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Business, 05.05.2020 05:01 maya4321

Suppose Vince dies this year with a gross estate of $25 million and no adjusted prior gifts. Assume the estate qualifies for the martial deduction.

Calculate the amount of estate tax due (if any) under the following alternative conditions. (Refer to Exhibit 25-1 and Exhibit 25-2.)

Exhibit 25-2 The Exemption Equivalent

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

2000-2001 675,000 675,000

2002-2003 1,000,000 1,000,000

2004-2005 1,000,000 1,500,000

2006-2008 1,000,000 2,000,000

2009-2010* 1,000,000 3,500,000

2011 5,000,000 5,000,000

2012 5,120,000 5,120,000

2013 5,250,000 5,250,000

2014 5,340,000 5,340,000

2015 5,430,000 5,430,000

2016 5,450,000 5,450,000

2017 5,490,000 5,490,000

2018 11,180,000 11,180,000

Required:

Vince leaves his entire estate to his spouse, Millie.
Vince leaves $10 million to Millie and the remainder to charity.
Vince leaves $10 million to Millie and the remainder to his son, Paul.
Vince leaves $10 million to Millie and the remainder to a trust whose trustee is required to pay income to Millie for her life and the remainder to Paul(
For all requirements, enter your answer in millions rounded to 3 decimal places. Leave no answer blank. Enter zero if applicable.)

A. Amount of estate tax

B. Amount of estate tax

C. Amount of estate tax

D. Amount of estate tax

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Answers: 2

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