John, who was single, died in 2018 and has a gross estate valued at $8,525,000. Six months after his death, the gross assets are valued at $9,050,000. The estate incurs funeral and administration expenses of $145,000. John had debts totaling $130,000 and bequeathed his estate to his children. During his life, John made no taxable gifts.,John, who was single, died in 2018 and has a gross estate,Part 1:,John, who was single, died in 2018 and has a gross estate valued at $8,525,000. Six months after his death, the gross assets are valued at $9,050,000. The estate incurs funeral and administration expenses of $145,000. John had debts totaling $130,000 and bequeathed his estate to his children. During his life, John made no taxable gifts.,Firstly, What is the amount of Johnâ€™s taxable estate?, Secondly, What is the tax base for computing Johnâ€™s estate tax?, Thirdly, What is the amount of estate tax owed if the tentative ,estate tax, (before credits) is $3,235,800?, Fourthly, Alternatively, if, six months after his death, the gross assets in Johnâ€™s estate declined in value to $7,500,000, can the administrator of Johnâ€™s estate elect the alternate valuation date? What are the important factors that the administrator should consider as to whether the alternate valuation date should be elected?,Part 2:,Gift Joan, a married taxpayer, makes the following gifts during the current year (2018): $15,000 to her church, $112,000 to her daughter, and $42,000 to her husband. What is the amount of Joanâ€™s taxable gifts for the current year (assuming that she does not elect to split the gifts with her spouse)?,More details;,What qualifies as a taxable gift?,As of 2017, the IRS allows a $14,000 annual exclusion amount when it comes to taxable gifts. In other words, if a gift of money or property is value d at $14,000 or less. It does not need to be report ed to the IRS and no gift tax will need to be paid.,Attachments,Click Here To Download,
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