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Do Homework ichael Fazio - Google Chrome Secure https://www.mathxl.com/Student/PlayerHomework.aspx?homeworkId=459196263&questionld;=1&flushed-false;&cId;=4782637&centerwin;=yes ACCT 476 Prof Kamlet W18 Michael Fazio | 1/12/18 5:16 PM Homework: Chapter C:13 Homework Score: 0 of 1 pt PC:13-47 (similar to) Save 4 of 6 (0 complete) HW Score: 0%, 0 of 6 pts Question Help When Yogi died in March 2017, his gross estate was valued at $6 million. He owed debts totaling $500,000. Funeral and administration expenses were $18,000 and $105,000, respectively. The marginal estate tax rate exceeded his estate's marginal income tax rate. Yogi willed his church $150,000 and his spouse S2 million. Requirement Calculate Yogis taxable estate. (Enter all currency amounts in dollars, not millions.) Gross estate Minus: Debts Administration expenses Marital deduction Funeral expenses Charitable contribution to church Taxable estate Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear All Check Answer pa ^ 41) 1/12/2018 S:16 PM O Type here to search

Explanation / Answer

Calculation of Yogi's Taxable estate:

Gross Estate : $6000000

Less: Debts: $ 500000

Funeral Expenses: $18000

Administration Expenses: $105000

Charitable contribution: $150000

Piad to spouse: $2000000

Taxable Estate---------------------------   $ 3227000

In the above solution there are few assumptions:-

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