Mr. JS died on June 19 when the total FMV of his property was $13 million and hi

Question

Mr. JS died on June 19 when the total FMV of his property was $13 million and his debts totaled $789,000. His executor paid $13,000 funeral expenses and $82,600 accounting and legal fees to settle the estate. Mr. JS bequeathed $500,000 to the First Lutheran Church of Milwaukee and $1 million to Western Wisconsin College. He bequeathed his art collection (FMV $2.4 million) to his wife and the residual of his estate to his three children. Assume the taxable year is 2015. (Consider intermediate calculations in dollars and not in millions of dollars. Enter your final answers also in dollars and not in millions of dollars.)

Explanation / Answer

Answer:-

Not sure what the question is but i assume it asks for

MR. JS’s Taxable estate

Compute the estate tax payable by Mr. JS’s executor assuming that Mr. JS made no taxable gifts during his lifetime

Since there are no taxable gifts during his lifetime , So taxable income that JS executor needs to pay will $ 8,215,400

3.Compute the estate tax payable by Mr JS’s executor assuming that Mr. JS made a $195,000 in 2011, but paid no gift tax because of his lifetime transfer tax exclusion taxable gifts during his lifetime

Gross estate $13,000,000 Debts of the decedent ($789,000) Funeral Expenses ($13,000) accounting and legal fees ($82,600) Less:-First lutheran church ($500,000) Western Wisconsin College ($1,000,000) Mrs JS ($2,400,000) ($3,900,000) Mr JS taxable state $8,215,400

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