapter13: Estate Taxes
Section: Chapter Questions
Problem 1CTD
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![Problem 25-50 (LO 25-3) (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
$ 1,210,000
25,000,000
76,500,000
16,000,000
$ 118,710,000
$ 4,200,000
5,100,000
$ 9,300,000
Problem 25-50 Part a (Algo)
a. Tom made a taxable gift of $6.10 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%2Fb12a3b82-890e-471b-97ff-cf1e0fd493b2%2F926081ba-574b-4fff-a7fe-0daa96d89292%2F1h7s5tg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 25-50 (LO 25-3) (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
$ 1,210,000
25,000,000
76,500,000
16,000,000
$ 118,710,000
$ 4,200,000
5,100,000
$ 9,300,000
Problem 25-50 Part a (Algo)
a. Tom made a taxable gift of $6.10 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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